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Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo Inc (“Eshallgo” or the “Company”), through its wholly-owned subsidiaries and entities controlled through contractual arrangements, is engaged in the business of sales and leasing of office equipment, and related maintenance services in the People’s Republic of China (“PRC”).</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Organization</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo Inc was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on June 16, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo Inc owns 100% of the equity interests of Junzhang Monarch Limited (“Eshallgo HK”), a limited liability company formed under the laws of Hong Kong on June 30, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 22, 2021, Shanghai Eshallgo Enterprise Development (Group) Co. (“Eshallgo WFOE”) was incorporated pursuant to PRC laws as a wholly foreign owned enterprise of Eshallgo HK.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2025, ESHALLGO USA, INC. (“Eshallgo USA”) was incorporated in the State of California, it is a subsidiary which owned 75% by Eshallgo and 25% by Eshallgo WFOE. Eshallgo USA commenced active business operation in March 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo and Eshallgo HK are currently not engaging in any active business operations and merely acting as holding companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the reorganization described below, Mr. Zhidan Mao, the chairman of the board of directors, and his close family members, were the controlling shareholders of the following entities: (1) Junzhang Digital Technology (Shanghai) Co., Ltd. (“Junzhang Shanghai”), formed in Shanghai City, China on April 23, 2015; (2) Junzhang Digital Technology (Beijing) Co., Ltd. (“Junzhang Beijing”), formed in Beijing City, China on June 9, 2021. Junzhang Shanghai and Junzhang Beijing were all formed as limited liability companies pursuant to PRC laws. Junzhang Shanghai and Junzhang Beijing are primarily engaged in the business of providing customers a comprehensive range of office equipment solution services in the PRC. Junzhang Shanghai has one wholly-owned subsidiary and twenty other subsidiaries with 55% majority ownership, located across China. Junzhang Shanghai and its subsidiaries and Junzhang Beijing are collectively referred to as the “Eshallgo Operating Companies” below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the completion of the Reorganization as disclosed below, the Company has subsidiaries in countries and jurisdictions in Cayman Islands, Hong Kong, and the PRC. Details of the subsidiaries of the Company as of September 30, 2025 were set out below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 40%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Date of</b></span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Place of</b></span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>% of</b></span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 20%"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Name of Entity</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Ownership</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Principal Activities</b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Eshallgo Inc</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 16, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Cayman Islands</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Parent, 100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Monarch Limited</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 30, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hong Kong</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ESHALLGO USA, INC.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 1, 2025</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">The United States</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Eshallgo Enterprise Development (Group) Co., Ltd.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 22, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">WFOE, Investment holding<br/> Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Shanghai) Co., Ltd.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 23, 2015</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Beijing) Co., Ltd.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Lixin Office Equipment Co., Ltd. (“Lixin”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">September 5, 2008</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ESHALLGO Office Supplies (Shanghai) Co., Ltd. (“Shanghai”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2015</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun ESHALLGO Information Technology Co, Ltd. (“Changchun”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 10, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">February 26, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 12, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 6, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 19, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou Junzhang Office Equipment Co., Ltd. (“Zhengzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu Junzhang digital Technology Co., Ltd. (“Chengdu”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 15, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 27, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chongqing ESHALLGO Office Equipment Co., Ltd. (“Chongqing”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 30, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing ESHALLGO Technology Development Co., Ltd. (“Beijing”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 28, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin ESHALLGO Information Technology Co., Ltd. (“Harbin”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 5, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an ESHALLGO Information Technology Co., Ltd. (“Xi’an”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 22, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen ESHALLGO Information Technology Co., Ltd.(“Shenzhen”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 19, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Changyun Industrial Development Co., Ltd. (“Changyun”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 29, 2020</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou ESHALLGO Information Technology Co., Ltd. (“Hangzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 22, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming ESHALLGO Information Technology Co., Ltd. (“Kunming”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 12, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao ESHALLGO Information Technology Co., Ltd. (“Qingdao”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 29, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai ESHALLGO Information Technology Co., Ltd. (“Qinghai”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 21, 2018</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">May 12, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Nanjing, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 11, 2022</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by WFOE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Changzhou) Co., Ltd. (“Changzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2022</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by WFOE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zibo ESHALLGO Information Technology Co., Ltd. (“Zibo”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 25, 2022</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shandong, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by WFOE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">˄:</td><td style="text-align: justify"> the entity was dissolved on October 15, 2024.</td> </tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reorganization</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reorganization of the Company’s legal structure (“Reorganization”) was completed on December 3, 2021. The Reorganization involved the formation of Eshallgo, Eshallgo HK and Eshallgo WFOE, and signing of certain contractual arrangements between Eshallgo WFOE, the shareholders of the Eshallgo Operating Companies and the Eshallgo Operating Companies. Consequently, the Company became the ultimate holding company of Eshallgo HK, Eshallgo WFOE, Junzhang Shanghai, and Junzhang Beijing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 30, 2021, Eshallgo WFOE entered into a series of contractual arrangements with the shareholders of Junzhang Beijing. On December 3, 2021, Eshallgo WFOE entered into a series of contractual arrangements with the shareholders of Junzhang Shanghai. These agreements include Equity Interest Pledge Agreements, an Exclusive Business Cooperation Agreement, Exclusive Option Agreements, Powers of Attorney, and Spouse Consents (collectively the “VIE Agreements”). Pursuant to these VIE Agreements, Eshallgo WFOE has the exclusive right to provide to the Eshallgo Operating Companies consulting services related to business operations including technical and management consulting services. The VIE agreements are designed to render WFOE as the primary beneficiary of and entitle Eshallgo of rights to consolidate Junzhang Beijing and Junzhang Shanghai for accounting purposes. As a result of our direct ownership in Eshallgo WFOE and signing of these VIE Agreements, we believe that the Eshallgo Operating Companies should be treated as Variable Interest Entities (“VIEs”) under the Statement of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810 Consolidation and we are regarded as the primary beneficiary of the VIEs. We treat the VIEs as our consolidated entities under ASC 810.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">The VIE contractual arrangements</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s main operating entities, Junzhang Shanghai and its subsidiaries and Junzhang Beijing (or the “Eshallgo Operating Companies” as referred above), are controlled through contractual arrangements by the Company.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Eshallgo WFOE has entered into the following arrangements with its VIEs</i></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Equity Interest Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the equity interest pledge agreement entered into among Eshallgo WFOE, Junzhang Beijing/Junzhang Shanghai and the shareholders of Junzhang Beijing/Junzhang Shanghai, respectively, the shareholders of Junzhang Beijing/Junzhang Shanghai pledged all of their equity interests in Junzhang Beijing/Junzhang Shanghai to Eshallgo WFOE to guarantee Junzhang Beijing or Junzhang Shanghai’s obligations under the contractual arrangements including the exclusive business cooperation agreement, the exclusive option agreement and the shareholders’ power of attorney and this equity interest pledge agreement, as well as any loss incurred due to events of default defined therein and all expenses incurred by Eshallgo WFOE in enforcing such obligations of Junzhang Beijing, Junzhang Shanghai, or their shareholders. In the event of default defined therein, upon written notice to the shareholders of Junzhang Beijing or Junzhang Shanghai, Eshallgo WFOE, as pledgee, will have the right to dispose of the pledged equity interests in Junzhang Beijing or Junzhang Shanghai and priority in receiving the proceeds from such disposition. The shareholders of Junzhang Beijing or Junzhang Shanghai agree that, without Eshallgo WFOE’s prior written approval, during the term of the equity pledge agreement, they will not dispose of the pledged equity interests or create or allow any other encumbrance on the pledged equity interests. The pledge shall become effective on such date when the pledge of the equity interest contemplated in the equity interest pledge agreement is registered appropriately, and the pledge shall remain effective until all contractual obligations have been fully performed and all secured indebtedness have been fully paid. The shareholders, Junzhang Beijing and Junzhang Shanghai shall not have any right to terminate this agreement in any event unless otherwise required by PRC laws.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exclusive Business Cooperation Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo WFOE and Junzhang Beijing, and Eshallgo WFOE and Junzhang Shanghai entered into exclusive business cooperation agreements, pursuant to which Eshallgo WFOE has the exclusive right to provide to Junzhang Beijing or Junzhang Shanghai technical support, consulting services and other services related to, among other things, design and development, operation maintenance, product consulting, and management and marketing consulting. Eshallgo WFOE has the exclusive ownership of intellectual property rights created as a result of the performance of this agreement. Junzhang Beijing and Junzhang Shanghai agree to pay Eshallgo WFOE service fees at an amount as determined by Eshallgo WFOE. This agreement will remain effective upon execution, and unless terminated in accordance with the provisions of this agreement or terminated in writing by Eshallgo WFOE. Junzhang Beijing and Junzhang Shanghai shall not have any right to terminate this agreement in any event unless otherwise required by PRC laws. On July 30, 2021 and December 3, 2021, WFOE executed a supplementary agreement to the Exclusive Business Cooperation Agreement with Junzhang Beijing and Junzhang Shanghai, respectively, which amended the “services fee” to be VIEs’ net income, which is pretax income after deducting relevant costs and reasonable expenses.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exclusive Option Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo WFOE, Junzhang Beijing and each of the shareholders of Junzhang Beijing, Junzhang Shanghai and each of the shareholders of Junzhang Shanghai have entered into exclusive option agreements, pursuant to which each of the shareholders of Junzhang Beijing and Junzhang Shanghai irrevocably granted Eshallgo WFOE an exclusive call option to purchase, or have its designated person(s) to purchase, at its discretion, all or part of their equity interests in Junzhang Beijing and Junzhang Shanghai, and the purchase price shall be the lowest price permitted by applicable PRC law. Each of the shareholders of Junzhang Beijing and Junzhang Shanghai undertake that, without the prior written consent of Eshallgo WFOE, they may not increase or decrease the registered capital or change its structure of registered capital in other manners, dispose of its assets or beneficial interest in the material business or allow the encumbrance thereon of any security interest, incur any debts or guarantee liabilities, enter into any material purchase agreements, enter into any merger, acquisition or investments, amend its articles of association, distribute dividends to any of the shareholders or provide any loans to third parties. The exclusive option agreement will remain effective until all equity interests in Junzhang Beijing or Junzhang Shanghai held by the shareholders of Junzhang Beijing and Junzhang Shanghai are transferred or assigned to Eshallgo WFOE Cor its designated person(s). The shareholders of Junzhang Beijing and Junzhang Shanghai shall not have any right to terminate this agreement in any event unless otherwise required by PRC laws.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Shareholders’ Power of Attorney</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under each Power of Attorney, each Shareholder authorizes Eshallgo WFOE to act on their behalf as their exclusive agent and attorney with respect to all rights as shareholders, including but not limited to: (a) the attendance of the shareholder’s meeting; (b) exercising all the shareholder’s rights, including voting, that shareholders are entitled to under the PRC laws and the Articles of Association of QQJ Network, including but not limited to the sale or transfer or pledge or disposition of shares in part or in whole; and (c) designating and appointing on behalf of shareholders the legal representative, the executive director and/or director, supervisor, general manager and other senior management members of Junzhang Beijing and Junzhang Shanghai.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Powers of Attorney shall be irrevocable and continuously valid from the date of its execution, and shall remain effective so long as the relevant Shareholder is a shareholder of Junzhang Beijing and Junzhang Shanghai.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Spousal Consent Letters</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The spouses of the Shareholders of Junzhang Beijing and Junzhang Shanghai have each signed a spousal consent letter, pursuant to which, the signing spouse unconditionally and irrevocably has agreed to the execution by his or her spouse of the above-mentioned Equity Interest Pledge Agreement, Exclusive Option Agreement and Power of Attorney, and that his or her spouse may perform, amend or terminate such agreements without his or her consent. In addition, in the event that the spouse obtains any equity interest in Junzhang Beijing and Junzhang Shanghai held by his or her spouse for any reason, he or she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by his or her spouse, as may be amended from time to time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A VIE is an entity which has a total equity investment that is insufficient to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE, because it met the condition under accounting principles generally accepted in the United States of America (“U.S. GAAP”) to consolidate the VIE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo WFOE is deemed to have a controlling financial interest in and be the primary beneficiary of the Eshallgo Operating Companies because it has both of the following characteristics:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">The power to direct activities of the Eshallgo Operating Companies that most significantly impact such entities’ economic performance, and</td></tr></table> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">●</td><td style="text-align: justify">The obligation to absorb losses of, and the right to receive benefits from, the Eshallgo Operating Companies that could potentially be significant to such entities.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to these contractual arrangements, the Eshallgo Operating Companies shall pay service fees equal to all of their net profit after tax payments to Eshallgo WFOE. Accordingly, Eshallgo WFOE has the right to receive substantially all of the Eshallgo Operating Companies’ economic benefits for accounting purposes. Such contractual arrangements are designed so that the operations of the Eshallgo Operating Companies are solely for the benefit of Eshallgo WFOE and ultimately, the Company, and therefore the Company must consolidate the Eshallgo Operating Companies under U.S. GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Risks associated with the VIE structure</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes that the contractual arrangements with the VIEs and the shareholders of the VIEs are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">revoke the business and operating licenses of the Company’s PRC subsidiary and the VIEs;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and the VIEs;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">limit the Company’s business expansion in China by way of entering into contractual arrangements;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">impose fines or other requirements with which the Company’s PRC subsidiary and the VIEs may not be able to comply;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">require the Company or the Company’s PRC subsidiary and the VIEs to restructure the relevant ownership structure or operations; or</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">restrict or prohibit the Company’s use of the proceeds from public offering to finance the Company’s business and operations in China.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s ability to conduct its office equipment solution service businesses may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate the VIEs in its unaudited condensed consolidated financial statements as it may lose the ability to exercise its rights as the primary beneficiary over the VIEs and it may lose the ability to receive economic benefits from the VIEs. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiaries and the VIEs. The Company and Eshallgo HK are essentially holding companies and do not have active operations through September 30, 2025. As a result, total assets and liabilities presented on the unaudited condensed consolidated balance sheets and revenue, expenses, and net loss presented on the unaudited condensed consolidated statement of loss and comprehensive loss as well as the cash flows from operating, investing and financing activities presented on the unaudited condensed consolidated statement of cash flows are substantially the financial position, operating results and cash flow of Eshallgo WFOE and its subsidiaries and the VIEs and VIE’s subsidiaries. The Company has not provided any financial support to the VIEs for the six months ended September 30, 2025 and 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following financial statement amounts and balances of the VIEs were included in the accompanying unaudited condensed consolidated financial statements after elimination of intercompany transactions and balances:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">CURRENT ASSETS:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,287,645</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,745,251</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,989,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,976</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,191,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,809,698</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts receivable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,818</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,492</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Advance to vendors, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,586,751</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,289,198</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Advance to vendors - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,787,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,584,425</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,322,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,240,828</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Long-term accounts receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Long-term other receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,801</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,513,193</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,112,065</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">TOTAL CURRENT ASSETS</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,272,326</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,363,653</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,212</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred tax assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,375</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,613</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Long-term receivable - other receivable, net - non-current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">414,589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">591,803</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,852</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Other non-current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">211,371</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">374,201</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT ASSETS</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,068,946</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,475,071</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,341,272</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,838,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">CURRENT LIABILITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Short-term bank loan</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">140,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">137,781</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">939,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">787,746</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,137</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,261</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">950,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876,905</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">255,727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">237,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251,185</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">106,012</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,825</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,676</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,413</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Operating lease liabilities - current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">163,112</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,615</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">TOTAL CURRENT LIABILITIES</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,922,917</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,786,442</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Operating lease liabilities - non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">69,200</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,797</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,200</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,797</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,992,117</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,851,239</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Net revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,624,444</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,192,252</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Net loss</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,088,258</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(5,932</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Net cash (used in) provided by operating activities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,223,904</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,172,301</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,341,270</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net cash provided by financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,601</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt">Effect of exchange rate change on cash and cash equivalents</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56,356</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">93,396</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net decrease in cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,457,604</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,014,972</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt">Cash and cash equivalents, beginning of period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,745,389</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,310,244</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Cash and cash equivalents, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,287,785</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,295,272</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1 0.75 0.25 1 20 0.55 Details of the subsidiaries of the Company as of September 30, 2025 were set out below:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 40%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Date of</b></span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Place of</b></span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>% of</b></span></td> <td style="white-space: nowrap; width: 1%"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; text-align: center; width: 20%"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Name of Entity</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Ownership</b></span></td> <td style="white-space: nowrap"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Principal Activities</b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Eshallgo Inc</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 16, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Cayman Islands</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Parent, 100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Monarch Limited</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 30, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hong Kong</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ESHALLGO USA, INC.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 1, 2025</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">The United States</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Eshallgo Enterprise Development (Group) Co., Ltd.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 22, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">WFOE, Investment holding<br/> Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Shanghai) Co., Ltd.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 23, 2015</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Beijing) Co., Ltd.</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Lixin Office Equipment Co., Ltd. (“Lixin”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">September 5, 2008</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ESHALLGO Office Supplies (Shanghai) Co., Ltd. (“Shanghai”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2015</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun ESHALLGO Information Technology Co, Ltd. (“Changchun”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 10, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">February 26, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 12, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 6, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 19, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou Junzhang Office Equipment Co., Ltd. (“Zhengzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu Junzhang digital Technology Co., Ltd. (“Chengdu”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 15, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 27, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chongqing ESHALLGO Office Equipment Co., Ltd. (“Chongqing”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 30, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing ESHALLGO Technology Development Co., Ltd. (“Beijing”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 28, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin ESHALLGO Information Technology Co., Ltd. (“Harbin”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 5, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an ESHALLGO Information Technology Co., Ltd. (“Xi’an”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 22, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen ESHALLGO Information Technology Co., Ltd.