| Schedule of Defined Benefit Pension Plan |
The following table sets forth a summary of net
periodic benefit cost for the years ended March 31, 2025, 2024 and 2023:
| | |
Year Ended March 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Interest cost | |
$ | 1,390 | | |
$ | 4,004 | | |
| 1,835 | |
| Current service cost | |
| 17,416 | | |
| 39,295 | | |
| 25,770 | |
| Gain on settlement | |
| (81,046 | ) | |
| (18,150 | ) | |
| (3,253 | ) |
| Recognized net actuarial (gains) losses | |
| (23,832 | ) | |
| 12,715 | | |
| 27,186 | |
| Net periodic benefit cost | |
$ | (86,072 | ) | |
$ | 37,864 | | |
| 51,538 | |
| | |
2025 | | |
2024 | | |
2023 | |
| Actuarial assumptions used to determine net cost: | |
| | |
| | |
| |
| Discount rate | |
| 2.88% - 3.64% | | |
| 3.48% - 4.30% | | |
| 3.00% - 3.71% | |
| Expected return on assets | |
| 3.00% - 3.64% | | |
| 3.48% - 4.30% | | |
| 3.00% - 3.71% | |
| Rate of increase in salary | |
| 2.50 | % | |
| 2.50 | % | |
| 2.50 | % |
|
| Schedule of Future Benefit Payments under the Plans for the Next Ten Years are Estimated |
Undiscounted future benefit payments under the
plans for the next ten years are estimated as follows:
| For the year ending March 31, | |
| |
| 2026 | |
$ | 61,914 | |
| 2027 | |
| 9,319 | |
| 2028 | |
| 9,319 | |
| 2029 | |
| 24,582 | |
| 2030 | |
| 28,438 | |
| 2031 - 2035 | |
| 238,177 | |
| Total | |
$ | 371,749 | |
|
| Schedule of Provide a Reconciliation of the Changes in the Benefit Obligations |
The following tables provide a reconciliation
of the changes in the benefit obligations during the years ended March 31, 2025 and 2024, and a summary of the funded status as of March
31, 2025 and 2024:
| | |
Year Ended March 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Change in Benefit Obligations, (net) | |
| | | |
| | | |
| | |
| Balance at beginning of year | |
$ | 146,191 | | |
$ | 107,956 | | |
$ | 56,633 | |
| Interest cost | |
| 1,390 | | |
| 4,004 | | |
| 1,835 | |
| Current service cost | |
| 17,416 | | |
| 39,295 | | |
| 25,770 | |
| Gain on settlement | |
| (81,046 | ) | |
| (18,150 | ) | |
| (3,253 | ) |
| Actuarial (gain) loss | |
| (23,832 | ) | |
| 12,715 | | |
| 27,186 | |
| Exchange difference | |
| 710 | | |
| 371 | | |
| (215 | ) |
| Balance at end of year | |
$ | 60,829 | | |
$ | 146,191 | | |
$ | 107,956 | |
| | |
2025 | | |
2024 | |
| Gross long service payment obligation | |
$ | (96,934 | ) | |
$ | (247,509 | ) |
| Add: Attributed contributions | |
| 36,105 | | |
| 101,318 | |
| Total net unfunded amount recognized in consolidated balance sheets | |
$ | (60,829 | ) | |
$ | (146,191 | ) |
| | |
| | | |
| | |
| Net unfunded amounts recognized in consolidated balance sheets consist of: | |
| | | |
| | |
| Current liabilities included in accrued expenses and other current liabilities | |
$ | (26,467 | ) | |
$ | (44,423 | ) |
| Long-term liabilities included in other long-term liabilities, net of current portion | |
| (34,362 | ) | |
| (101,768 | ) |
| Total net unfunded amount recognized in consolidated balance sheets | |
$ | (60,829 | ) | |
$ | (146,191 | ) |
|