| Schedule of Subsidiaries of the Company |
Details of the subsidiaries
of the Company as of September 30, 2025 were set out below:
| |
|
Date
of |
|
Place
of |
|
%
of |
|
|
| Name
of Entity |
|
Incorporation |
|
Incorporation |
|
Ownership |
|
Principal
Activities |
| Eshallgo
Inc |
|
June
16, 2021 |
|
Cayman
Islands |
|
Parent,
100% |
|
Investment
holding |
| |
|
|
|
|
|
|
|
|
| Junzhang
Monarch Limited |
|
June
30, 2021 |
|
Hong
Kong |
|
100% |
|
Investment
holding |
| |
|
|
|
|
|
|
|
|
| ESHALLGO USA, INC. |
|
April
1, 2025 |
|
The
United States |
|
100% |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai
Eshallgo Enterprise Development (Group) Co., Ltd. |
|
July
22, 2021 |
|
Shanghai,
PRC |
|
100% |
|
WFOE,
Investment holding
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Shanghai) Co., Ltd. |
|
April
23, 2015 |
|
Shanghai,
PRC |
|
VIE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Beijing) Co., Ltd. |
|
June
9, 2021 |
|
Beijing,
PRC |
|
VIE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai
Lixin Office Equipment Co., Ltd. (“Lixin”) |
|
September
5, 2008 |
|
Shanghai,
PRC |
|
100% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| ESHALLGO
Office Supplies (Shanghai) Co., Ltd. (“Shanghai”) |
|
October
30, 2015 |
|
Shanghai,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Changchun
ESHALLGO Information Technology Co, Ltd. (“Changchun”) |
|
March
10, 2016 |
|
Changchun,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shijiazhuang
ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”) |
|
February
26, 2016 |
|
Shijiazhuang,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Guangzhou
ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”) |
|
July
12, 2016 |
|
Guangzhou,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Tianjin
ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”) |
|
December
6, 2016 |
|
Tianjin,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Ningbo
Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”) |
|
October
19, 2016 |
|
Ningbo,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Zhengzhou
Junzhang Office Equipment Co., Ltd. (“Zhengzhou”) |
|
October
30, 2017 |
|
Zhengzhou,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Chengdu
Junzhang digital Technology Co., Ltd. (“Chengdu”) |
|
August
15, 2016 |
|
Chengdu,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Hefei
Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”) |
|
July
27, 2017 |
|
Hefei,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Chongqing
ESHALLGO Office Equipment Co., Ltd. (“Chongqing”) |
|
December
30, 2016 |
|
Chengdu,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Beijing
ESHALLGO Technology Development Co., Ltd. (“Beijing”) |
|
March
28, 2016 |
|
Beijing,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Harbin
ESHALLGO Information Technology Co., Ltd. (“Harbin”) |
|
April
5, 2016 |
|
Harbin,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Xi’an
ESHALLGO Information Technology Co., Ltd. (“Xi’an”) |
|
March
22, 2017 |
|
Xi’an,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shenzhen
ESHALLGO Information Technology Co., Ltd.(“Shenzhen”) |
|
August
19, 2016 |
|
Shenzhen,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai
Changyun Industrial Development Co., Ltd. (“Changyun”) |
|
December
29, 2020 |
|
Shanghai,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Hangzhou
ESHALLGO Information Technology Co., Ltd. (“Hangzhou”) |
|
January
22, 2016 |
|
Hangzhou,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Kunming
ESHALLGO Information Technology Co., Ltd. (“Kunming”) |
|
January
12, 2017 |
|
Kunming,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Qingdao
ESHALLGO Information Technology Co., Ltd. (“Qingdao”) |
|
March
29, 2016 |
|
Qingdao,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Qinghai
ESHALLGO Information Technology Co., Ltd. (“Qinghai”) |
|
June
21, 2018 |
|
Qinghai,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄ |
|
May
12, 2021 |
|
Nanjing,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”) |
|
March
11, 2022 |
|
Jiangsu,