(“Shenzhen”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 19, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Changyun Industrial Development Co., Ltd. (“Changyun”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 29, 2020</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou ESHALLGO Information Technology Co., Ltd. (“Hangzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 22, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming ESHALLGO Information Technology Co., Ltd. (“Kunming”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 12, 2017</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao ESHALLGO Information Technology Co., Ltd. (“Qingdao”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 29, 2016</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai ESHALLGO Information Technology Co., Ltd. (“Qinghai”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 21, 2018</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">May 12, 2021</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Nanjing, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by Junzhang Shanghai</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 11, 2022</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by WFOE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Changzhou) Co., Ltd. (“Changzhou”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2022</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by WFOE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-size: 9.5pt"> </span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zibo ESHALLGO Information Technology Co., Ltd. (“Zibo”)</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 25, 2022</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shandong, PRC</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55%</span> <span style="font-size: 9.5pt">owned by WFOE</span></td> <td style="white-space: nowrap; vertical-align: bottom"><span style="font-size: 9.5pt"> </span></td> <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> </table> 1 1 1 1 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">CURRENT ASSETS:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,287,645</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,745,251</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,989,475</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,976</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,191,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,809,698</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts receivable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,818</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,492</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Advance to vendors, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,586,751</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,289,198</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Advance to vendors - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,787,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,584,425</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,322,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,240,828</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Long-term accounts receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Long-term other receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,801</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,513,193</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,112,065</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">TOTAL CURRENT ASSETS</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,272,326</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,363,653</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290,415</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,212</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred tax assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,375</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,613</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Long-term receivable - other receivable, net - non-current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">414,589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">591,803</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,852</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Other non-current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">211,371</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">374,201</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT ASSETS</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,068,946</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,475,071</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,341,272</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,838,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">CURRENT LIABILITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Short-term bank loan</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">140,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">137,781</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">939,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">787,746</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,137</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,261</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">950,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876,905</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">255,727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,035</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">237,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251,185</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">106,012</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,825</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,676</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,413</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Operating lease liabilities - current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">163,112</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,615</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">TOTAL CURRENT LIABILITIES</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,922,917</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,786,442</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Operating lease liabilities - non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">69,200</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,797</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,200</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,797</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,992,117</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,851,239</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Net revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,624,444</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,192,252</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Net loss</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,088,258</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(5,932</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Net cash (used in) provided by operating activities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,223,904</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,172,301</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,341,270</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net cash provided by financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,601</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt">Effect of exchange rate change on cash and cash equivalents</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56,356</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">93,396</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Net decrease in cash and cash equivalents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,457,604</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,014,972</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt">Cash and cash equivalents, beginning of period</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,745,389</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,310,244</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Cash and cash equivalents, end of period</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,287,785</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,295,272</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2287645 3745251 140 138 1989475 3093976 4191754 3809698 77818 245492 2586751 1289198 312417 50 1787072 1584425 1322071 1240828 84279 82681 64383 89050 55328 70801 1513193 1112065 16272326 16363653 290415 352212 104472 104390 6375 5613 414589 591803 41724 46852 211371 374201 1068946 1475071 17341272 17838724 140445 137781 939900 787746 24137 140261 950081 876905 255727 223035 237176 251185 106012 121825 101046 90676 5281 6413 163112 150615 2922917 2786442 69200 64797 69200 64797 2992117 2851239 6624444 6192252 -1088258 -5932 -2223904 1172301 337224 -3341270 372720 60601 56356 93396 -1457604 -2014972 3745389 5310244 2287785 3295272 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of presentation and principles of consolidation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the Company’s unaudited condensed consolidated financial statement. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Form 20-F for the fiscal years ended March 31, 202</span>5 and 2024, which was filed on August 14, 2025. The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and entities it controlled through VIE agreements. All inter-company balances and transactions are eliminated upon consolidation. Operating results for the six months ended September 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for the full year.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Non-controlling interest</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Company’s consolidated subsidiaries and the VIEs, non-controlling interests are recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Company’s unaudited condensed consolidated balance sheets and have been separately disclosed in the Company’s unaudited condensed consolidated statements of loss and comprehensive loss to distinguish the interests from that of the controlling shareholder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, non-controlling interest equity consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"><b>Percentage of </b></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> <br/> <b>Entity</b></td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ownership of<br/> non-controlling<br/> interest</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Shanghai</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">      45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">65,652</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Beijing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">910,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">867,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qinghai</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,753</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Harbin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,332</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Zhengzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chengdu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,966</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Guangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,888</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changchun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">252,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,496</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Hefei</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,903</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Hangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,487</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tianjin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">534,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shenzhen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qingdao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,626</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Kunming</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Xi’an</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,271</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shijiazhuang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">641,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652,868</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ningbo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,754</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chongqing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,366</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changyun ⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Suzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Changzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,096</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Zibo</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">45</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total non-controlling interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,931,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,087,019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025.</td></tr></table> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing the unaudited condensed consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These accounting estimates used in the preparation of the unaudited condensed consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. These estimates are based on management’s best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. Significant estimates required to be made by management include, but are not limited to, assessment of the expected credit losses for financial assets, valuation of inventories, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, realization of deferred tax assets, fair value of the derivative liability, implicit interest rate of operating leases, and the revenue recognition of leasing of equipment. As a result, actual results may be different from these estimates.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks and uncertainties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the economy in the PRC. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and cash equivalents</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash include cash on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains its bank accounts in the PRC, Hongkong and the United States. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Restricted cash</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the unaudited condensed consolidated balance sheets, and is included in the total cash and restricted cash in the unaudited condensed consolidated statements of cash flows. The Company’s restricted cash represents bank deposits designated for specific purposes, primarily for payments to specified third parties.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Short-term investments</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term investments include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions and the Company can redeem the deposits at any time. The Company records wealth management products with variable interest rates with maturities less than one year at fair value in accordance with ASC 825 Financial Instruments. The interest earned is recognized in the unaudited condensed consolidated statements of loss and comprehensive loss as investment income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2025 and March 31, 2025, the Company had short-term investments balance of $1,989,712 and $3,094,208, including accrued interests of $41,005 and $62,788, respectively.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Credit losses</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” by using a modified retrospective transition method, which replaces the incurred loss impairment methodology with an expected loss methodology that is referred to as the current expected credit loss methodology. The expected credit loss impairment model requires the entity to recognize its estimate of expected credit losses for affected financial assets using an allowance for credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s accounts receivable from third parties and related parties, due from related parties, finance receivable, long-term accounts receivable, long-term other receivable, loans and security deposits which is included in current and non-current prepaid expenses and other assets line item in the unaudited condensed consolidated balance sheets are within the scope of ASC Topic 326. The Company uses the roll-rate method to measure the expected credit losses of accounts receivable, finance receivable and long-term other receivable on a collective basis when similar risk characteristics exist. The roll-rate method stratifies the receivables balance by delinquency stages and projected forward in one-year increments using historical roll rate. In each year of the simulation, losses on the receivables are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a yearly rolling basis. The loss rate calculated for each delinquency stage is then applied to respective receivables balance. The management adjusts the allowance that is determined by the roll-rate method for both current conditions and forecasts of economic conditions. For security deposits and loans to third parties, the Company uses the loss-rate method to evaluates the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, current economic conditions and other factors that may affect its ability to collect from the debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expected credit losses are included in general and administrative expenses in the unaudited condensed consolidated statements of loss and comprehensive loss. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accounts receivable, net</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for credit losses. Allowance for credit losses for accounts receivable amounted to $1,138,664 and $668,195 as of September 30, 2025 and March 31, 2025, respectively.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Advances to suppliers, net</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance to suppliers consists of balances paid to suppliers for purchase of office equipment, equipment parts and suppliers and others that have not been used against purchases. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the utilization of the advance becomes doubtful. The Company continually assesses the credit quality of its suppliers and the factors that affect the credit risk and the supplier’s capability of fulfilling the future purchase orders and then records specific allowances for those advances based on the specific facts and circumstances. Allowance for doubtful accounts amounted to $585,275 and $266,351 as of September 30, 2025 and March 31, 2025, respectively.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Prepaid expenses and other current assets, net</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consist of prepaid social security-employee portion, loans to third parties which are used for short-term funding to support various third-party suppliers and employees, security deposits primarily include security deposits paid to landlords for the Company’s leased offices as well as security deposits paid to the Company’s suppliers, deferred initial public offering costs and others. Loans to third parties, other receivable and security deposits are within the scope of ASC Topic 326, allowance for credit losses for loans to third parties amounted to $431,520 and $80,877 as of </span>September 30, 2025 and March 31, 2025, respectively, allowance for credit losses for other receivable amounted to <span style="-sec-ix-hidden: hidden-fact-22">$3,595</span> and $3,526 as of September 30, 2025 and March 31, 2025, respectively.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Finance receivable, net</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance receivables consist of receivables in relation to sales-type leases resulting from the sales of equipment. Finance receivables is recorded upon the inception of the lease, and consists the minimum lease payments, net of the unearned interest income and allowance for credit losses. It is recognized as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. Allowance for credit losses amounted to $11,698 and $13,247 as of September 30, 2025 and March 31, 2025, respectively.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inventories, net</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories, primarily consisting of purchased equipment, equipment parts and supplies, are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products. Cost of inventory is determined using the weighted average cost method. The Company periodically evaluates inventories against their net realizable value, and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value based on various factors including aging and future demand of each type of inventories. The Company recorded inventory reserve of $22,772 and $18,182 as of September 30, 2025 and March 31, 2025, respectively.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property and equipment, net</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 73%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td> <td style="width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td> <td> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery and equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years</span></td> <td> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office furniture</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="-sec-ix-hidden: hidden-fact-20; font-family: Times New Roman, Times, Serif; font-size: 10pt">Lesser of useful life and lease term</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the unaudited condensed consolidated statements of loss and comprehensive loss in other income (expenses).</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Leases</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. All of these leases are accounted for as operating leases, under the adoption of ASC Topic 842 (“Topic 842”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and non-current portion of operating lease liabilities on the Company’s unaudited condensed consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and includes initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for minimum lease payments are recognized on a straight-line basis over the lease term. All operating lease right-of-use assets are reviewed for impairment annually. There was no impairment for operating lease right-of-use lease assets for the </span>six months ended September 30, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has elected the short-term lease practical expedient, and therefore operating lease right-of-use assets and liabilities do not include leases with a lease term of twelve months or less.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impairment of long-lived assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets with finite lives, primarily consists of property and equipment and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the </span>six months ended September 30, 2025 and 2024.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Fair value of financial instruments</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 820, “Fair Value Measurements and Disclosures,” defines Fair Value (“FV”), and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 3 — inputs to the valuation methodology are unobservable.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, net, accounts receivable due from related parties, due from related parties, prepaid expenses and other current assets, short-term bank loan, accounts payable, accounts payable due to related parties, deferred revenue, payroll payable, due to related parties, and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of </span>September 30, 2025 and March 31, 2025 based upon the short-term nature of the assets and liabilities. The Company carries short-term investments in wealth management products at fair value, which are measured at Level 2.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Foreign currency translation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency for Eshallgo is the U.S. Dollar (“US$”). Eshallgo HK uses Hong Kong dollar (“HK$”) as its functional currency. However, Eshallgo, and Eshallgo HK currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through WFOE and the VIEs in the PRC through </span>September 30, 2025. The functional currency of WFOE and the VIEs is the Renminbi (“RMB”). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reporting currency of the Company is the US$, and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table outlines the currency exchange rates that were used in creating the financial statements in this report:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="text-align: justify"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>For the Six Months Ended<br/> September 30, 2025</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>For the Six Months Ended<br/> September 30, 2024</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>March 31, 2025</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 39%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Period-end <br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Period-end<br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Year-end <br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="white-space: nowrap; vertical-align: top">US$ against RMB</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.1203</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.1946</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.0149</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2008</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2579</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2168</td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="white-space: nowrap; vertical-align: top">US$ against HK$</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7813</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.8126</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7702</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.8083</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7793</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7928</td> <td style="vertical-align: bottom"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue recognition</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates its revenues primarily through sales of equipment and provision of services and recognizes revenue in accordance with ASC 606. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue amount represents the invoiced value, net of a value-added tax (the “VAT”). Revenues under bundled arrangements are allocated considering the relative standalone selling prices of the performance obligations included in the bundled arrangement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">More specifically, revenue related to the Company’s products and services is generally recognized as follows:</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue from sales of equipment</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from the sale of equipment directly to end customers and distributors, including those from sales-type leases (see “<i>Revenue from leasing of equipment</i>” below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require the Company to install the product at the customer location, it has two promises, which are to transfer the products and to provide the installation services. The installation required is not complex and can be completed simultaneously together with delivery of the products and is considered to be immaterial in the context of the contract with the customer. For such arrangements, there is one performance obligation in each contract, which is to provide the requested equipment to the customer and the total consideration under the contract is recognized as revenue when the goods have been delivered and installed at the customer location.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not offer its customer warranties that can be purchased separately, and the warranties only provide its customers with the peace of mind that the Company will fix or possibly replace the equipment if the original one was faulty, the Company determines that its warranty is assurance-type warranty. Since an assurance-type warranty guarantees the functionality of a product, the warranty is not accounted for as a separate performance obligation, and thus no transaction price is allocated to it.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the </span>six months ended September 30, 2025 and 2024.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue from leasing of equipment</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records rental income from the leasing of equipment in accordance with ASC 842. The two primary lease accounting provisions the Company assesses for the classification of transactions as sales-type or operating leases are: (1) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment and (2) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Lease arrangements that meet these conditions are accounted for as sales-type leases and sales profit or loss at lease inception is recognized as noted above for sales of equipment. Lease arrangements that do not meet these conditions are accounted for operating leases. The revenue from an operating lease is recognized on a straight-line basis over the term of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant portion of the Company’s lease to end customers are made through bundled lease arrangements that typically include equipment, financing and maintenance components for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for excess page volumes consumed. When the customer prints more than the maximum monthly page volume stated in the contract, the Company will charge excess page volume consumed, which are often expressed in terms of price-per-page. Revenue related to the excess page charges is calculated based on actual excess page volume consumed by price-per-page and is recognized when excess pages were used by the customer. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the lease term. In applying the lease accounting methodology, the Company only considers the fixed payments for purposes of allocating to the relative fair value elements of the contract.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues under bundled arrangements contains multiple performance obligations, including the lease and non-lease performance obligations. </span>Under sales-type lease, for such bundled arrangements, revenues are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement. Lease deliverables include the equipment and financing, which are recognized on a straight-line basis over the term of the lease, while non-lease deliverables generally consist of supplies and maintenance services, which are generally recognized over the term of the lease as maintenance services revenue as noted below under “Revenue from maintenance services”. The allocation for the lease deliverables begins by allocating revenues to equipment and financing based on their standalone selling price, and the remaining amounts are allocated to the supplies and maintenance services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For operating lease, since the lease component, if accounted for separately, would be classified as an operating lease, and maintenance services associated with lease are also transfer to the customers over the term of the lease. As both criteria are met, the Company makes the accounting policy election in accordance with ASC 842-10-15-42A, and therefore, the Company chooses to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease component as a single component.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers the economic life of most of the products to be <span style="-sec-ix-hidden: hidden-fact-21">five</span> years and there is no significant after-market for the used equipment. The Company believes five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Residual values are not significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to their standalone selling price, the Company performs an analysis based on cash selling prices during the applicable period. The cash selling prices are compared to the range of values determined for the leases. The range of cash selling prices must be reasonably consistent with the lease selling prices in order for the Company to determine that such lease prices are indicative of standalone selling price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during </span>the six months ended September 30, 2025 and 2024.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Financing:</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance income attributable to sales-type leases is recognized on the accrual basis using the effective interest method.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue from maintenance services</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides maintenance services for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual term. These arrangements typically include implementation, configuration, training, technical support, and repair of the office equipment, which to ensure the functionality of the machines. These services represent a single performance obligation as they are highly interdependent and interrelated and cannot be separately identifiable. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the contractual term. Revenues from maintenance and technical support services are recognized over time as such services are performed </span>in a straight-line basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during </span>the six months ended September 30, 2025 and 2024.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue disaggregation</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s disaggregation of revenues for the </span>six months ended September 30, 2025 and 2024 are as the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Revenue from sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,873,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,480,454</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Revenue from maintenance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,531</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">632,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Revenue from financing</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,775</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,937</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,790,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,712,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: italic; text-align: left">Timing of revenue recognition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment transferred at a point in time</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,873,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Services rendered over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">916,761</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,232,024</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,790,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,712,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the Company’s revenue are generated in the PRC.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Contract assets and liabilities</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not have contract assets as of </span>September 30, 2025 and March 31, 2025. Contract liabilities represent payment has been made from the Company’ customers in advance of the delivery of products or services. The Company’s contract liabilities, which are reflected in its unaudited condensed consolidated balance sheets as deferred revenue of $1,092,527 and $999,182 as of September 30, 2025 and March 31, 2025, respectively. The amount of revenue recognized in the six months ended September 30, 2025 and 2024 that was included in the opening deferred revenue was $163,914 and $143,056, respectively. All unsatisfied performance obligation will be performed within the next twelve months and no significant financing component is involved.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Costs of revenue</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of equipment sold primarily included the costs to purchase the office equipment, inducing the freight-in expenses and ordering expenses. For operating lease, cost of leasing of office equipment primarily included the depreciation expense of equipment leased, and the handling and shipping costs. Cost of maintenance and repair services primarily included the labor, costs of equipment parts and supplies, the transportation expenses, and the costs paid to the contractors in the cases that we outsourced the services.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Research and development expenses</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs relating to the development of new processes, including significant improvements and refinements to existing processes, are expensed when incurred in accordance with the FASB ASC 730, “Research and Development.” The research and development costs primarily comprise employee costs, consultant fees, travel and transportation fees, and depreciation to property, plant and equipment used in the research and development activities. For the </span>six months ended September 30, 2025 and 2024, total research and development expense were $84,242 and $9,999, respectively.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Employee benefits</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer employee benefits plan pursuant to which pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund are provided to eligible full-time employees. The relevant labor regulations require the Company’s subsidiaries and the VIEs in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as expenses in the accompanying unaudited condensed consolidated statements of loss and comprehensive loss amounted to $202,037 </span>and $194,574 for the six months ended September 30, 2025 and 2024, respectively.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income taxes</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the unaudited condensed consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the </span>six months ended September 30, 2025 and 2024. The Company does not believe that there was any uncertain tax provision on September 30, 2025 and March 31, 2025. The Company’s subsidiaries and the VIEs in China are subject to the income tax laws of the PRC. The Company’s subsidiary in Hong Kong is subject to the profit taxes in Hong Kong. The Company’s subsidiary in the United States is subject to the tax law of the United States. No significant income was generated outside the PRC for the six months ended September 30, 2025 and 2024. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Value added tax (“VAT”)</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a general taxpayer and is subject to applicable VAT tax rate of 5% to 13%. VAT is reported as a deduction to revenue when incurred. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Loss per share</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes loss per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of </span>September 30, 2025 and March 31, 2025, there were no dilutive shares.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Comprehensive loss</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comprehensive loss consists of two components, net loss and other comprehensive income. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB and HK$ to US$ is reported in foreign currency translation gain in the unaudited condensed consolidated statements of loss and comprehensive loss.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Statement of cash flows</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 230, “Statement of Cash Flows”, cash flows from the Company’s operations are calculated in functional currency and translated into the reporting currency using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Related parties and transactions</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant SEC rules and regulations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Derivative liabilities</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company enters into convertible debt agreements, and is required to evaluate embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging”. The Company determines the embedded conversion feature should be bifurcated from the host instrument and accounted for as a derivative liability at fair value with changes in fair value recorded in earnings. The Company estimates the fair value of the derivative liability at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, and a gain or loss on change in derivative liability as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Share-based compensation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense with graded vesting on a straight–line basis over the requisite service period for the entire award. The Company has elected to recognize compensation expenses using the valuation model estimated at the grant date based on the award’s fair value.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Segment reporting</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted this ASU commencing April 1, 2024 and the adoption of the ASU did not have a material impact on the Company’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s Chief Operating Decision Maker (“CODM”) organizes segments within the Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Company does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Therefore, the Company has only one operating segment and one reportable segment. Management determined the Company’s operations constitute a single reportable segment. This reflects the fact that our CODM continues to evaluate our financial information and resources, and continues to assess the performance of these resources, on a consolidated basis. All required financial segment information is therefore included in our unaudited condensed consolidated financial statements. Majority of the Company’s assets were located in the PRC and 100% of the Company’s revenues were derived from its wholly owned subsidiaries, and the VIEs and VIEs’ subsidiaries located in the PRC, hence, no disclosure of geographic areas is required for the </span>six months ended September 30, 2025 and 2024.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recent accounting pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. As a result, the Company’s operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. This standard was issued in response to the SEC’s disclosure update and simplification initiative, which affects a variety of topics within the Accounting Standards Codification. The amendments apply to all reporting entities within the scope of the affected topics unless otherwise indicated. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact of adopting this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity’s definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-04, “Debt-Debt with Conversions and Other Option”. This ASU is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. This ASU provides a practical expedient for all entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The standard is effective for annual periods beginning after December 15, 2025. Early adoption of ASU 2025-05 is permitted and should be applied prospectively. </span>The Company plans to adopt this guidance effective April 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The purpose of this update is to improve the clarity and organization of interim reporting guidance and to enhance the disclosure requirements applicable to interim financial statements. ASU 2025-11 does not change the fundamental principles of interim reporting but clarifies the scope and presentation of required disclosures. A public business entity shall apply for interim reporting periods within annual reporting periods beginning after December 15, 2027. An entity other than a public business entity shall apply for interim reporting periods within annual reporting periods beginning after December 15, 2028. </span>The Company plans to adopt this guidance effective April 1, 2028 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the unaudited condensed consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its unaudited condensed consolidated financial condition, results of operations, cash flows or disclosures</span>.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of presentation and principles of consolidation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the Company’s unaudited condensed consolidated financial statement. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Form 20-F for the fiscal years ended March 31, 202</span>5 and 2024, which was filed on August 14, 2025. The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and entities it controlled through VIE agreements. All inter-company balances and transactions are eliminated upon consolidation. Operating results for the six months ended September 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for the full year.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Non-controlling interest</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the Company’s consolidated subsidiaries and the VIEs, non-controlling interests are recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Company’s unaudited condensed consolidated balance sheets and have been separately disclosed in the Company’s unaudited condensed consolidated statements of loss and comprehensive loss to distinguish the interests from that of the controlling shareholder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, non-controlling interest equity consisted of the following:</p><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"><b>Percentage of </b></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> <br/> <b>Entity</b></td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ownership of<br/> non-controlling<br/> interest</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Shanghai</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">      45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">65,652</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Beijing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">910,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">867,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qinghai</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,753</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Harbin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,332</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Zhengzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chengdu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,966</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Guangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,888</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changchun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">252,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,496</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Hefei</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,903</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Hangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,487</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tianjin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">534,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shenzhen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qingdao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,626</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Kunming</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Xi’an</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,271</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shijiazhuang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">641,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652,868</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ningbo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,754</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chongqing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,366</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changyun ⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Suzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Changzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,096</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Zibo</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">45</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total non-controlling interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,931,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,087,019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, non-controlling interest equity consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"><b>Percentage of </b></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> <br/> <b>Entity</b></td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">ownership of<br/> non-controlling<br/> interest</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td> <td style="padding-bottom: 1pt; font-weight: bold"> <br/>  </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Shanghai</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">      45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">33,576</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">65,652</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Beijing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">910,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">867,501</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qinghai</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">162,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,753</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Harbin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,332</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Zhengzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,424</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chengdu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,966</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Guangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">328,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,888</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changchun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">252,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,496</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Hefei</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,903</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Hangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">421,623</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,487</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tianjin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">534,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shenzhen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,690</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qingdao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,626</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Kunming</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">798,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,138</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Xi’an</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,986</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,271</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shijiazhuang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">641,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652,868</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ningbo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,982</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,754</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chongqing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,366</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changyun ⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Suzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Changzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,096</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Zibo</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">45</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total non-controlling interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,931,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,087,019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025.</td></tr></table> 0.45 33576 65652 0.45 910063 867501 0.45 162523 193753 0.45 374624 436332 0.45 245742 277424 0.45 279492 268966 0.45 328754 310888 0.45 252742 275496 0.45 189983 278903 0.45 421623 437487 0.45 534253 477013 0.45 97650 122690 0.45 93365 93626 0.45 798503 740138 0.45 170986 174271 0.45 641522 652868 0.45 191982 192754 0.45 131265 156366 0.45 47005 48995 0.45 14778 10800 0.45 3503 5096 0.45 7098 0 5931032 6087019 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing the unaudited condensed consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These accounting estimates used in the preparation of the unaudited condensed consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. These estimates are based on management’s best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. Significant estimates required to be made by management include, but are not limited to, assessment of the expected credit losses for financial assets, valuation of inventories, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, realization of deferred tax assets, fair value of the derivative liability, implicit interest rate of operating leases, and the revenue recognition of leasing of equipment. As a result, actual results may be different from these estimates.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Risks and uncertainties</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the economy in the PRC. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and cash equivalents</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash include cash on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains its bank accounts in the PRC, Hongkong and the United States. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Restricted cash</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the unaudited condensed consolidated balance sheets, and is included in the total cash and restricted cash in the unaudited condensed consolidated statements of cash flows. The Company’s restricted cash represents bank deposits designated for specific purposes, primarily for payments to specified third parties.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Short-term investments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term investments include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions and the Company can redeem the deposits at any time. The Company records wealth management products with variable interest rates with maturities less than one year at fair value in accordance with ASC 825 Financial Instruments. The interest earned is recognized in the unaudited condensed consolidated statements of loss and comprehensive loss as investment income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2025 and March 31, 2025, the Company had short-term investments balance of $1,989,712 and $3,094,208, including accrued interests of $41,005 and $62,788, respectively.</p> 1989712 3094208 41005 62788 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Credit losses</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” by using a modified retrospective transition method, which replaces the incurred loss impairment methodology with an expected loss methodology that is referred to as the current expected credit loss methodology. The expected credit loss impairment model requires the entity to recognize its estimate of expected credit losses for affected financial assets using an allowance for credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s accounts receivable from third parties and related parties, due from related parties, finance receivable, long-term accounts receivable, long-term other receivable, loans and security deposits which is included in current and non-current prepaid expenses and other assets line item in the unaudited condensed consolidated balance sheets are within the scope of ASC Topic 326. The Company uses the roll-rate method to measure the expected credit losses of accounts receivable, finance receivable and long-term other receivable on a collective basis when similar risk characteristics exist. The roll-rate method stratifies the receivables balance by delinquency stages and projected forward in one-year increments using historical roll rate. In each year of the simulation, losses on the receivables are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a yearly rolling basis. The loss rate calculated for each delinquency stage is then applied to respective receivables balance. The management adjusts the allowance that is determined by the roll-rate method for both current conditions and forecasts of economic conditions. For security deposits and loans to third parties, the Company uses the loss-rate method to evaluates the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, current economic conditions and other factors that may affect its ability to collect from the debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expected credit losses are included in general and administrative expenses in the unaudited condensed consolidated statements of loss and comprehensive loss. After all attempts to collect a receivable have failed, the receivable is written off against the allowance.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Accounts receivable, net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for credit losses. Allowance for credit losses for accounts receivable amounted to $1,138,664 and $668,195 as of September 30, 2025 and March 31, 2025, respectively.</p> 1138664 668195 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Advances to suppliers, net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance to suppliers consists of balances paid to suppliers for purchase of office equipment, equipment parts and suppliers and others that have not been used against purchases. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the utilization of the advance becomes doubtful. The Company continually assesses the credit quality of its suppliers and the factors that affect the credit risk and the supplier’s capability of fulfilling the future purchase orders and then records specific allowances for those advances based on the specific facts and circumstances. Allowance for doubtful accounts amounted to $585,275 and $266,351 as of September 30, 2025 and March 31, 2025, respectively.</p> 585275 266351 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Prepaid expenses and other current assets, net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consist of prepaid social security-employee portion, loans to third parties which are used for short-term funding to support various third-party suppliers and employees, security deposits primarily include security deposits paid to landlords for the Company’s leased offices as well as security deposits paid to the Company’s suppliers, deferred initial public offering costs and others. Loans to third parties, other receivable and security deposits are within the scope of ASC Topic 326, allowance for credit losses for loans to third parties amounted to $431,520 and $80,877 as of </span>September 30, 2025 and March 31, 2025, respectively, allowance for credit losses for other receivable amounted to <span style="-sec-ix-hidden: hidden-fact-22">$3,595</span> and $3,526 as of September 30, 2025 and March 31, 2025, respectively.</p> 431520 80877 3526 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Finance receivable, net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance receivables consist of receivables in relation to sales-type leases resulting from the sales of equipment. Finance receivables is recorded upon the inception of the lease, and consists the minimum lease payments, net of the unearned interest income and allowance for credit losses. It is recognized as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. Allowance for credit losses amounted to $11,698 and $13,247 as of September 30, 2025 and March 31, 2025, respectively.</p> 11698 13247 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inventories, net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories, primarily consisting of purchased equipment, equipment parts and supplies, are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products. Cost of inventory is determined using the weighted average cost method. The Company periodically evaluates inventories against their net realizable value, and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value based on various factors including aging and future demand of each type of inventories. The Company recorded inventory reserve of $22,772 and $18,182 as of September 30, 2025 and March 31, 2025, respectively.</p> 22772 18182 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property and equipment, net</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 73%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td> <td style="width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td> <td> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery and equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years</span></td> <td> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office furniture</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="-sec-ix-hidden: hidden-fact-20; font-family: Times New Roman, Times, Serif; font-size: 10pt">Lesser of useful life and lease term</span></td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the unaudited condensed consolidated statements of loss and comprehensive loss in other income (expenses).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="width: 73%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful Life</b></span></td> <td style="width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</span></td> <td> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery and equipment</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years</span></td> <td> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office furniture</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="-sec-ix-hidden: hidden-fact-20; font-family: Times New Roman, Times, Serif; font-size: 10pt">Lesser of useful life and lease term</span></td> <td> </td></tr> </table> P3Y P5Y P4Y P5Y <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Leases</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. All of these leases are accounted for as operating leases, under the adoption of ASC Topic 842 (“Topic 842”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and non-current portion of operating lease liabilities on the Company’s unaudited condensed consolidated balance sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and includes initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for minimum lease payments are recognized on a straight-line basis over the lease term. All operating lease right-of-use assets are reviewed for impairment annually. There was no impairment for operating lease right-of-use lease assets for the </span>six months ended September 30, 2025 and 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has elected the short-term lease practical expedient, and therefore operating lease right-of-use assets and liabilities do not include leases with a lease term of twelve months or less.</p> 0 0 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impairment of long-lived assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets with finite lives, primarily consists of property and equipment and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the </span>six months ended September 30, 2025 and 2024.</p> 0 0 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Fair value of financial instruments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 820, “Fair Value Measurements and Disclosures,” defines Fair Value (“FV”), and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Level 3 — inputs to the valuation methodology are unobservable.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, net, accounts receivable due from related parties, due from related parties, prepaid expenses and other current assets, short-term bank loan, accounts payable, accounts payable due to related parties, deferred revenue, payroll payable, due to related parties, and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of </span>September 30, 2025 and March 31, 2025 based upon the short-term nature of the assets and liabilities. The Company carries short-term investments in wealth management products at fair value, which are measured at Level 2.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Foreign currency translation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency for Eshallgo is the U.S. Dollar (“US$”). Eshallgo HK uses Hong Kong dollar (“HK$”) as its functional currency. However, Eshallgo, and Eshallgo HK currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through WFOE and the VIEs in the PRC through </span>September 30, 2025. The functional currency of WFOE and the VIEs is the Renminbi (“RMB”). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reporting currency of the Company is the US$, and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table outlines the currency exchange rates that were used in creating the financial statements in this report:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="text-align: justify"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>For the Six Months Ended<br/> September 30, 2025</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>For the Six Months Ended<br/> September 30, 2024</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>March 31, 2025</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 39%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Period-end <br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Period-end<br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Year-end <br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="white-space: nowrap; vertical-align: top">US$ against RMB</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.1203</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.1946</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.0149</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2008</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2579</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2168</td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="white-space: nowrap; vertical-align: top">US$ against HK$</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7813</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.8126</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7702</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.8083</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7793</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7928</td> <td style="vertical-align: bottom"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table outlines the currency exchange rates that were used in creating the financial statements in this report:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="text-align: justify"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>For the Six Months Ended<br/> September 30, 2025</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>For the Six Months Ended<br/> September 30, 2024</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>March 31, 2025</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 39%; text-align: justify"> </td> <td style="width: 1%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Period-end <br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Period-end<br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Year-end <br/> spot rate</b></td> <td style="width: 1%"> </td> <td style="width: 9%; border-bottom: black 1pt solid; text-align: center"><b>Average<br/> rate</b></td> <td style="width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="white-space: nowrap; vertical-align: top">US$ against RMB</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.1203</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.1946</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.0149</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2008</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2579</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1=RMB 7.2168</td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="white-space: nowrap; vertical-align: top">US$ against HK$</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7813</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.8126</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7702</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.8083</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7793</td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">US$1= HK$ 7.7928</td> <td style="vertical-align: bottom"> </td></tr> </table> 1 7.1203 1 7.1946 1 7.0149 1 7.2008 1 7.2579 1 7.2168 1 7.7813 1 7.8126 1 7.7702 1 7.8083 1 7.7793 1 7.7928 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revenue recognition</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates its revenues primarily through sales of equipment and provision of services and recognizes revenue in accordance with ASC 606. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue amount represents the invoiced value, net of a value-added tax (the “VAT”). Revenues under bundled arrangements are allocated considering the relative standalone selling prices of the performance obligations included in the bundled arrangement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">More specifically, revenue related to the Company’s products and services is generally recognized as follows:</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue from sales of equipment</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from the sale of equipment directly to end customers and distributors, including those from sales-type leases (see “<i>Revenue from leasing of equipment</i>” below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require the Company to install the product at the customer location, it has two promises, which are to transfer the products and to provide the installation services. The installation required is not complex and can be completed simultaneously together with delivery of the products and is considered to be immaterial in the context of the contract with the customer. For such arrangements, there is one performance obligation in each contract, which is to provide the requested equipment to the customer and the total consideration under the contract is recognized as revenue when the goods have been delivered and installed at the customer location.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not offer its customer warranties that can be purchased separately, and the warranties only provide its customers with the peace of mind that the Company will fix or possibly replace the equipment if the original one was faulty, the Company determines that its warranty is assurance-type warranty. Since an assurance-type warranty guarantees the functionality of a product, the warranty is not accounted for as a separate performance obligation, and thus no transaction price is allocated to it.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the </span>six months ended September 30, 2025 and 2024.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue from leasing of equipment</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records rental income from the leasing of equipment in accordance with ASC 842. The two primary lease accounting provisions the Company assesses for the classification of transactions as sales-type or operating leases are: (1) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment and (2) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Lease arrangements that meet these conditions are accounted for as sales-type leases and sales profit or loss at lease inception is recognized as noted above for sales of equipment. Lease arrangements that do not meet these conditions are accounted for operating leases. The revenue from an operating lease is recognized on a straight-line basis over the term of the lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant portion of the Company’s lease to end customers are made through bundled lease arrangements that typically include equipment, financing and maintenance components for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for excess page volumes consumed. When the customer prints more than the maximum monthly page volume stated in the contract, the Company will charge excess page volume consumed, which are often expressed in terms of price-per-page. Revenue related to the excess page charges is calculated based on actual excess page volume consumed by price-per-page and is recognized when excess pages were used by the customer. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the lease term. In applying the lease accounting methodology, the Company only considers the fixed payments for purposes of allocating to the relative fair value elements of the contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues under bundled arrangements contains multiple performance obligations, including the lease and non-lease performance obligations. </span>Under sales-type lease, for such bundled arrangements, revenues are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement. Lease deliverables include the equipment and financing, which are recognized on a straight-line basis over the term of the lease, while non-lease deliverables generally consist of supplies and maintenance services, which are generally recognized over the term of the lease as maintenance services revenue as noted below under “Revenue from maintenance services”. The allocation for the lease deliverables begins by allocating revenues to equipment and financing based on their standalone selling price, and the remaining amounts are allocated to the supplies and maintenance services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For operating lease, since the lease component, if accounted for separately, would be classified as an operating lease, and maintenance services associated with lease are also transfer to the customers over the term of the lease. As both criteria are met, the Company makes the accounting policy election in accordance with ASC 842-10-15-42A, and therefore, the Company chooses to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease component as a single component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers the economic life of most of the products to be <span style="-sec-ix-hidden: hidden-fact-21">five</span> years and there is no significant after-market for the used equipment. The Company believes five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Residual values are not significant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to their standalone selling price, the Company performs an analysis based on cash selling prices during the applicable period. The cash selling prices are compared to the range of values determined for the leases. The range of cash selling prices must be reasonably consistent with the lease selling prices in order for the Company to determine that such lease prices are indicative of standalone selling price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during </span>the six months ended September 30, 2025 and 2024.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Financing:</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance income attributable to sales-type leases is recognized on the accrual basis using the effective interest method.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue from maintenance services</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides maintenance services for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual term. These arrangements typically include implementation, configuration, training, technical support, and repair of the office equipment, which to ensure the functionality of the machines. These services represent a single performance obligation as they are highly interdependent and interrelated and cannot be separately identifiable. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the contractual term. Revenues from maintenance and technical support services are recognized over time as such services are performed </span>in a straight-line basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during </span>the six months ended September 30, 2025 and 2024.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Revenue disaggregation</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s disaggregation of revenues for the </span>six months ended September 30, 2025 and 2024 are as the following:</p><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Revenue from sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,873,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,480,454</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Revenue from maintenance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,531</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">632,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Revenue from financing</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,775</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,937</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,790,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,712,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: italic; text-align: left">Timing of revenue recognition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment transferred at a point in time</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,873,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Services rendered over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">916,761</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,232,024</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,790,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,712,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the Company’s revenue are generated in the PRC.</p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Contract assets and liabilities</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not have contract assets as of </span>September 30, 2025 and March 31, 2025. Contract liabilities represent payment has been made from the Company’ customers in advance of the delivery of products or services. The Company’s contract liabilities, which are reflected in its unaudited condensed consolidated balance sheets as deferred revenue of $1,092,527 and $999,182 as of September 30, 2025 and March 31, 2025, respectively. The amount of revenue recognized in the six months ended September 30, 2025 and 2024 that was included in the opening deferred revenue was $163,914 and $143,056, respectively. All unsatisfied performance obligation will be performed within the next twelve months and no significant financing component is involved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s disaggregation of revenues for the </span>six months ended September 30, 2025 and 2024 are as the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="padding-bottom: 1pt; font-weight: bold; text-align: center">For the Six Months Ended</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Revenue from sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,873,504</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,480,454</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Revenue from maintenance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,531</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">632,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Revenue from financing</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,775</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,937</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,790,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,712,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: italic; text-align: left">Timing of revenue recognition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment transferred at a point in time</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,873,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,480,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Services rendered over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">916,761</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,232,024</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,790,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,712,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 6873504 5480454 377585 595531 536401 632556 2775 3937 7790265 6712478 6873504 5480454 916761 1232024 7790265 6712478 1092527 999182 163914 143056 true <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Costs of revenue</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of equipment sold primarily included the costs to purchase the office equipment, inducing the freight-in expenses and ordering expenses. For operating lease, cost of leasing of office equipment primarily included the depreciation expense of equipment leased, and the handling and shipping costs. Cost of maintenance and repair services primarily included the labor, costs of equipment parts and supplies, the transportation expenses, and the costs paid to the contractors in the cases that we outsourced the services.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Research and development expenses</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs relating to the development of new processes, including significant improvements and refinements to existing processes, are expensed when incurred in accordance with the FASB ASC 730, “Research and Development.” The research and development costs primarily comprise employee costs, consultant fees, travel and transportation fees, and depreciation to property, plant and equipment used in the research and development activities. For the </span>six months ended September 30, 2025 and 2024, total research and development expense were $84,242 and $9,999, respectively.</p> 84242 9999 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Employee benefits</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer employee benefits plan pursuant to which pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund are provided to eligible full-time employees. The relevant labor regulations require the Company’s subsidiaries and the VIEs in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as expenses in the accompanying unaudited condensed consolidated statements of loss and comprehensive loss amounted to $202,037 </span>and $194,574 for the six months ended September 30, 2025 and 2024, respectively.</p> 202037 194574 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income taxes</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the unaudited condensed consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the </span>six months ended September 30, 2025 and 2024. The Company does not believe that there was any uncertain tax provision on September 30, 2025 and March 31, 2025. The Company’s subsidiaries and the VIEs in China are subject to the income tax laws of the PRC. The Company’s subsidiary in Hong Kong is subject to the profit taxes in Hong Kong. The Company’s subsidiary in the United States is subject to the tax law of the United States. No significant income was generated outside the PRC for the six months ended September 30, 2025 and 2024. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Value added tax (“VAT”)</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a general taxpayer and is subject to applicable VAT tax rate of 5% to 13%. VAT is reported as a deduction to revenue when incurred. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities.</p> 0.05 0.13 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Loss per share</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes loss per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of </span>September 30, 2025 and March 31, 2025, there were no dilutive shares.</p> 0 0 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Comprehensive loss</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comprehensive loss consists of two components, net loss and other comprehensive income. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB and HK$ to US$ is reported in foreign currency translation gain in the unaudited condensed consolidated statements of loss and comprehensive loss.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Statement of cash flows</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 230, “Statement of Cash Flows”, cash flows from the Company’s operations are calculated in functional currency and translated into the reporting currency using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Related parties and transactions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant SEC rules and regulations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Derivative liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company enters into convertible debt agreements, and is required to evaluate embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging”. The Company determines the embedded conversion feature should be bifurcated from the host instrument and accounted for as a derivative liability at fair value with changes in fair value recorded in earnings. The Company estimates the fair value of the derivative liability at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, and a gain or loss on change in derivative liability as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Share-based compensation</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense with graded vesting on a straight–line basis over the requisite service period for the entire award. The Company has elected to recognize compensation expenses using the valuation model estimated at the grant date based on the award’s fair value.</p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Segment reporting</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted this ASU commencing April 1, 2024 and the adoption of the ASU did not have a material impact on the Company’s financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s Chief Operating Decision Maker (“CODM”) organizes segments within the Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Company does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Therefore, the Company has only one operating segment and one reportable segment. Management determined the Company’s operations constitute a single reportable segment. This reflects the fact that our CODM continues to evaluate our financial information and resources, and continues to assess the performance of these resources, on a consolidated basis. All required financial segment information is therefore included in our unaudited condensed consolidated financial statements. Majority of the Company’s assets were located in the PRC and 100% of the Company’s revenues were derived from its wholly owned subsidiaries, and the VIEs and VIEs’ subsidiaries located in the PRC, hence, no disclosure of geographic areas is required for the </span>six months ended September 30, 2025 and 2024.</p> 1 1 <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recent accounting pronouncements</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. As a result, the Company’s operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. This standard was issued in response to the SEC’s disclosure update and simplification initiative, which affects a variety of topics within the Accounting Standards Codification. The amendments apply to all reporting entities within the scope of the affected topics unless otherwise indicated. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact of adopting this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity’s definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-04, “Debt-Debt with Conversions and Other Option”. This ASU is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. This ASU provides a practical expedient for all entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The standard is effective for annual periods beginning after December 15, 2025. Early adoption of ASU 2025-05 is permitted and should be applied prospectively. </span>The Company plans to adopt this guidance effective April 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The purpose of this update is to improve the clarity and organization of interim reporting guidance and to enhance the disclosure requirements applicable to interim financial statements. ASU 2025-11 does not change the fundamental principles of interim reporting but clarifies the scope and presentation of required disclosures. A public business entity shall apply for interim reporting periods within annual reporting periods beginning after December 15, 2027. An entity other than a public business entity shall apply for interim reporting periods within annual reporting periods beginning after December 15, 2028. </span>The Company plans to adopt this guidance effective April 1, 2028 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the unaudited condensed consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its unaudited condensed consolidated financial condition, results of operations, cash flows or disclosures</span>.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3 — ACCOUNTS RECEIVABLE, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,768,164</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,644,586</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,138,664</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(668,195</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,629,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,976,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s accounts receivable primarily include balance due from customers when the Company’s products have been sold and delivered to customers or service rendered to customers, which has not been collected as of the balance sheet dates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allowance for credit loss movement is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">668,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">133,449</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">452,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">538,494</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Reversal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(41</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,645</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,707</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,138,664</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">668,195</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,768,164</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,644,586</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,138,664</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(668,195</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,629,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,976,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 5768164 4644586 1138664 668195 4629500 3976391 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allowance for credit loss movement is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">668,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">133,449</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">452,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">538,494</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Reversal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(41</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,645</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,707</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,138,664</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">668,195</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 668195 133449 452824 538494 0 41 -17645 3707 1138664 668195 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 4 — LONG-TERM RECEIVABLE, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Long-term accounts receivable, net</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 20, 2020, Junzhang Shanghai and one of its subsidiaries entered into two repayment agreements with their customer Shanghai Puli Printing Co., Ltd (“Shanghai Puli”) to extend the repayment dates of Shanghai Puli’s account receivable balance totaling RMB 6,422,747 ($935,170) to June 30, 2022 and December 31, 2025 respectively. The repayment will be made quarterly and annually respectively. The long-term accounts receivable bears interest at the annual rate of 2% on the unpaid balance. On March 29, 2022, these two entities entered into an amended repayment agreement with Shanghai Puli to extend the repayment dates of Shanghai Puli’s account receivable balance as of March 31, 2022 totaling RMB 3,019,507 ($413,903) to December 31, 2023 and March 31, 2026 respectively. The long-term accounts receivable bears interest at the annual rate of 1% on the unpaid balance and the repayment will be made annually. One of the long-term accounts receivables due on December 31, 2023 has been fully collected. As of </span>September 30, 2025 and March 31, 2025, the allowance for credit losses was $103,788 and $101,820, respectively, and total outstanding balance of the current portion of long-term accounts receivable, net was $84,279 and $82,681, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Long-term other receivable, net</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and Junzhang Shanghai entered into a repayment agreement with their vendor Shanghai Mingzhe Office Equipment Co., Ltd. (“Mingzhe”) and the legal representative of Mingzhe. Pursuant to the agreement, the Company had accounts receivable due from Mingzhe and advance to vendor made to Mingzhe totaling RMB 7,733,396 ($1,065,517). Mingzhe agreed to repay the total amount semiannually till June 30, 2027, and the long-term other receivable bears interest at the annual rate of 2% on the unpaid balance. As of </span>September 30, 2025 and March 31, 2025, the allowance for credit losses was $903,992 and $671,088, respectively, and total outstanding balance of the long-term other receivable, net was $135,917 and $344,304 respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provided shot-term funding to support two of its third-party suppliers, however, loans were not repaid by the third-party suppliers upon maturity. The Company commenced lawsuits against these two third-party suppliers (“defendants”) in the People’s Court of Xi’an Beilin District, Shaanxi Province (the “Court”). Based on the Civil Mediation Settlement of the Court, the Company and the defendants reached to agreements, that the outstanding loans will be repaid by July 1, 2030 by installments. As of </span>September 30, 2025 and March 31, 2025, the allowance for credit losses was $149,947 and $147,103, respectively, and total outstanding balance of the long-term other receivable, net was $343,055 and $336,549, respectively.</p> 2 6422747 935170 0.02 2 3019507 413903 0.01 103788 101820 84279 82681 7733396 1065517 0.02 903992 671088 135917 344304 2 2 149947 147103 343055 336549 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5 — ADVANCE TO VENDORS, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance to vendors, net consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepayment for goods</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,262,248</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,703,313</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,318</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(585,275</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(266,351</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,691,484</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,451,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allowance for doubtful accounts for advance to vendors movement is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">266,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">175,135</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,392</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,388</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">585,275</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">266,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepayment for goods</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,262,248</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,703,313</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,318</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(585,275</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(266,351</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,691,484</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,451,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3262248 1703313 14511 14318 585275 266351 2691484 1451280 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">266,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">175,135</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,392</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,388</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">585,275</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">266,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 266351 175135 310532 92604 -8392 1388 585275 266351 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 6 — INVENTORIES, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories, net consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Purchased office equipment for sale</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,326,282</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,015,852</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment parts and supplies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">893,293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">755,735</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other supplies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57,668</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46,615</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,277,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,818,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: inventory reserve</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,772</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,182</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,254,471</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,800,020</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company periodically evaluates inventories against their net realizable value, and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value based on various factors including aging and future demand of each type of inventories.</p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Purchased office equipment for sale</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,326,282</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,015,852</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment parts and supplies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">893,293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">755,735</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other supplies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57,668</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46,615</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,277,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,818,202</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: inventory reserve</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,772</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,182</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,254,471</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,800,020</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1326282 1015852 893293 755735 57668 46615 2277243 1818202 22772 18182 2254471 1800020 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prepaid expenses and other current assets, net consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepaid social security-employee portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,588</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,711</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third parties and employees ^(a)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,770,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,022,178</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT recoverable ^(b)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,569</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses ^(c)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">318,114</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,818</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,683</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,376,840</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,448,196</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(435,115</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(84,403</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,941,725</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,363,793</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third-parties and employees are mainly used for short-term funding to support various third-party suppliers and employees. These loans bear no interest and have terms of no more than one year. As of </span>September 30, 2025 and March 31, 2025, the allowance for credit losses was $431,520 and $80,877, respectively. For loans to third parties and employees, approximately 19.1%, or $338,039 of the September 30, 2025 balances have been subsequently collected as of February 28, 2026.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward to offset future net VAT payables.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">Prepaid expenses primarily include prepaid professional expenses in relation to consulting services.</td> </tr></table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepaid social security-employee portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,588</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,711</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third parties and employees ^(a)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,770,722</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,022,178</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,029</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT recoverable ^(b)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,569</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses ^(c)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">318,114</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,818</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,683</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,376,840</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,448,196</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(435,115</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(84,403</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,941,725</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,363,793</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third-parties and employees are mainly used for short-term funding to support various third-party suppliers and employees. These loans bear no interest and have terms of no more than one year. As of </span>September 30, 2025 and March 31, 2025, the allowance for credit losses was $431,520 and $80,877, respectively. For loans to third parties and employees, approximately 19.1%, or $338,039 of the September 30, 2025 balances have been subsequently collected as of February 28, 2026.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward to offset future net VAT payables.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">Prepaid expenses primarily include prepaid professional expenses in relation to consulting services.</td> </tr></table> 3588 5711 1770722 1022178 99029 101004 149569 49972 318114 230648 35818 38683 2376840 1448196 435115 84403 1941725 1363793 431520 80877 0.191 338039 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 8 — FINANCE RECEIVABLES, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance receivables, net which consists of installment of sales-type leases, were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Gross receivables</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">114,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">137,617</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Unearned income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,283</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,717</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">130,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Provision for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,698</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(13,247</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,653</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: finance receivables, net – current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(55,328</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70,801</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance receivables, net – non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The allowance for credit losses represents an estimate of the losses expected to be incurred by the Company from its finance receivables.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025, future minimum lease receivables under non-cancelable sales-type lease agreement are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Lease</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Receivable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59,626</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,422</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,849</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">2029</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">136</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">114,033</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance receivables, net which consists of installment of sales-type leases, were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Gross receivables</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">114,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">137,617</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Unearned income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,283</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,717</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">130,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Provision for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,698</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(13,247</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,653</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: finance receivables, net – current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(55,328</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70,801</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance receivables, net – non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">41,724</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 114033 137617 5283 6717 108750 130900 11698 13247 97052 117653 55328 70801 41724 46852 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025, future minimum lease receivables under non-cancelable sales-type lease agreement are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Lease</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Receivable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59,626</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,422</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,849</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">2029</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">136</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">114,033</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 59626 40422 13849 136 114033 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 9 — PROPERTY AND EQUIPMENT, NET</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment, net, consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Electronic equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">124,426</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">58,055</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,224,709</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,154,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,831</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,452</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">269,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasehold improvement</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">273,089</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">267,911</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,954,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,810,103</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,575,226</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,424,688</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">379,438</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">385,415</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense was $137,151 </span>and $130,559 for the six months ended September 30, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Machinery and Equipment represents the equipment on operating lease, and the accumulated depreciation were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Equipment on operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,224,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,154,638</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(976,255</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(888,849</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Equipment on operating lease, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">248,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">265,789</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment, net, consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Electronic equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">124,426</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">58,055</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,224,709</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,154,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,988</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,831</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,452</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">269,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasehold improvement</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">273,089</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">267,911</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,954,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,810,103</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,575,226</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,424,688</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">379,438</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">385,415</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 124426 58055 1224709 1154638 60988 59831 271452 269668 273089 267911 1954664 1810103 1575226 1424688 379438 385415 137151 130559 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Machinery and Equipment represents the equipment on operating lease, and the accumulated depreciation were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Equipment on operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,224,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,154,638</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(976,255</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(888,849</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Equipment on operating lease, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">248,454</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">265,789</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1224709 1154638 976255 888849 248454 265789 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 10 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accrued expenses and other current liabilities consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer security deposit ⁽¹⁾</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">61,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,101</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service fees payable ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,839</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rent payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to employees and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,634</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,253</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">131,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">233,883</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify">Customer security deposit mainly includes deposits paid by customers of leasing equipment business.