| Schedule of Accrued Expenses and Other Payables |
Accrued expenses and other payables as of December
31, 2025 and March 31, 2026 consisted of the following:
| | |
December 31, | | |
March 31, | |
| | |
2025 | | |
2026 | |
| Construction costs payable | |
$ | 14,311,903 | | |
$ | 11,597,122 | |
| Equipment purchase payable | |
| 51,082,600 | | |
| 50,297,177 | |
| Liquidated damages* | |
| 1,210,119 | | |
| 1,210,119 | |
| Accrued staff costs | |
| 8,633,536 | | |
| 9,500,859 | |
| Customer deposits | |
| 12,816,577 | | |
| 18,471,053 | |
| Deferred revenue | |
| 15,841,985 | | |
| 16,068,523 | |
| Accrued expenses | |
| 3,161,542 | | |
| 3,714,389 | |
| Interest payables | |
| 82,157 | | |
| 83,242 | |
| Other tax payables | |
| 1,318,816 | | |
| 1,099,884 | |
| Dividend payable to non-controlling interest to Hitrans | |
| 1,271,109 | | |
| 1,290,232 | |
| Payables to suppliers for non-operating agency-based service | |
| 2,632,714 | | |
| 6,402,034 | |
| Derivatives liabilities (note 19) | |
| 728,423 | | |
| 2,287,144 | |
| Other payable | |
| 560,467 | | |
| 651,230 | |
| | |
$ | 113,651,948 | | |
$ | 122,673,008 | |
| * | On August 15, 2006, the SEC declared effective a post-effective amendment that the Company had filed on August 4, 2006, terminating the effectiveness of a resale registration statement on Form SB-2 that had been filed pursuant to a registration rights agreement with certain shareholders to register the resale of shares held by those shareholders. The Company subsequently filed Form S-1 for these shareholders. On December 8, 2006, the Company filed its Annual Report on Form 10-K for the year ended September 30, 2006 (the “2006 Form 10-K”). After the filing of the 2006 Form 10-K, the Company’s previously filed registration statement on Form S-1 was no longer available for resale by the selling shareholders whose shares were included in such Form S-1. Under the registration rights agreement, those selling shareholders became eligible for liquidated damages from the Company relating to the above two events totaling approximately $1,051,000. As of December 31, 2025 and March 31, 2026, no liquidated damages relating to both events have been paid. |
|