PRC |
|
55% owned by WFOE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Changzhou) Co., Ltd. (“Changzhou”) |
|
June
9, 2022 |
|
Jiangsu,
PRC |
|
55% owned by WFOE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Zibo
ESHALLGO Information Technology Co., Ltd. (“Zibo”) |
|
July
25, 2022 |
|
Shandong,
PRC |
|
55% owned by WFOE |
|
Sale,
leasing, and maintenance of office equipment |
|
Details of the subsidiaries of the Company as of March 31, 2025 were set out below:
| |
|
Date
of |
|
Place
of |
|
%
of |
|
|
| Name
of Entity |
|
Incorporation |
|
Incorporation |
|
Ownership |
|
Principal
Activities |
| Eshallgo
Inc |
|
June
16, 2021 |
|
Cayman
Islands |
|
Parent,
100% |
|
Investment
holding |
| |
|
|
|
|
|
|
|
|
| Junzhang
Monarch Limited |
|
June
30, 2021 |
|
Hong
Kong |
|
100% |
|
Investment
holding |
| |
|
|
|
|
|
|
|
|
| Shanghai
Eshallgo Enterprise Development (Group) Co., Ltd. |
|
July
22, 2021 |
|
Shanghai,
PRC |
|
100% |
|
WFOE,
Investment holding
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Shanghai) Co., Ltd. |
|
April
23, 2015 |
|
Shanghai,
PRC |
|
VIE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Beijing) Co., Ltd. |
|
June
9, 2021 |
|
Beijing,
PRC |
|
VIE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai
Lixin Office Equipment Co., Ltd. (“Lixin”) |
|
September
5, 2008 |
|
Shanghai,
PRC |
|
100% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| ESHALLGO
Office Supplies (Shanghai) Co., Ltd. (“Shanghai”) |
|
October
30, 2015 |
|
Shanghai,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Changchun
ESHALLGO Information Technology Co, Ltd. (“Changchun”) |
|
March
10, 2016 |
|
Changchun,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shijiazhuang
ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”) |
|
February
26, 2016 |
|
Shijiazhuang,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Guangzhou
ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”) |
|
July
12, 2016 |
|
Guangzhou,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Tianjin
ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”) |
|
December
6, 2016 |
|
Tianjin,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Ningbo
Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”) |
|
October
19, 2016 |
|
Ningbo,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Zhengzhou
Junzhang Office Equipment Co., Ltd. (“Zhengzhou”) |
|
October
30, 2017 |
|
Zhengzhou,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Chengdu
Junzhang digital Technology Co., Ltd. (“Chengdu”) |
|
August
15, 2016 |
|
Chengdu,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Hefei
Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”) |
|
July
27, 2017 |
|
Hefei,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Chongqing
ESHALLGO Office Equipment Co., Ltd. (“Chongqing”) |
|
December
30, 2016 |
|
Chengdu,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Beijing
ESHALLGO Technology Development Co., Ltd. (“Beijing”) |
|
March
28, 2016 |
|
Beijing,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Harbin
ESHALLGO Information Technology Co., Ltd. (“Harbin”) |
|
April
5, 2016 |
|
Harbin,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Xi’an
ESHALLGO Information Technology Co., Ltd. (“Xi’an”) |
|
March
22, 2017 |
|
Xi’an,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shenzhen
ESHALLGO Information Technology Co., Ltd.(“Shenzhen”) |
|
August
19, 2016 |
|
Shenzhen,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai
Changyun Industrial Development Co., Ltd. (“Changyun”) |
|
December
29, 2020 |
|
Shanghai,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Hangzhou
ESHALLGO Information Technology Co., Ltd. (“Hangzhou”) |
|
January
22, 2016 |
|
Hangzhou,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Kunming
ESHALLGO Information Technology Co., Ltd. (“Kunming”) |
|
January
12, 2017 |
|
Kunming,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Qingdao
ESHALLGO Information Technology Co., Ltd. (“Qingdao”) |
|
March
29, 2016 |
|
Qingdao,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Qinghai