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify">Service fees payable primarily includes unpaid audit, legal and accounting related professional service fees.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accrued expenses and other current liabilities consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer security deposit ⁽¹⁾</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">61,834</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,101</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service fees payable ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,839</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rent payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to employees and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,634</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,253</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">131,355</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">233,883</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify">Customer security deposit mainly includes deposits paid by customers of leasing equipment business.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify">Service fees payable primarily includes unpaid audit, legal and accounting related professional service fees.</td></tr></table> 61834 64101 30311 114839 24576 14390 0 21300 14634 19253 131355 233883 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11 — RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s relationships with related parties who had transactions with the Company are summarized as follows:</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 35%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 64%"> </td></tr> <tr> <td style="border-bottom: black 1pt solid; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Related Party</b></span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship to the Company</b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Tuwen Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Changyun</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s chairman and CEO</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qingdao Lixing Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Supervisor of Qingdao</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kunming Jinbi Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The general manager of this entity is the Supervisor of Kunming</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Jiayuan Mingyue Trade Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who owns 45% of Qinghai</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui New Yalian Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ningbo Lihong Information System Engineering Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yue Yan (Shanghai) Digital Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the officer of the Company</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Chengchuang ideal Trading Co. Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the director of Qinghai</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou Shilian Office Equipment Co., Ltd</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Hangzhou</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hebei Leading Future Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor of this entity is the non-controlling shareholders who own 45% of Shijiazhuang</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongkong Eshallgo Holding Group Co., Limited</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s CEO and Director</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder of the Company</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhidan Mao</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qiwei Miao</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun Lyu</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yun Li</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Qinghai</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peidong Xia</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Changyun</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhongyang Pan</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family me member of the non-controlling shareholders who own 45% of Suzhou</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jialiang Wang</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of </span>Zibo</td></tr> </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>a. Accounts receivable - related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable - related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,762</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,236</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,812</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,802</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,823</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,943</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,345</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">281</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">276</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">77,818</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">245,492</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For accounts receivable due from related parties, approximately 33.1%, or $25,789 of the September 30, 2025 balances have been subsequently collected as of February 28, 2026.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>b. Advance to vendors - related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance to vendors - related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">171,802</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Jiayuan Mingyue Trade Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">170</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">312,417</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company periodically makes purchase advances to various vendors, including the related party suppliers. For advance to vendors made to related parties, approximately 17.3%, or $384,365 of the September 30, 2025 balances have been subsequently utilized as of February 28, 2026.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>c. Due from related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due from related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qiwei Miao</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,122,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,105,383</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhidan Mao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">698,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,363</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">562,621</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,782</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,448</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Chun Lyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">311,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">291,495</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yun Li</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,402</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,865</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,117</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,781</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,891</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,364</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,679</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Due from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,418,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,197,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company historically loaned funds to its related parties for business purposes. The balance due from related parties is typically interest-free and due upon demand. For amount due from related parties, approximately 16.0%, or $547,625 of the September 30, 2025 balances have been subsequently collected as of February 28, 2026.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>d. Accounts payable - related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable - related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,135</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">90,946</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,679</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,020</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,002</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,616</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All these accounts payable to related parties occurred in the ordinary course of business and are payable upon demand without interest.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>e. Due to related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Jialiang Wang</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">255,951</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Peidong Xia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hongkong Eshallgo Holding Group Co., Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,285</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,425</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,977</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Due to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">374,342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount due to related parties are advances from various related parties for working capital during the Company’s normal course of business. These advances are unsecured, non-interest bearing and due on demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>f. Due to a related party – non-current</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1pt">Zhongyang Pan</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">94,098</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">126,759</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Due to a related party - non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">94,098</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">126,759</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount due to a related party – non-current is loan borrowed from the related party for working capital during the Company’s normal course of business for three years with maturity date on December 15, 2027. The loan bears a fixed interest rate of 3.0% per annum.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>g. Sales to related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales to related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">49,956</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">87,603</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,356</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,533</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168,751</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,360</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,059</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,641</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Jiayuan Mingyue Trade Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,196</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Sales to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,380</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">669,697</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>h. Purchases from related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchases from related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Shanghai Tuwen Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">147,308</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,495</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,337</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,488</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Purchases from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">153,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">431,320</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>i. Loan transactions with related parties</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan transactions with related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Nature</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 40%; text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 35%; text-align: left">Payments made to a related party</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(272,426</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(305,522</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Zhidan Mao</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(97,295</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(301,110</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,683</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,874</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Qiwei Miao</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,698</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,021,847</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Collection from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(167,863</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Yun Li</td><td> </td> <td style="vertical-align: top; text-align: left">Collection from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Jialiang Wang</td><td> </td> <td style="vertical-align: top; text-align: left">Proceeds from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">253,306</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(215,269</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,874</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,874</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Collection from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,170</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1pt">Payment/repayment made to related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(52,788</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,425</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,429,488</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s relationships with related parties who had transactions with the Company are summarized as follows:</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 35%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 64%"> </td></tr> <tr> <td style="border-bottom: black 1pt solid; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Related Party</b></span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship to the Company</b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Tuwen Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Changyun</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s chairman and CEO</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qingdao Lixing Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Supervisor of Qingdao</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kunming Jinbi Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The general manager of this entity is the Supervisor of Kunming</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Jiayuan Mingyue Trade Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who owns 45% of Qinghai</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui New Yalian Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ningbo Lihong Information System Engineering Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yue Yan (Shanghai) Digital Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the officer of the Company</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Chengchuang ideal Trading Co. Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the director of Qinghai</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou Shilian Office Equipment Co., Ltd</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Hangzhou</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hebei Leading Future Technology Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor of this entity is the non-controlling shareholders who own 45% of Shijiazhuang</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongkong Eshallgo Holding Group Co., Limited</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s CEO and Director</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder of the Company</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhidan Mao</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qiwei Miao</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun Lyu</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yun Li</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Qinghai</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peidong Xia</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Changyun</span></td></tr> <tr> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhongyang Pan</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family me member of the non-controlling shareholders who own 45% of Suzhou</span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jialiang Wang</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of </span>Zibo</td></tr> </table> 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable - related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,762</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,236</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,812</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,802</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,823</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,943</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,345</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">281</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">276</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">77,818</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">245,492</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 24762 0 22553 166236 18477 64812 7802 12823 3943 1345 281 276 77818 245492 0.331 25789 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advance to vendors - related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">171,802</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Jiayuan Mingyue Trade Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">170</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">312,417</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 171802 0 140445 0 170 50 312417 50 0.173 384365 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due from related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qiwei Miao</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,122,515</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,105,383</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhidan Mao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">698,557</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,363</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">562,621</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,782</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,448</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Chun Lyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">311,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">291,495</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yun Li</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,402</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,865</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,117</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,445</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,781</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,891</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,364</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,679</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Due from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,418,847</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,197,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1122515 1105383 698557 594363 562621 530458 436782 158448 311698 291495 0 148402 144865 142117 140445 137781 0 68891 1364 19679 3418847 3197017 0.16 547625 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable - related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,135</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">90,946</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,679</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,020</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,002</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,616</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 23135 90946 0 31679 0 16020 1002 1616 24137 140261 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Jialiang Wang</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">255,951</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Peidong Xia</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hongkong Eshallgo Holding Group Co., Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,285</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,425</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,977</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Due to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">374,342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 255951 0 103227 114358 9739 10285 5425 7977 374342 132620 Due to a related party – non-current<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1pt">Zhongyang Pan</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">94,098</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">126,759</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Due to a related party - non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">94,098</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">126,759</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 94098 126759 94098 126759 0.03 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales to related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">49,956</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">87,603</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,356</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,533</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,281</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168,751</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,401</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,360</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,059</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,641</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Jiayuan Mingyue Trade Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">111</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,196</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Sales to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,380</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">669,697</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 49956 87603 22356 48533 19281 168751 8407 0 2401 32360 1868 208059 0 24641 0 89554 111 10196 104380 669697 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchases from related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Shanghai Tuwen Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">147,308</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">27,495</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,337</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,488</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Purchases from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">153,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">431,320</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 147308 27495 0 401337 6255 0 0 2488 153563 431320 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan transactions with related parties consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; vertical-align: top"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Nature</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 40%; text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 35%; text-align: left">Payments made to a related party</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(272,426</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(305,522</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Zhidan Mao</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(97,295</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(301,110</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,683</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,874</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Qiwei Miao</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,698</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,021,847</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Collection from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(167,863</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Yun Li</td><td> </td> <td style="vertical-align: top; text-align: left">Collection from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Jialiang Wang</td><td> </td> <td style="vertical-align: top; text-align: left">Proceeds from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">253,306</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(215,269</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,874</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,874</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: left">Collection from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,170</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1pt">Payment/repayment made to related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(52,788</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,425</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,619</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,429,488</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> -272426 -305522 -97295 -301110 -21683 -138874 -16698 -1021847 69496 -167863 149707 0 253306 0 0 -215269 0 -138874 0 -138874 0 64170 -52788 -65425 11619 -2429488 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 12 — LEASES</b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(a) Lessee</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries, entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. The Management believes that all the leases are operating leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents the operating lease related assets and liabilities recorded on the balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use lease assets</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">377,626</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">434,188</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities – current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">292,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">275,213</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities – non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">202,158</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">258,974</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">494,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,187</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of </span>September 30, 2025 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Remaining lease term and discount rate:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted average remaining lease term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.27</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.74</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.69</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.64</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the </span>six months ended September 30, 2025 and 2024, the Company incurred total operating lease expenses of $135,834 and $101,021, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2025, future minimum lease payments under non-cancelable operating lease agreement are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 88%">Remaining of 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">222,753</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,196</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,930</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27,808</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">514,408</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,178</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">494,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(b) Lessor</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of lease income are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><b>Location in disaggregation of revenue</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Revenue from sales type leases</td><td style="width: 1%"> </td> <td style="width: 35%">Sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,915</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,880</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Financing income on lease receivables</td><td> </td> <td>Financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease income - operating leases</td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">393,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">508,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Variable lease income</td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue from maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; padding-bottom: 1pt">Maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47,542</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total lease income</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">588,307</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">692,915</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit at lease commencement on sales type leases was estimated to be approximately $3,000 </span>and $5,000 for the six months ended September 30, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents the operating lease related assets and liabilities recorded on the balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use lease assets</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">377,626</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">434,188</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities – current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">292,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">275,213</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities – non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">202,158</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">258,974</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">494,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,187</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 377626 434188 292072 275213 202158 258974 494230 534187 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of </span>September 30, 2025 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Remaining lease term and discount rate:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted average remaining lease term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.27</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.74</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.69</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.64</td><td style="text-align: left">%</td></tr> </table> P2Y3M7D P2Y8M26D 0.0369 0.0364 135834 101021 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2025, future minimum lease payments under non-cancelable operating lease agreement are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 88%">Remaining of 2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">222,753</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,196</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,930</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27,808</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">514,408</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,178</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">494,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 222753 156196 83930 12598 11123 27808 514408 20178 494230 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of lease income are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><b>Location in disaggregation of revenue</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Revenue from sales type leases</td><td style="width: 1%"> </td> <td style="width: 35%">Sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,915</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,880</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Financing income on lease receivables</td><td> </td> <td>Financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease income - operating leases</td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">393,399</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">508,013</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Variable lease income</td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue from maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; padding-bottom: 1pt">Maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27,216</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47,542</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total lease income</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">588,307</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">692,915</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 21915 8880 2775 3937 393399 508013 143002 124543 27216 47542 588307 692915 3000 5000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 13 — CONCENTRATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the Company’s revenue and expense transactions are denominated in RMB and a significant portion of the Company and VIEs’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, $2,318,776 and $3,826,068, respectively, of the Company’s cash was on deposit at financial institutions in the PRC, where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, $141,178 and $828,208, respectively, of the Company’s cash was on deposit at financial institutions in the Hong Kong, which were insured by the Hong Kong Deposit Protection Board for compensation up to a limit of HK$800,000 (approximately $103,000) if the bank with which an individual/a company hold its eligible deposit fails.