v3.25.2
Property and Equipment, Net
 3 Months Ended
Jun. 30, 2025
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

 

Property and equipment consisted of the following:

 

   As of
June 30,
2025		   As of
March 31,
2025		 
   US$   US$ 
Office equipment   3,340    3,298 
Other machinery and Equipment   17,870    17,647 
Buildings   27,880,869    27,526,188 
Accumulated depreciation   (580,719)   (407,599)
    27,321,360    27,139,534 

 

Depreciation expenses were US$166,470 and US$275 for the three months ended June 30, 2025 and 2024, respectively.

 

Phase I of Hongchang Food Industrial Park was complete and reached usable condition in January 2025. The buildings started to depreciate from February 2025.

On February 1, 2025, Hongchang Food entered into a lease contract with Fuqing Yuanchuang Property Management Co., Ltd. to lease out a total of seven buildings in Phase I of Hongchang Food Industrial Park, with the leased area of 46,656.40 square meters from February 1, 2025 to January 31, 2030. As of June 30, 2025, the balance of rental properties was US$27,451,276. Depreciation expenses of US$161,557 for the three months ended June 30, 2025 were included in cost of revenue.

 

As of June 30, 2025, the buildings with a carrying value of US$27,451,276 had been pledged as security for bank loans obtained by a related party, Fuqing Xinhongbo Trading Co., Ltd. (“Xinhongbo”).