ESHALLGO Information Technology Co., Ltd. (“Qinghai”) |
|
June
21, 2018 |
|
Qinghai,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄ |
|
May
12, 2021 |
|
Nanjing,
PRC |
|
55% owned by Junzhang Shanghai |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”) |
|
March
11, 2022 |
|
Jiangsu,
PRC |
|
55% owned by WFOE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang
Digital Technology (Changzhou) Co., Ltd. (“Changzhou”) |
|
June
9, 2022 |
|
Jiangsu,
PRC |
|
55% owned by WFOE |
|
Sale,
leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Zibo
ESHALLGO Information Technology Co., Ltd. (“Zibo”)* |
|
July
25, 2022 |
|
Shandong,
PRC |
|
55% owned by WFOE |
|
Sale,
leasing, and maintenance of office equipment |
|
| Schedule of Amounts and balances of the VIEs |
| | |
September 30, | | |
March 31, | |
| | |
2025 | | |
2025 | |
| ASSETS | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| |
| Cash and cash equivalents | |
$ | 2,287,645 | | |
$ | 3,745,251 | |
| Restricted cash | |
| 140 | | |
| 138 | |
| Short-term investments | |
| 1,989,475 | | |
| 3,093,976 | |
| Accounts receivable, net | |
| 4,191,754 | | |
| 3,809,698 | |
| Accounts receivable - related parties | |
| 77,818 | | |
| 245,492 | |
| Advance to vendors, net | |
| 2,586,751 | | |
| 1,289,198 | |
| Advance to vendors - related parties | |
| 312,417 | | |
| 50 | |
| Inventories, net | |
| 1,787,072 | | |
| 1,584,425 | |
| Due from related parties | |
| 1,322,071 | | |
| 1,240,828 | |
| Long-term accounts receivable, net - current portion | |
| 84,279 | | |
| 82,681 | |
| Long-term other receivable, net - current portion | |
| 64,383 | | |
| 89,050 | |
| Finance receivables, net | |
| 55,328 | | |
| 70,801 | |
| Prepaid expenses and other current assets, net | |
| 1,513,193 | | |
| 1,112,065 | |
| TOTAL CURRENT ASSETS | |
| 16,272,326 | | |
| 16,363,653 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 290,415 | | |
| 352,212 | |
| Right-of-use assets, net | |
| 104,472 | | |
| 104,390 | |
| Deferred tax assets, net | |
| 6,375 | | |
| 5,613 | |
| Long-term receivable - other receivable, net - non-current portion | |
| 414,589 | | |
| 591,803 | |
| Finance receivables, net | |
| 41,724 | | |
| 46,852 | |
| Other non-current assets, net | |
| 211,371 | | |
| 374,201 | |
| TOTAL NONCURRENT ASSETS | |
| 1,068,946 | | |
| 1,475,071 | |
| TOTAL ASSETS | |
$ | 17,341,272 | | |
$ | 17,838,724 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Short-term bank loan | |
$ | 140,445 | | |
$ | 137,781 | |
| Accounts payable | |
| 939,900 | | |
| 787,746 | |
| Accounts payable - related parties | |
| 24,137 | | |
| 140,261 | |
| Deferred revenue | |
| 950,081 | | |
| 876,905 | |
| Payroll payable | |
| 255,727 | | |
| 223,035 | |
| Taxes payable | |
| 237,176 | | |
| 251,185 | |
| Due to related parties | |
| 106,012 | | |
| 121,825 | |
| Accrued expenses and other current liabilities | |
| 101,046 | | |
| 90,676 | |
| Deferred tax liabilities | |
| 5,281 | | |
| 6,413 | |
| Operating lease liabilities - current portion | |
| 163,112 | | |
| 150,615 | |
| TOTAL CURRENT LIABILITIES | |
| 2,922,917 | | |
| 2,786,442 | |
| | |
| | | |
| | |
| Operating lease liabilities - non-current portion | |
| 69,200 | | |
| 64,797 | |
| TOTAL NONCURRENT LIABILITIES | |
| 69,200 | | |
| 64,797 | |
| TOTAL LIABILITIES | |
$ | 2,992,117 | | |
$ | 2,851,239 | |
| | |
For the Six Months Ended September 30, | |
| | |
2025 | | |
2024 | |
| Net revenue | |
$ | 6,624,444 | | |
$ | 6,192,252 | |
| Net loss | |
$ | (1,088,258 | ) | |
$ | (5,932 | ) |
| | |
For the Six Months Ended September 30, | |
| | |
2025 | | |
2024 | |
| Net cash (used in) provided by operating activities | |
$ | (2,223,904 | ) | |
$ | 1,172,301 | |
| Net cash provided by (used in) investing activities | |
| 337,224 | | |
| (3,341,270 | ) |
| Net cash provided by financing activities | |
| 372,720 | | |
| 60,601 | |
| Effect of exchange rate change on cash and cash equivalents | |
| 56,356 | | |
| 93,396 | |
| Net decrease in cash and cash equivalents | |
| (1,457,604 | ) | |
| (2,014,972 | ) |
| Cash and cash equivalents, beginning of period | |