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, $1,458,364 and $2,885,258 respectively, of the Company’s cash was on deposit at financial institutions in the United States, which were insured by the Federal Deposit Insurance Corporation for compensation up to a limit of $250,000 if the bank with which an individual/a company hold its eligible deposit fails.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the</span> six months ended September 30, 2025 and 2024, the Company’s substantial assets were located in the PRC and the Company’s substantial revenues were derived from its subsidiaries and VIEs located in the PRC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the </span>six months ended September 30, 2025 and 2024, no single customer accounted for more than 10% of the Company’s total revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025, one customer accounted for 14.2% the total accounts receivable balance. As of March 31, 2025, one customer accounted for 10.1% the total accounts receivable balance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the </span>six months ended September 30, 2025, one vendor accounted for 11.2% of the Company’s total purchase. For the six months ended September 30, 2024, no vendor accounted for more than 10% of the Company’s total purchase.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025, two vendors accounted for 12.6% and 11.0% of the total accounts payable balance, respectively. As of March 31, 2025, two vendors accounted for 12.8% and 10.5% of the total accounts payable balance, respectively.</p> 2318776 3826068 0 828208 0 2885258 1 0.142 1 0.101 1 0.112 0.10 2 0.126 0.11 2 0.128 0.105 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 14 — SHORT-TERM BANK LOAN</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2025, the Company entered into a loan agreement with Bank of China to borrow RMB 1.0 million ($140,445) as working capital for one year with maturity date on January 7, 2026. The loan bears a fixed interest rate of 3.27% per annum. The loan was repaid in full upon maturity.</p> 1000000 140445 0.0327 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 15 — CONVERTIBLE DEBENTURE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 29, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an accredited investor (the “Debenture Holder”) to place Convertible Debentures (the “Debentures,” each, a “Debenture”) with a maturity date of November 28, 2025, which is 364 days after the issuance of the first Debenture, in the aggregate principal amount of up to $5,000,000 at a purchase price equal to 95% of the principal amount (the “Transaction”), provided that in case of an event of default, the Debentures may become, at the Debenture Holder’s election, immediately due and payable. The Debentures bear an interest rate of 5% per annum which shall be increased to 18% per annum in the event of default. The initial closing of the Transaction in the principal amount of $1,500,000 in Debenture occurred on November 29, 2024. The second closing of the Transaction in the principal amount of $2,000,000 in Debenture occurred on December 19, 2024. The third closing of the Transaction in the principal amount of $1,500,000 in Debenture occurred on December 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended September 30, 2025 and 2024, a total of $465,004 and $ <span style="-sec-ix-hidden: hidden-fact-23">nil</span> in amortization of the debt issuance costs was recorded on the unaudited condensed consolidated statements of loss and comprehensive loss. As of September 30, 2025 and March 31, 2025, shares of the Company’s Class A ordinary share totaling 172,448 and 27,047 were issued by the Company to the Debenture Holder equaling principal and interests amounted to $2,449,521 and $439,575, respectively. The Convertible Debentures balance was $1,769,482, with a carrying value of $1,866,809, net of deferred financing costs of $97,327 was recorded in the accompanying unaudited condensed consolidated balance sheets as of September 30, 2025. The derivative liability associated with these notes were $293,641 and $2,032,530 as of September 30, 2025 and March 31, 2025, respectively. The Company recognized a gain of $867,251 and $ <span style="-sec-ix-hidden: hidden-fact-24">nil</span> from the change in fair value of the derivative liability for the six months ended September 30, 2025 and 2024, respectively.</p> 5000000 0.95 0.05 0.18 1500000 2000000 1500000 465004 172448 27047 2449521 439575 1769482 1866809 97327 293641 2032530 -867251 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 16 — TAXES</b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(a) Corporate Income Taxes (“CIT”)</b></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Cayman Islands</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: none"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Hong Kong</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo HK is incorporated in Hong Kong and is subject to profit taxes in Hong Kong at a rate of 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal"><span style="text-decoration:underline">PRC</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo WFOE, Junzhang Shanghai and Junzhang Beijing are incorporated in the PRC, and are subject to the PRC Enterprise Income Tax Laws (“EIT Laws”) and are taxed at the statutory income tax rate of 25%, with special preferable tax holiday.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EIT grants preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for their HNTE status every <span style="-sec-ix-hidden: hidden-fact-25">three</span> years. The VIE, Junzhang Shanghai, is qualified as HNTE and has renewed its HNTE certificate in 2021. Therefore, Junzhang Shanghai is eligible to enjoy a preferential tax rate of 15% from 2021 to 2023 to the extent it has taxable income under the EIT Law. However, as Junzhang Shanghai was also qualified as a small low-profit enterprise, it chose to enjoy the preferential tax rate of 5% for small low-profit enterprises since the year ended March 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the </span>six months ended September 30, 2025 and 2024, Junzhang Shanghai’s subsidiaries, are recognized as small low-profit enterprises. According to the relevant PRC tax policies, once an enterprise meets certain requirements and is identified as a small-scale minimal profit enterprise, the taxable income not more than RMB3 million is subject to a reduced effective rate of 5% during the period from January 1, 2023 to December 31, 2027.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated tax savings as a result of the Company’s preferential tax rates for the six months ended September 30, 2025 and 2024 amounted to $64,796 and $125,354, respectively. Per share effect of the tax savings were $0.032 and $0.16 for the six months ended September 30, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal"><span style="text-decoration:underline">The United States</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiar</span>y in the United States are subject to the United States federal corporate income tax rate of 21%. The Company is also subject to state jurisdiction of California that have corporate tax rates of 8.84%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><i>(i) The components of the provision for income taxes from Cayman Islands, the United States, Hong Kong, and China are as follows:</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><i> </i></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Current tax provision</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">The United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; padding-bottom: 1pt">China</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">21,400</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">35,870</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,400</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,870</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">The United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">China</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,890</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,826</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,890</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,826</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,510</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,044</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the China statutory rates to the Company’s effective tax rate for the </span>six months ended September 30, 2025 and 2024:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">China Statutory income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-taxable items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.1</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign tax rate differential</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18.9</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20.4</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effect of tax holiday and preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.1</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.3</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.9</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. According to PRC Tax Administration and Collection Law, the statute of limitations is <span style="-sec-ix-hidden: hidden-fact-26">three</span> years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended <span style="-sec-ix-hidden: hidden-fact-27">five</span> years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is <span style="-sec-ix-hidden: hidden-fact-28">ten</span> years. There is no statute of limitations in the case of tax evasion.</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(b) Deferred tax assets and liabilities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Deferred tax assets</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Allowance for credit loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">168,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,603</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reserve for inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unutilized marketing expenditure</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,709</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net operating loss carried forward</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">276,176</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">233,046</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362,256</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(446,383</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(335,547</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred tax assets, net of valuation allowance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,709</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,375</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,613</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Deferred tax liabilities</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Finance lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,299</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,351</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Right-of-use assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,881</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,709</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax liabilities, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Movement of the valuation allowance:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Valuation allowance</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">335,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">445,403</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Current year addition (reduction)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,272</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,274</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,564</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,582</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">446,383</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">335,547</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of </span>September 30, 2025 and March 31, 2025, the Company’s PRC entities had net operating loss carryforwards of approximately $5.5 million and $4.7 million, respectively, which will be available to offset future taxable income. As of September 30, 2025, these carryforwards will expire from 2026 through 2031 if not used. The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company’s future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. The Company determined that it is more likely than not that its deferred tax assets derived from the net operating loss carried forward could not be realized due to uncertainty on future earnings in Junzhang Shanghai and some of its subsidiaries and the Company provided a 100% allowance for the deferred tax assets of these entities as of September 30, 2025.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(c) Taxes payable</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taxes payable consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">95,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,257</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Value added tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,729</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,936</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,445</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total taxes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">218,342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d) Uncertain tax position</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of </span>September 30, 2025 and March 31, 2025, the Company did not have any unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the six months ended September 30, 2025 and 2024, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.</p> 0.0825 2000000 0.165 2000000 0.25 0.15 0.15 0.05 3000000 0.05 64796 125354 0.032 0.16 0.21 0.0884 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><i>(i) The components of the provision for income taxes from Cayman Islands, the United States, Hong Kong, and China are as follows:</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt"><i> </i></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Current tax provision</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">The United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 76%; padding-bottom: 1pt">China</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">21,400</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">35,870</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,400</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,870</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">The United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">China</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,890</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,826</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,890</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,826</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,510</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,044</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 0 0 0 0 21400 35870 21400 35870 0 0 0 0 -1890 -8826 -1890 -8826 19510 27044 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the China statutory rates to the Company’s effective tax rate for the </span>six months ended September 30, 2025 and 2024:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Six Months Ended<br/> September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">China Statutory income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-taxable items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.1</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign tax rate differential</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18.9</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20.4</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effect of tax holiday and preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.1</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.3</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.9</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table> 0.25 0.25 0 0.001 0.189 0.204 0.047 0.036 -0.017 -0.017 0 -0.001 -0.003 -0.009 100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Deferred tax assets</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Allowance for credit loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">168,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,603</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reserve for inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unutilized marketing expenditure</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,709</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net operating loss carried forward</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">276,176</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">233,046</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362,256</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(446,383</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(335,547</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred tax assets, net of valuation allowance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24,712</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,709</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,375</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,613</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Deferred tax liabilities</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Finance lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,299</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,351</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Right-of-use assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,881</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,709</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax liabilities, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,843</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 168068 100603 1131 909 1008 989 24712 26709 276176 233046 471095 362256 446383 335547 24712 26709 18337 21096 6375 5613 5299 6351 18881 21709 24180 28060 18337 21096 5843 6964 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Movement of the valuation allowance:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Valuation allowance</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">335,547</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">445,403</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Current year addition (reduction)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,272</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,274</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,564</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,582</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">446,383</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">335,547</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 335547 445403 103272 -108274 7564 -1582 446383 335547 5500000 4700000 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taxes payable consist of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">95,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,257</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Value added tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,729</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,640</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,936</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,445</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total taxes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">218,342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 95659 78257 142729 137640 1936 2445 240324 218342 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17 — SHAREHOLDERS’ EQUITY</b></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Initial Public Offering</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 3, 2024, the Company closed its IPO (the “Offering”) of 1,250,000 Class A ordinary shares at a public offering price of $4.00 per Class A ordinary share for the total gross proceeds of $5.0 million before deducting underwriting discounts and other related expenses of $1,176,197. The Offering was conducted on a firm commitment basis. In addition, the Company has granted the underwriters of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The option was expired and no share was exercised by the underwriters. The Company’s Class A ordinary shares began trading on Nasdaq Capital Market under the ticker symbol “EHGO” on July 2, 2024.</p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: normal"><i> </i></span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Ordinary shares</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eshallgo was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on June 16, 2021. The Company is authorized to issue 90,000,000 shares of Class A ordinary share, par value $0.0001 per share, and 10,000,000 shares of Class B ordinary share, par value $0.0001 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company and have the same rights except each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to ten (10) votes. Also, each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof but Class A Ordinary Shares are not convertible into Class B Ordinary Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2022, there were <span style="-sec-ix-hidden: hidden-fact-29">14,144,000</span> shares of Class A ordinary share issued and outstanding, and <span style="-sec-ix-hidden: hidden-fact-30">5,856,000</span> shares of Class B ordinary share issued and outstanding. This reflects the retrospective presentation of the share issuance on July 28, 2021, August 14, 2021 and December 2, 2021, due to the recapitalization among entities under common control.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 5, 2022, the Company entered into a subscription agreement with certain investors, including two related parties (the “Investors”) whereby the Company agreed to sell, and the Investors agreed to purchase 285,000 Class A ordinary shares (the “Shares”) at a purchase price of $2.0 per share. The total proceeds of $552,892 were fully received and the Shares were issued to the Investor on October 12, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2023, the Company entered into private placement subscription agreements with certain investors, whereby the Company agreed to sell, and the Investors agreed to purchase a total of 200,000 Class A ordinary shares at a purchase price of $2.3 per share. The total proceeds of $458,341 were fully received and the Shares were issued to the Investors on August 30, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each comprising (i) 90,000,000 Class A ordinary shares of a par value of $0.0001 each and (ii) 10,000,000 Class B ordinary shares of a par value of $0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each comprising (i) 450,000,000 Class A ordinary shares of a par value of $0.0001 each and (ii) 50,000,000 Class B ordinary shares of a par value of $0.0001 each, by the creation of additional 360,000,000 Class A Ordinary Shares and 40,000,000 Class B Ordinary Shares, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 10, 2026, the board of directors of the Company approved a share consolidation of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”). Every sixteen (16) outstanding Class A ordinary shares are combined into and automatically become one post-Share Consolidation Class A ordinary share. Every sixteen (16) outstanding Class B ordinary shares are combined into and automatically become one post-Share Consolidation Class B ordinary share. No fractional shares will be issued in connection with the Share Consolidation. Instead, the Company will issue one full post-Share Consolidation Class A ordinary share or Class B ordinary share, as applicable, to any shareholder who would have been entitled to receive a fractional share as a result of the process. As a result of the Share Consolidation, the par value of the Class A ordinary shares and Class B ordinary shares will be increased to $0.0016 per share and the number of authorized ordinary shares will be reduced to 31,250,000 ordinary shares of a par value of US$0.0016 each comprising (i) 28,125,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 3,125,000 Class B ordinary shares of a par value of US$0.0016 each.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value of US$0.0016 each, comprising (i) 28,125,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 3,125,000 Class B ordinary shares of a par value of US$0.0016 each, to US$200,000,000 divided into 125,000,000,000 ordinary shares of a par value of US$0.0016 each comprising (i) 112,500,000,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 12,500,000,000 Class B ordinary shares of a par value of US$0.0016 each, by the creation of additional 112,471,875,000 Class A Ordinary Shares and 12,496,875,000 Class B Ordinary Shares, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes it is appropriate to reflect above changes in authorized share capital and Share Consolidation on a retroactive basis. The Company has retroactively restated all shares and per share data for all periods presented, except as otherwise noted.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Statutory reserve and restricted net assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the board of directors. The statutory reserve may be applied against prior year losses, if any, and may be used for general business expansion and production or increase in registered capital, but are not distributable as cash dividends.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Relevant PRC laws and regulations restrict the Company’s PRC subsidiary and VIEs from transferring a portion of their net assets, equivalent to their statutory reserves and their share capital, to the Company in the form of loans, advances or cash dividends. Only PRC entities’ accumulated profits may be distributed as dividends to the Company without the consent of a third party.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in China. The results of operations reflected in the unaudited condensed consolidated financial statements prepared in accordance with U.S GAAP may differ from those in the statutory financial statements of the WFOE and VIEs. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In light of the foregoing restrictions, Eshallgo WFOE and the VIEs are restricted in their ability to transfer their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict Eshallgo WFOE and the VIEs from transferring funds to the Company in the form of dividends, loans and advances. As of </span>September 30, 2025 and March 31, 2025, restricted net assets of Eshallgo WFOE and the VIEs amounted to $6,775,264 and $5,674,808, respectively.</p> 1250000 4 5000000 1176197 P45D 187500 90000000 0.0001 10000000 0.0001 1 10 1 14144000 5856000 285000 2 552892 200000 2.3 458341 10000 100000000 0.0001 90000000 0.0001 10000000 0.0001 50000 500000000 0.0001 450000000 0.0001 50000000 0.0001 360000000 40000000 the board of directors of the Company approved a share consolidation of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”). Every sixteen (16) outstanding Class A ordinary shares are combined into and automatically become one post-Share Consolidation Class A ordinary share. Every sixteen (16) outstanding Class B ordinary shares are combined into and automatically become one post-Share Consolidation Class B ordinary share. No fractional shares will be issued in connection with the Share Consolidation. Instead, the Company will issue one full post-Share Consolidation Class A ordinary share or Class B ordinary share, as applicable, to any shareholder who would have been entitled to receive a fractional share as a result of the process. As a result of the Share Consolidation, the par value of the Class A ordinary shares and Class B ordinary shares will be increased to $0.0016 per share and the number of authorized ordinary shares will be reduced to 31,250,000 ordinary shares of a par value of US$0.0016 each comprising (i) 28,125,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 3,125,000 Class B ordinary shares of a par value of US$0.0016 each. 50000 31250000 0.0016 28125000 0.0016 3125000 0.0016 200000000 125000000000 0.0016 112500000000 0.0016 12500000000 0.0016 112471875000 12496875000 6775264 5674808 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 18 — SHARE-BASED COMPENSATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Shares issued to management and employees </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 12, 2024, the Company adopted a 2024 equity incentive plan (the “2024 Plan”) to motivate, attract and retain directors, consultants or key employees to exert their best efforts on behalf of the Company and link their personal interests to those of the Company’s shareholders. The 2024 Plan has a maximum number of 125,000 Class A ordinary shares of the Company available for issuance pursuant to all awards under the 2024 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into agreements with certain consultants on September 20, 2024 and granted them a total of 58,188 Class A ordinary shares, and entered into agreements with certain key employees on October 15, 2024, and granted them a total of 37,500 Class A ordinary shares. These shares are granted as awards for their services during the Company’s successful IPO, the total value of the shares was $3,410,200 based on the closing stock price of $35.20 and $36.32 on the respective grant dates. The 95,688 Class A ordinary shares were fully issued on November 1, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into agreements with certain consultants on April 16, 2025 and April 17, 2025 and granted them a total of 10,625 Class A ordinary shares, and entered into agreements with certain key employees on April 21, 2025, and granted them a total of 18,688 Class A ordinary shares. These shares are granted as awards for their services during the Company’s successful IPO, the total value of the shares was $510,276 based on the closing stock price of $17.12, $17.60 and $17.44 on the respective grant dates. The 29,313 Class A ordinary shares were fully issued on April 29, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The share-based compensation expense recorded for these shares issued was $1,001,162 </span>and $2,048,200 for the six months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the unrecognized share-based compensation expense of these shares issued was $246,864, which is expected to be recognized over a weighted average period of approximately 0.46 years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Restricted Shares for services</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 13, 2024, the Company approved the grant of 12,500 restricted shares with a value of $360,000 based on the closing stock price of $28.80 to a consultant as consideration for his consulting service for one year. The vesting period of these shares was nine months from the date of contracts. The 12,500 restricted shares were fully issued on August 13, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 30, 2024, the Company entered into agreements with two third party companies for their consulting service with a period of one year, and the Company granted each of the two third party companies 62,500 restricted shares with a value of $2,080,000 based on the closing stock price of $33.28 as consideration for their consulting services. The vesting period of these shares was six months from the date of contracts. The 125,000 restricted shares were fully issued on October 29, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 1, 2024, the Company entered into an agreement with a third party company for its consulting service with a period of one year, and the Company granted this third party company 62,500 restricted shares with a value of $4,060,000 based on the closing stock price of $64.96 as consideration for its consulting services. The vesting period of these shares was six months from the date of contract. The 62,500 restricted shares were fully issued on March 4, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The share-based compensation expense recorded for these restricted shares issued for service was </span>$4,260,000 and $30,000 for the six months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the unrecognized share-based compensation expense of these restricted shares issued was $676,667, which is expected to be recognized over a weighted average period of approximately 0.17 years.</p> 125000 58188 37500 3410200 35.2 36.32 95688 10625 18688 510276 17.12 17.6 17.44 29313 1001162 2048200 246864 P0Y5M15D 12500 360000 28.8 P1Y P9M 12500 2 P1Y 2 62500 2080000 33.28 P6M 125000 P1Y 62500 4060000 64.96 P6M 62500 4260000 30000 676667 P0Y2M1D <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 19 — SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As disclosed in Note 15</span>, the Company entered into a securities purchase agreement with the Debenture Holder to place Convertible Debentures, with a maturity date of November 28, 2025 in the aggregate principal amount of $5,000,000. On October 17, 2025 the Company and the Debenture Holder entered into a floor price adjustment agreement (the “Letter Agreement”), pursuant to which the floor price of the Debentures was reduced to $0.40. The Securities Purchase Agreement, the Debentures, the Letter Agreement and any other agreements executed by the Company and the Holder in connection with the issuance of the Debentures are collectively referred to as the “Transaction Documents”. On December 16, 2025 and January 12, 2026, the Company entered into two forbearance agreements (each a “Forbearance Agreement” and collectively the “Forbearance Agreements”) with the Debenture Holder, pursuant to which the Company acknowledged the existing defaults as described in the Forbearance Agreements (the “Existing Defaults”), and the Debenture Holder agreed to forbear from exercising its rights and remedies under the Transaction Documents or applicable law in respect of or arising out of the Existing Defaults, subject to the conditions, amendments and modifications contained herein for the period commencing from December 16, 2025 and ending on February 12, 2026, so long as (i) the Company strictly complies with the terms of this Agreement, and (ii) there is no occurrence or existence of any other Event of Default, other than the Existing Defaults. As consideration for the Holder forbearing to exercise its rights under the Transaction Documents, the Company has paid to the Debenture Holder a total of $125,000 under the Forbearance Agreements, which shall not be applied to the principal and interest due and outstanding under the Debentures. As of the date of this report, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of the Company’s Class A ordinary share totaling 144,824 were subsequently issued by the Company to the Debenture Holder equaling principal and interests amounted to $1,115,521, and cash amounted to $800,000 were repaid to the Debenture Holder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 9, 2026 and January 12, 2026, the Company borrowed RMB 1.0 million ($140,445) and RMB 0.24 million ($33,707) as working capital from Bank of China for one year. Both the loans have maturity date on January 8, 2027. </span>The loans bear a fixed interest rate of 3.07% per annum.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluated the subsequent events through March 13, 2026, and concluded that there are no other material reportable subsequent events except disclosed above that would have required adjustment or disclosure in the financial statements.</p> 5000000 0.4 125000 125000 144824 144824 1115521 1115521 800000 800000 1000000 140445 240000 33707 0.0307 0.0307 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 20 — OTHER SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Security Promissory Notes and Pledge Agreements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>February 2026 Security Promissory Note and Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 20, 2026, the Company issued a secured promissory note (the “February Promissory Note”) to a lender in the principal amount of $880,000 for a purchase price of $800,000, reflecting an original issuance discount of $80,000. The February Promissory Note bears interest at 8% per annum and matures on October 20, 2026. Upon the occurrence of certain events of default, the interest rate on the February Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the February Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the February Promissory Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the February Promissory Note, Zhidan Mao, the Company’s Chairman, and Qiwei Miao, the Company’s Chief Executive Officer and director (collectively, the “Pledgors”) entered into a pledge agreement (the “February Pledge Agreement”) with the lender, Pursuant to the February Pledge Agreement, the Pledgors collective pledged to the lender an aggregate of 3,603,692 Class B Ordinary Shares of the Company (or 225,231 Class B Ordinary Shares as adjusted to reflect the Share Consolidation) held by such Pledgors. The February Pledge Agreement secures all of the Company’s obligations under the February Promissory Note and grants the lender a continuing, first-priority security interest in the February Pledged Shares, including all associated substitutions, replacements, proceeds, and distributions, as well as all rights relating thereto. Upon the occurrence and continuance of certain events of default under the February Promissory Note, the lender is entitled to exercise customary secured party remedies with respect to the February Pledged Shares, subject to applicable notice and cure provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company used the net proceeds from the February Promissory Note to repay a portion of the outstanding balance of certain convertible debentures previously issued to YA II PN, LTD.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>March 2026 Security Promissory Note and Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 13, 2026, the Company issued a secured promissory note (the “March Promissory Note”) to a lender in the principal amount of $330,000 for a purchase price of $300,000. The Principal Amount includes an original issuance discount of $30,000. The March Promissory Note bears interest at a fixed rate of 8% per annum and will mature in full on November 12, 2026. Upon the occurrence of certain events of default, the interest rate on the March Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the March Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the March Promissory Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the March Promissory Note, on March 13, 2026, the Pledgors entered into a pledge agreement (the “March Pledge Agreement”) with the lender. Pursuant to the March Pledge Agreement, the Pledgors collective pledged to the lender an aggregate of 1,126,154 Class B Ordinary Shares of the Company (or 70,385 Class B Ordinary Shares as adjusted to reflect the Share Consolidation) held by such Pledgors. The March Pledge Agreement secures all of the Company’s obligations under the March Promissory Note and grants the lender a continuing, first-priority security interest in the March Pledged Shares, including all associated substitutions, replacements, proceeds, and distributions, as well as all rights relating thereto. Upon the occurrence and continuance of certain events of default under the March Promissory Note, the lender is entitled to exercise customary secured party remedies with respect to the March Pledged Shares, subject to applicable notice and cure provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company used the net proceeds from the March Promissory Note to repay a portion of the outstanding balance of certain convertible debentures previously issued to YA II PN, LTD.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>April 2026 Security Promissory Note and Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 4, 2026, the Company issued a secured promissory note (the “April Promissory Note”) to another lender in the principal amount of $300,000 for a purchase price of $300,000. The April Promissory Note bears no interest and will mature in full on July 3, 2026. Upon the occurrence of certain events of default, the interest rate on the April Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the April Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the April Promissory Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the April Promissory Note, on April 3, 2026, the Pledgors entered into a pledge agreement (the “April Pledge Agreement”) with the lender. Pursuant to the April Pledge Agreement, the Pledgors collective pledged to the lender an aggregate of 1,126,154 Class B Ordinary Shares of the Company (or 70,385 Class B Ordinary Shares as adjusted to reflect the Share Consolidation) held by such Pledgors (collectively, the “April Pledged Shares”). The April Pledge Agreement secures all of the Company’s obligations under the April Promissory Note and grants the lender a continuing, first-priority security interest in the April Pledged Shares, including all associated substitutions, replacements, proceeds, and distributions, as well as all rights relating thereto. Upon the occurrence and continuance of certain events of default under the April Promissory Note, the lender is entitled to exercise customary secured party remedies with respect to the April Pledged Shares, subject to applicable notice and cure provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company used the net proceeds from the April Promissory Note to repay a portion of the outstanding balance of certain convertible debentures previously issued to YA II PN, LTD. As of the date of this prospectus, the convertible debentures previously issued to YA II PN, LTD have been fully satisfied and are no longer outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Change in Authorized Capital and Share Consolidation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April1 10, 2026, the board of directors of the Company approved a share consolidation of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value of US$0.0016 each to US$200,000,000 divided into 125,000,000,000 ordinary shares of a par value of US$0.0016 each, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has retroactively adjusted all shares and per share data for all periods presented. For details refer to Note 17.</p> 880000 800000 80000 0.08 Upon the occurrence of certain events of default, the interest rate on the February Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the February Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the February Promissory Note. 3603692 225231 330000 300000 30000 0.08 Upon the occurrence of certain events of default, the interest rate on the March Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the March Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the March Promissory Note. 1126154 70385 300000 300000 The April Promissory Note bears no interest and will mature in full on July 3, 2026. Upon the occurrence of certain events of default, the interest rate on the April Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the April Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the April Promissory Note. 1126154 70385 the Company’s shareholders approved an increase of the Company’s authorized share capital from US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, with immediate effect. the board of directors of the Company approved a share consolidation of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”). the Company’s shareholders approved an increase of the Company’s authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value of US$0.0016 each to US$200,000,000 divided into 125,000,000,000 ordinary shares of a par value of US$0.0016 each, with immediate effect. 3745251 5310244 7600300 5362101 138 138 0 3093976 1131267 3094208 1131267 3809698 4967146 3976391 4967146 245492 232620 245492 232620 1289198 1837209 1451280 1837209 50 189733 50 189733 1584425 1963166 1800020 1963166 1240828 313765 3197017 366761 82681 82681 0 89050 89050 0 70801 100564 70801 100564 1112065 1895276 1363793 1923001 22971221 18073568 352212 599831 385415 599831 104390 346995 434188 346995 5613 47585 5613 47585 197005 0 197005 591803 591803 0 46852 96961 46852 96961 374201 324723 374201 324723 1838072 1613100 24809293 19686668 137781 137781 0 787746 922195 1003053 922195 140261 1387 140261 1387 2391945 0 2032530 0 876905 598661 999182 598661 223035 233556 294669 233556 251185 268710 218342 268710 121825 7348 132620 7348 90676 105159 233883 105159 6413 78 6964 78 150615 248562 275213 248562 7866443 2385656 64797 186833 258974 186833 126759 0 6313 0 6313 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1275176 1258345 1258345 884000 1414 366000 586 2169306 609841 7279793 505199 10566139 5562467 16128606 17813 29 548338 548367 548367 477689 477689 792237 1269926 23322 -23322 -790166 -790166 -429976 -1220142 901813 1443 366000 586 2717644 633163 7734160 -284967 10802029 5924728 16726757 12500 20 458321 458341 458341 -98220 -98220 8652 8652 836679 845331 12375 -12375 -526589 -526589 -297754 -824343 914313 1463 366000 586 3175965 645538 7730437 -811556 10742433 6365433 17107866 78125 125 3823679 3823804 3823804 -179185 -179185 5304 5304 27047 43 439532 439575 439575 95687 153 2672297 2672450 2672450 3643333 3643333 3643333 -10798318 -10798318 -102288 -10900606 1256 -1256 -53179 -53179 -2245 -55424 1115172 1784 366000 586 13754806 646794 -3069137 -864735 10470098 6087019 16557117 -10900606 845331 1269926 310940 387779 379947 41 0 -4742 176299 221924 252356 1758927 -175819 -117510 -1559 -2352 -1457 2672450 0 0 3643333 0 0 48979 -2530 34490 78001 0 0 -356134 0 0 230700 0 0 70247 0 0 -79983 0 0 -137440 -674111 1328948 17059 -363896 -6355 -155901 -235154 -145697 602900 -144178 257233 -189822 -407932 65643 220704 172823 70021 -16675 -110104 -106319 -72070 -100258 -42663 -8317 -128170 328340 92155 -721380 758843 139672 -7750 -82264 405770 43095 167023 62377 -97864 84610 -49323 -1025 58619 129082 -90163 -4728 -164194 -169808 -271506 -6318 0 0 -1283432 2220418 783940 98237 55216 353974 0 0 18453 -204629 1170183 0 484496 -13565 0 1940158 3019257 1599964 0 2656228 3356390 2844952 42078 257946 -5163214 -1616941 1162959 138566 6990 145930 0 146791 0 4436973 458341 548367 4206970 0 0 179185 98220 0 5304 0 0 183071 6527 97510 253427 -163362 -75894 8678984 50431 520893 5999 -241643 -185351 2238337 412265 2282441 5362101 4949836 2667395 7600438 5362101 4949836 5362101 4949836 2667395 0 0 0 5362101 4949836 2667395 7600300 5362101 4949836 138 0 0 7600438 5362101 4949836 97068 115933 81386 163 774 0 409444 223681 257883 143756 60137 7204 613169 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Inc (“Eshallgo” or the “Company”), through its wholly-owned subsidiaries and entities controlled through contractual arrangements, is engaged in the business of sales and leasing of office equipment, and related maintenance services in the People’s Republic of China (“PRC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Organization</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Inc was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on June 16, 2021.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Inc owns 100% of the equity interests of Junzhang Monarch Limited (“Eshallgo HK”), a limited liability company formed under the laws of Hong Kong on June 30, 2021.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 22, 2021, Shanghai Eshallgo Enterprise Development (Group) Co. (“Eshallgo WFOE”) was incorporated pursuant to PRC laws as a wholly foreign owned enterprise of Eshallgo HK.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo and Eshallgo HK are currently not engaging in any active business operations and merely acting as holding companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to the reorganization described below, Mr. Zhidan Mao, the chairman of the board of directors, and his close family members, were the controlling shareholders of the following entities: (1) Junzhang Digital Technology (Shanghai) Co., Ltd. (“Junzhang Shanghai”), formed in Shanghai City, China on April 23, 2015; (2) Junzhang Digital Technology (Beijing) Co., Ltd. (“Junzhang Beijing”), formed in Beijing City, China on June 9, 2021. Junzhang Shanghai and Junzhang Beijing were all formed as limited liability companies pursuant to PRC laws. Junzhang Shanghai and Junzhang Beijing are primarily engaged in the business of providing customers a comprehensive range of office equipment solution services in the PRC. Junzhang Shanghai has one wholly-owned subsidiary and twenty other subsidiaries with 55% majority ownership, located across China. Junzhang Shanghai and its subsidiaries and Junzhang Beijing are collectively referred to as the “Eshallgo Operating Companies” below.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the completion of the Reorganization as disclosed below, the Company has subsidiaries in countries and jurisdictions in Cayman Islands, Hong Kong, and the PRC. Details of the subsidiaries of the Company as of March 31, 2025 were set out below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Date of</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Place of</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>% of</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Name of Entity</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Ownership</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Principal Activities</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Eshallgo Inc</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 16, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Cayman Islands</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Parent, 100%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Monarch Limited</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 30, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hong Kong</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Eshallgo Enterprise Development (Group) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 22, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">WFOE, Investment holding<br/> Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Shanghai) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 23, 2015</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Beijing) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Lixin Office Equipment Co., Ltd. (“Lixin”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">September 5, 2008</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ESHALLGO Office Supplies (Shanghai) Co., Ltd. (“Shanghai”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2015</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun ESHALLGO Information Technology Co, Ltd. (“Changchun”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 10, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">February 26, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 12, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 6, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 19, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou Junzhang Office Equipment Co., Ltd. (“Zhengzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu Junzhang digital Technology Co., Ltd. (“Chengdu”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 15, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 27, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chongqing ESHALLGO Office Equipment Co., Ltd. (“Chongqing”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 30, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing ESHALLGO Technology Development Co., Ltd. (“Beijing”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 28, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin ESHALLGO Information Technology Co., Ltd. (“Harbin”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 5, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an ESHALLGO Information Technology Co., Ltd. (“Xi’an”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 22, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen ESHALLGO Information Technology Co., Ltd.(“Shenzhen”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 19, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Changyun Industrial Development Co., Ltd. (“Changyun”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 29, 2020</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou ESHALLGO Information Technology Co., Ltd. (“Hangzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 22, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming ESHALLGO Information Technology Co., Ltd. (“Kunming”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 12, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao ESHALLGO Information Technology Co., Ltd. (“Qingdao”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 29, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai ESHALLGO Information Technology Co., Ltd. (“Qinghai”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 21, 2018</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">May 12, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Nanjing, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 11, 2022</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by WFOE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Changzhou) Co., Ltd. (“Changzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2022</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by WFOE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zibo ESHALLGO Information Technology Co., Ltd. (“Zibo”)*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 25, 2022</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shandong, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by WFOE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">˄</span> :</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> the entity was dissolved on October 15, 2024.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*:</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as of the date of this report, there was no operation at this entity.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reorganization</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reorganization of the Company’s legal structure (“Reorganization”) was completed on December 3, 2021. The Reorganization involved the formation of Eshallgo, Eshallgo HK and Eshallgo WFOE, and signing of certain contractual arrangements between Eshallgo WFOE, the shareholders of the Eshallgo Operating Companies and the Eshallgo Operating Companies. Consequently, the Company became the ultimate holding company of Eshallgo HK, Eshallgo WFOE, Junzhang Shanghai, and Junzhang Beijing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 30, 2021, Eshallgo WFOE entered into a series of contractual arrangements with the shareholders of Junzhang Beijing. On December 3, 2021, Eshallgo WFOE entered into a series of contractual arrangements with the shareholders of Junzhang Shanghai. These agreements include Equity Interest Pledge Agreements, an Exclusive Business Cooperation Agreement, Exclusive Option Agreements, Powers of Attorney, and Spouse Consents (collectively the “VIE Agreements”). Pursuant to these VIE Agreements, Eshallgo WFOE has the exclusive right to provide to the Eshallgo Operating Companies consulting services related to business operations including technical and management consulting services. The VIE agreements are designed to render WFOE as the primary beneficiary of and entitle Eshallgo of rights to consolidate Junzhang Beijing and Junzhang Shanghai for accounting purposes. As a result of our direct ownership in Eshallgo WFOE and signing of these VIE Agreements, we believe that the Eshallgo Operating Companies should be treated as Variable Interest Entities (“VIEs”) under the Statement of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810 Consolidation and we are regarded as the primary beneficiary of the VIEs. We treat the VIEs as our consolidated entities under ASC 810.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Reorganization has been accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The VIE contractual arrangements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s main operating entities, Junzhang Shanghai and its subsidiaries and Junzhang Beijing (or the “Eshallgo Operating Companies” as referred above), are controlled through contractual arrangements by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo WFOE has entered into the following arrangements with its VIEs</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity Interest Pledge Agreement</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the equity interest pledge agreement entered into among Eshallgo WFOE, Junzhang Beijing/Junzhang Shanghai and the shareholders of Junzhang Beijing/Junzhang Shanghai, respectively, the shareholders of Junzhang Beijing/Junzhang Shanghai pledged all of their equity interests in Junzhang Beijing/Junzhang Shanghai to Eshallgo WFOE to guarantee Junzhang Beijing or Junzhang Shanghai’s obligations under the contractual arrangements including the exclusive business cooperation agreement, the exclusive option agreement and the shareholders’ power of attorney and this equity interest pledge agreement, as well as any loss incurred due to events of default defined therein and all expenses incurred by Eshallgo WFOE in enforcing such obligations of Junzhang Beijing, Junzhang Shanghai, or their shareholders. In the event of default defined therein, upon written notice to the shareholders of Junzhang Beijing or Junzhang Shanghai, Eshallgo WFOE, as pledgee, will have the right to dispose of the pledged equity interests in Junzhang Beijing or Junzhang Shanghai and priority in receiving the proceeds from such disposition. The shareholders of Junzhang Beijing or Junzhang Shanghai agree that, without Eshallgo WFOE’s prior written approval, during the term of the equity pledge agreement, they will not dispose of the pledged equity interests or create or allow any other encumbrance on the pledged equity interests. The pledge shall become effective on such date when the pledge of the equity interest contemplated in the equity interest pledge agreement is registered appropriately, and the pledge shall remain effective until all contractual obligations have been fully performed and all secured indebtedness have been fully paid. The shareholders, Junzhang Beijing and Junzhang Shanghai shall not have any right to terminate this agreement in any event unless otherwise required by PRC laws.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Business Cooperation Agreement</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo WFOE and Junzhang Beijing, and Eshallgo WFOE and Junzhang Shanghai entered into exclusive business cooperation agreements, pursuant to which Eshallgo WFOE has the exclusive right to provide to Junzhang Beijing or Junzhang Shanghai technical support, consulting services and other services related to, among other things, design and development, operation maintenance, product consulting, and management and marketing consulting. Eshallgo WFOE has the exclusive ownership of intellectual property rights created as a result of the performance of this agreement. Junzhang Beijing and Junzhang Shanghai agree to pay Eshallgo WFOE service fees at an amount as determined by Eshallgo WFOE. This agreement will remain effective upon execution, and unless terminated in accordance with the provisions of this agreement or terminated in writing by Eshallgo WFOE. Junzhang Beijing and Junzhang Shanghai shall not have any right to terminate this agreement in any event unless otherwise required by PRC laws. On July 30, 2021 and December 3, 2021, WFOE executed a supplementary agreement to the Exclusive Business Cooperation Agreement with Junzhang Beijing and Junzhang Shanghai, respectively, which amended the “services fee” to be VIEs’ net income, which is pretax income after deducting relevant costs and reasonable expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Option Agreement</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo WFOE, Junzhang Beijing and each of the shareholders of Junzhang Beijing, Junzhang Shanghai and each of the shareholders of Junzhang Shanghai have entered into exclusive option agreements, pursuant to which each of the shareholders of Junzhang Beijing and Junzhang Shanghai irrevocably granted Eshallgo WFOE an exclusive call option to purchase, or have its designated person(s) to purchase, at its discretion, all or part of their equity interests in Junzhang Beijing and Junzhang Shanghai, and the purchase price shall be the lowest price permitted by applicable PRC law. Each of the shareholders of Junzhang Beijing and Junzhang Shanghai undertake that, without the prior written consent of Eshallgo WFOE, they may not increase or decrease the registered capital or change its structure of registered capital in other manners, dispose of its assets or beneficial interest in the material business or allow the encumbrance thereon of any security interest, incur any debts or guarantee liabilities, enter into any material purchase agreements, enter into any merger, acquisition or investments, amend its articles of association, distribute dividends to any of the shareholders or provide any loans to third parties. The exclusive option agreement will remain effective until all equity interests in Junzhang Beijing or Junzhang Shanghai held by the shareholders of Junzhang Beijing and Junzhang Shanghai are transferred or assigned to Eshallgo WFOE Cor its designated person(s). The shareholders of Junzhang Beijing and Junzhang Shanghai shall not have any right to terminate this agreement in any event unless otherwise required by PRC laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholders’ Power of Attorney</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under each Power of Attorney, each Shareholder authorizes Eshallgo WFOE to act on their behalf as their exclusive agent and attorney with respect to all rights as shareholders, including but not limited to: (a) the attendance of the shareholder’s meeting; (b) exercising all the shareholder’s rights, including voting, that shareholders are entitled to under the PRC laws and the Articles of Association of QQJ Network, including but not limited to the sale or transfer or pledge or disposition of shares in part or in whole; and (c) designating and appointing on behalf of shareholders the legal representative, the executive director and/or director, supervisor, general manager and other senior management members of Junzhang Beijing and Junzhang Shanghai.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of the Powers of Attorney shall be irrevocable and continuously valid from the date of its execution, and shall remain effective so long as the relevant Shareholder is a shareholder of Junzhang Beijing and Junzhang Shanghai.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spousal Consent Letters</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The spouses of the Shareholders of Junzhang Beijing and Junzhang Shanghai have each signed a spousal consent letter, pursuant to which, the signing spouse unconditionally and irrevocably has agreed to the execution by his or her spouse of the above-mentioned Equity Interest Pledge Agreement, Exclusive Option Agreement and Power of Attorney, and that his or her spouse may perform, amend or terminate such agreements without his or her consent. In addition, in the event that the spouse obtains any equity interest in Junzhang Beijing and Junzhang Shanghai held by his or her spouse for any reason, he or she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by his or her spouse, as may be amended from time to time.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A VIE is an entity which has a total equity investment that is insufficient to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE, because it met the condition under accounting principles generally accepted in the United States of America (“U.S. GAAP”) to consolidate the VIE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo WFOE is deemed to have a controlling financial interest in and be the primary beneficiary of the Eshallgo Operating Companies because it has both of the following characteristics:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The power to direct activities of the Eshallgo Operating Companies that most significantly impact such entities’ economic performance, and</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The obligation to absorb losses of, and the right to receive benefits from, the Eshallgo Operating Companies that could potentially be significant to such entities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to these contractual arrangements, the Eshallgo Operating Companies shall pay service fees equal to all of their net profit after tax payments to Eshallgo WFOE. Accordingly, Eshallgo WFOE has the right to receive substantially all of the Eshallgo Operating Companies’ economic benefits for accounting purposes. Such contractual arrangements are designed so that the operations of the Eshallgo Operating Companies are solely for the benefit of Eshallgo WFOE and ultimately, the Company, and therefore the Company must consolidate the Eshallgo Operating Companies under U.S. GAAP.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks associated with the VIE structure</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that the contractual arrangements with the VIEs and the shareholders of the VIEs are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoke the business and operating licenses of the Company’s PRC subsidiary and the VIEs;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">G<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and the VIEs;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">H<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit the Company’s business expansion in China by way of entering into contractual arrangements;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">I<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impose fines or other requirements with which the Company’s PRC subsidiary and the VIEs may not be able to comply;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">J<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require the Company or the Company’s PRC subsidiary and the VIEs to restructure the relevant ownership structure or operations; or</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">K<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrict or prohibit the Company’s use of the proceeds from public offering to finance the Company’s business and operations in China.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s ability to conduct its office equipment solution service businesses may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate the VIEs in its consolidated financial statements as it may lose the ability to exercise its rights as the primary beneficiary over the VIEs and it may lose the ability to receive economic benefits from the VIEs. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary and the VIEs. The Company and Eshallgo HK are essentially holding companies and do not have active operations through March 31, 2025. As a result, total assets and liabilities presented on the consolidated balance sheets and revenue, expenses, and net income (loss) presented on the consolidated statement of income (loss) and comprehensive income (loss) as well as the cash flows from operating, investing and financing activities presented on the consolidated statement of cash flows are substantially the financial position, operating results and cash flow of Eshallgo WFOE and its subsidiaries and the VIEs and VIE’s subsidiaries. The Company has not provided any financial support to the VIEs for the years ended March 31, 2025, 2024 and 2023.