| 3,745,389 | | |
| 5,310,244 | |
| Cash and cash equivalents, end of period | |
$ | 2,287,785 | | |
$ | 3,295,272 | |
|
The
following financial statement amounts and balances of the VIEs were included in the accompanying consolidated financial statements after
elimination of intercompany transactions and balances:
| | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2024 | |
| ASSETS | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| |
| Cash and cash equivalents | |
$ | 3,745,251 | | |
$ | 5,310,244 | |
| Restricted cash | |
| 138 | | |
| — | |
| Short-term investments | |
| 3,093,976 | | |
| 1,131,267 | |
| Accounts receivable, net | |
| 3,809,698 | | |
| 4,967,146 | |
| Accounts receivable - related parties | |
| 245,492 | | |
| 232,620 | |
| Advance to vendors, net | |
| 1,289,198 | | |
| 1,837,209 | |
| Advance to vendors - related parties | |
| 50 | | |
| 189,733 | |
| Inventories, net | |
| 1,584,425 | | |
| 1,963,166 | |
| Due from related parties | |
| 1,240,828 | | |
| 313,765 | |
| Long-term accounts receivable, net - current portion | |
| 82,681 | | |
| — | |
| Long-term other receivable, net - current portion | |
| 89,050 | | |
| — | |
| Finance receivables, net | |
| 70,801 | | |
| 100,564 | |
| Prepaid expenses and other current assets, net | |
| 1,112,065 | | |
| 1,895,276 | |
| TOTAL CURRENT ASSETS | |
| 16,363,653 | | |
| 17,940,990 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 352,212 | | |
| 599,831 | |
| Right-of-use assets, net | |
| 104,390 | | |
| 346,995 | |
| Deferred tax assets, net | |
| 5,613 | | |
| 47,585 | |
| Long-term receivable – accounts receivable, net | |
| — | | |
| 197,005 | |
| Long-term receivable - other receivable, net | |
| 591,803 | | |
| — | |
| Finance receivables, net | |
| 46,852 | | |
| 96,961 | |
| Other non-current assets, net | |
| 374,201 | | |
| 324,723 | |
| TOTAL NONCURRENT ASSETS | |
| 1,475,071 | | |
| 1,613,100 | |
| TOTAL ASSETS | |
$ | 17,838,724 | | |
$ | 19,554,090 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Short-term bank loan | |
$ | 137,781 | | |
$ | — | |
| Accounts payable | |
| 787,746 | | |
| 922,195 | |
| Accounts payable - related parties | |
| 140,261 | | |
| 1,387 | |
| Deferred revenue | |
| 876,905 | | |
| 598,661 | |
| Payroll payable | |
| 223,035 | | |
| 233,556 | |
| Taxes payable | |
| 251,185 | | |
| 268,710 | |
| Due to related parties | |
| 121,825 | | |
| 7,348 | |
| Accrued expenses and other current liabilities | |
| 90,676 | | |
| 105,159 | |
| Deferred tax liabilities | |
| 6,413 | | |
| 78 | |
| Operating lease liabilities | |
| 150,615 | | |
| 248,562 | |
| TOTAL CURRENT LIABILITIES | |
| 2,786,442 | | |
| 2,385,656 | |
| | |
| | | |
| | |
| Operating lease liabilities | |
| 64,797 | | |
| 186,833 | |
| Other long-term payable | |
| — | | |
| 6,313 | |
| TOTAL NONCURRENT LIABILITIES | |
| 64,797 | | |
| 193,146 | |
| TOTAL LIABILITIES | |
| 2,851,239 | | |
| 2,578,802 | |
| | |
For the Years Ended | |
| | |
March 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Net revenue | |
$ | 12,233,829 | | |
$ | 16,963,957 | | |
$ | 18,425,312 | |
| Net income (loss) | |
$ | (1,422,561 | ) | |
$ | 850,176 | | |
$ | 1,277,103 | |
| | |
For the Years Ended | |
| | |
March 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Net cash provided by operating activities | |
$ | 1,501,559 | | |
$ | 2,225,194 | | |
$ | 793,532 | |
| Net cash provided by (used in) investing activities | |
| (3,345,406 | ) | |
| (1,563,434 | ) | |
| 1,162,959 | |
| Net cash provided by financing activities | |
| 273,659 | | |
| 36,924 | | |
| 443,497 | |
| Effect of exchange rate change on cash, cash equivalents and restricted cash | |
| 5,333 | | |
| (245,000 | ) | |
| (210,709 | ) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | |
| (1,564,855 | ) | |
| 453,684 | | |
| 2,189,279 | |
| Cash, cash equivalents and restricted cash, beginning of year | |
| 5,310,244 | | |
| 4,856,560 | | |
| 2,667,281 | |
| Cash, cash equivalents and restricted cash, end of year | |
$ | 3,745,389 | | |
$ | 5,310,244 | | |
$ | 4,856,560 | |
|