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">CURRENT ASSETS:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,745,251</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,310,244</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,131,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,809,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,967,146</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accounts receivable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,620</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Advance to vendors, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,289,198</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,837,209</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Advance to vendors - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,733</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,584,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,963,166</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,240,828</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Long-term accounts receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Long-term other receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,801</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,564</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,112,065</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,895,276</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">TOTAL CURRENT ASSETS</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,363,653</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">17,940,990</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">599,831</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">346,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Deferred tax assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,585</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Long-term receivable – accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,005</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Long-term receivable - other receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">591,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,961</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other non-current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">374,201</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">324,723</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT ASSETS</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,475,071</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,613,100</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,838,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,554,090</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">CURRENT LIABILITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Short-term bank loan</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">137,781</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">787,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">922,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accounts payable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,387</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">598,661</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">233,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251,185</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,710</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,825</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,348</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Operating lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">248,562</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">TOTAL CURRENT LIABILITIES</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,786,442</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,385,656</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,797</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186,833</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other long-term payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,313</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,797</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">193,146</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,851,239</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,578,802</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,233,829</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,963,957</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,425,312</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,422,561</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">850,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,277,103</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net cash provided by operating activities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,501,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,225,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">793,532</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,345,406</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,563,434</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,162,959</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273,659</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">443,497</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Effect of exchange rate change on cash, cash equivalents and restricted cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,333</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(245,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(210,709</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net increase (decrease) in cash, cash equivalents and restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,564,855</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453,684</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,189,279</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Cash, cash equivalents and restricted cash, beginning of year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,310,244</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,856,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,667,281</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents and restricted cash, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,745,389</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,310,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,856,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1 1 20 0.55 Details of the subsidiaries of the Company as of March 31, 2025 were set out below:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Date of</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Place of</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>% of</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Name of Entity</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Incorporation</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Ownership</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Principal Activities</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Eshallgo Inc</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 16, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Cayman Islands</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Parent, 100%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Monarch Limited</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 30, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hong Kong</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Investment holding</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Eshallgo Enterprise Development (Group) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 22, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">WFOE, Investment holding<br/> Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Shanghai) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 23, 2015</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Beijing) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">VIE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Lixin Office Equipment Co., Ltd. (“Lixin”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">September 5, 2008</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">100% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ESHALLGO Office Supplies (Shanghai) Co., Ltd. (“Shanghai”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2015</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun ESHALLGO Information Technology Co, Ltd. (“Changchun”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 10, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Changchun, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">February 26, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shijiazhuang, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 12, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Guangzhou, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 6, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Tianjin, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 19, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Ningbo, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou Junzhang Office Equipment Co., Ltd. (“Zhengzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">October 30, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zhengzhou, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu Junzhang digital Technology Co., Ltd. (“Chengdu”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 15, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 27, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hefei, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chongqing ESHALLGO Office Equipment Co., Ltd. (“Chongqing”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 30, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Chengdu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing ESHALLGO Technology Development Co., Ltd. (“Beijing”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 28, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Beijing, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin ESHALLGO Information Technology Co., Ltd. (“Harbin”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">April 5, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Harbin, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an ESHALLGO Information Technology Co., Ltd. (“Xi’an”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 22, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Xi’an, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen ESHALLGO Information Technology Co., Ltd.(“Shenzhen”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">August 19, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shenzhen, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai Changyun Industrial Development Co., Ltd. (“Changyun”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">December 29, 2020</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shanghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou ESHALLGO Information Technology Co., Ltd. (“Hangzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 22, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Hangzhou, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming ESHALLGO Information Technology Co., Ltd. (“Kunming”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">January 12, 2017</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Kunming, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao ESHALLGO Information Technology Co., Ltd. (“Qingdao”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 29, 2016</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qingdao, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai ESHALLGO Information Technology Co., Ltd. (“Qinghai”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 21, 2018</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Qinghai, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">May 12, 2021</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Nanjing, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by Junzhang Shanghai</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">March 11, 2022</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by WFOE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Junzhang Digital Technology (Changzhou) Co., Ltd. (“Changzhou”)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">June 9, 2022</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Jiangsu, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by WFOE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; "> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Zibo ESHALLGO Information Technology Co., Ltd. (“Zibo”)*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">July 25, 2022</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Shandong, PRC</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">55% owned by WFOE</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Sale, leasing, and maintenance of office equipment</span></td></tr> </table> 1 1 1 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 0.55 <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">CURRENT ASSETS:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,745,251</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,310,244</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,093,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,131,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,809,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,967,146</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accounts receivable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">245,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,620</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Advance to vendors, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,289,198</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,837,209</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Advance to vendors - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,733</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Inventories, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,584,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,963,166</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,240,828</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Long-term accounts receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Long-term other receivable, net - current portion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,801</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,564</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,112,065</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,895,276</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">TOTAL CURRENT ASSETS</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">16,363,653</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">17,940,990</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">352,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">599,831</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Right-of-use assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">346,995</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Deferred tax assets, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,585</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Long-term receivable – accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,005</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Long-term receivable - other receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">591,803</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,961</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other non-current assets, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">374,201</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">324,723</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT ASSETS</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,475,071</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,613,100</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,838,724</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,554,090</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">CURRENT LIABILITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Short-term bank loan</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">137,781</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">787,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">922,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accounts payable - related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,387</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">598,661</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,035</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">233,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">251,185</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,710</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,825</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,348</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Operating lease liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">248,562</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">TOTAL CURRENT LIABILITIES</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,786,442</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,385,656</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,797</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186,833</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other long-term payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,313</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL NONCURRENT LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,797</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">193,146</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">TOTAL LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,851,239</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,578,802</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,233,829</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,963,957</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,425,312</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,422,561</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">850,176</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,277,103</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net cash provided by operating activities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,501,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,225,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">793,532</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net cash provided by (used in) investing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,345,406</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,563,434</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,162,959</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net cash provided by financing activities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">273,659</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">443,497</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Effect of exchange rate change on cash, cash equivalents and restricted cash</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,333</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(245,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(210,709</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net increase (decrease) in cash, cash equivalents and restricted cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,564,855</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">453,684</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,189,279</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Cash, cash equivalents and restricted cash, beginning of year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,310,244</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,856,560</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,667,281</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Cash, cash equivalents and restricted cash, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,745,389</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,310,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,856,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3745251 5310244 138 3093976 1131267 3809698 4967146 245492 232620 1289198 1837209 50 189733 1584425 1963166 1240828 313765 82681 89050 70801 100564 1112065 1895276 16363653 17940990 352212 599831 104390 346995 5613 47585 197005 591803 46852 96961 374201 324723 1475071 1613100 17838724 19554090 137781 787746 922195 140261 1387 876905 598661 223035 233556 251185 268710 121825 7348 90676 105159 6413 78 150615 248562 2786442 2385656 64797 186833 6313 64797 193146 2851239 2578802 12233829 16963957 18425312 -1422561 850176 1277103 1501559 2225194 793532 -3345406 -1563434 1162959 273659 36924 443497 5333 -245000 -210709 -1564855 453684 2189279 5310244 4856560 2667281 3745389 5310244 4856560 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of presentation and principles of consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and the VIEs and VIEs’ subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-controlling interest</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Company’s consolidated subsidiaries and the VIEs, non-controlling interests are recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated statements of income (loss) and comprehensive income (loss) to distinguish the interests from that of the controlling shareholder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, non-controlling interest equity consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"><b>Percentage of ownership of</b></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Entity</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">non-controlling interest</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Shanghai</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">65,652</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">234,941</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Beijing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">867,501</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">771,142</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qinghai</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,710</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Harbin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463,615</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Zhengzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,825</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chengdu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,966</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260,054</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Guangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changchun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">331,372</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Hefei</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,357</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Hangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448,796</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tianjin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,220</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shenzhen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qingdao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,626</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,005</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Kunming</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">649,401</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Xi’an</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,271</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260,115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shijiazhuang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">601,817</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ningbo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,341</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chongqing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,366</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changyun ⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">214,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanjing ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Suzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,096</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Zibo</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">45</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total non-controlling interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,087,019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,365,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The entity was dissolved on October 15, 2024.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of estimates</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. These estimates are based on management’s best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. Significant estimates required to be made by management include, but are not limited to, assessment of the expected credit losses for financial assets, valuation of inventories, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, realization of deferred tax assets, fair value of the derivative liability, implicit interest rate of operating leases, and the revenue recognition of leasing of equipment. As a result, actual results may be different from these estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks and uncertainties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The main operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the economy in the PRC. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash and cash equivalents</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash include cash on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains its bank accounts in the PRC, Hongkong and the United States. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted cash</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash and restricted cash in the consolidated statements of cash flows. The Company’s restricted cash represents bank deposits designated for specific purposes, primarily for payments to specified third parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term investment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investments include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions and the Company can redeem the deposits at any time. The Company records wealth management products with variable interest rates with maturities less than one year at fair value in accordance with ASC 825 Financial Instruments. The interest earned is recognized in the consolidated statements of income (loss) and comprehensive income (loss) as investment income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, the Company had short-term investments balance of $3,094,208 and $1,131,267, including accrued interests of $62,788 and $23,556, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Losses</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” by using a modified retrospective transition method, which replaces the incurred loss impairment methodology with an expected loss methodology that is referred to as the current expected credit loss methodology. The expected credit loss impairment model requires the entity to recognize its estimate of expected credit losses for affected financial assets using an allowance for credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s accounts receivable from third parties and related parties, due from related parties, finance receivable, long-term accounts receivable, long-term other receivable, loans and security deposits which is included in current and non-current prepaid expenses and other assets line item in the consolidated balance sheets are within the scope of ASC Topic 326. The Company uses the roll-rate method to measure the expected credit losses of accounts receivable, finance receivable and long-term other receivable on a collective basis when similar risk characteristics exist. The roll-rate method stratifies the receivables balance by delinquency stages and projected forward in one-year increments using historical roll rate. In each year of the simulation, losses on the receivables are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a yearly rolling basis. The loss rate calculated for each delinquency stage is then applied to respective receivables balance. The management adjusts the allowance that is determined by the roll-rate method for both current conditions and forecasts of economic conditions. For security deposits and loans to third parties, the Company uses the loss-rate method to evaluates the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, current economic conditions and other factors that may affect its ability to collect from the debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected credit losses are included in general and administrative expenses in the consolidated statements of income (loss) and comprehensive income (loss). After all attempts to collect a receivable have failed, the receivable is written off against the allowance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts receivable, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for credit losses. Allowance for credit losses for accounts receivable amounted to $668,195 and $133,449 as of March 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advances to suppliers, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance to suppliers consists of balances paid to suppliers for purchase of office equipment, equipment parts and suppliers and others that have not been used against purchases. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the utilization of the advance becomes doubtful. The Company continually assesses the credit quality of its suppliers and the factors that affect the credit risk and the supplier’s capability of fulfilling the future purchase orders and then records specific allowances for those advances based on the specific facts and circumstances. Allowance for doubtful accounts amounted to $266,351 and $175,135 as of March 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Prepaid expenses and other current assets, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consist of prepaid social security-employee portion, loans to third parties which are used for short-term funding to support various third-party suppliers and employees, security deposits primarily include security deposits paid to landlords for the Company’s leased offices as well as security deposits paid to the Company’s suppliers, deferred initial public offering costs and others. Loans to third parties, other receivable and security deposits are within the scope of ASC Topic 326, allowance for credit losses for loans to third parties amounted to $80,877 and $19,647 as of March 31, 2025 and 2024, respectively, allowance for credit losses for other receivable amounted to $3,526 and $ nil as of March 31, 2025 and 2024, respectively, and allowance for credit losses for security deposits and other were both $ nil as of March 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance receivable, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance receivables consist of receivables in relation to sales-type leases resulting from the sales of equipment. Finance receivables is recorded upon the inception of the lease, and consists the minimum lease payments, net of the unearned interest income and allowance for credit losses. It is recognized as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. Allowance for credit losses amounted to $13,247 and $6,040 as of March 31, 2025 and 2024, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventories, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories, primarily consisting of purchased equipment, equipment parts and supplies, are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products. Cost of inventory is determined using the weighted average cost method. The Company periodically evaluates inventories against their net realizable value, and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value based on various factors including aging and future demand of each type of inventories. The Company recorded inventory reserve of $18,182 and $19,830 as of March 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and equipment, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electric equipment</td><td style="width: 1%"> </td> <td style="width: 40%; text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: center">4 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: center"><div style="-sec-ix-hidden: hidden-fact-31">Lesser of useful life and lease term</div></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income (loss) and comprehensive income (loss) in other income (expenses).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. All of these leases are accounted for as operating leases, under the adoption of ASC Topic 842 (“Topic 842”).</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and non-current portion of operating lease liabilities on the Company’s consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and includes initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for minimum lease payments are recognized on a straight-line basis over the lease term. All operating lease right-of-use assets are reviewed for impairment annually. There was no impairment for operating lease right-of-use lease assets for the years ended March 31, 2025, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has elected the short-term lease practical expedient, and therefore operating lease right-of-use assets and liabilities do not include leases with a lease term of twelve months or less.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred initial public offering (“IPO”) costs</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs was charged to shareholders’ equity upon the completion of the IPO. As of March 31, 2025 and 2024, deferred IPO costs were <span style="-sec-ix-hidden: hidden-fact-33">$ nil</span> and $433,007, respectively, which are included in prepaid expenses and other current assets in the consolidated balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment of long-lived assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets with finite lives, primarily consists of property and equipment and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the years ended March 31, 2025, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair value of financial instruments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, “Fair Value Measurements and Disclosures,” defines Fair Value (“FV”), and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 — inputs to the valuation methodology are unobservable.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, net, accounts receivable due from related parties, due from related parties, prepaid expenses and other current assets, short-term bank loan, accounts payable, accounts payable due to related parties, deferred revenue, payroll payable, due to related parties, and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of March 31, 2025 and 2024 based upon the short-term nature of the assets and liabilities. The Company carries short-term investments in wealth management products at fair value, which are measured at Level 2.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign currency translation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency for Eshallgo is the U.S. Dollar (“US$”). Eshallgo HK uses Hong Kong dollar (“HK$”) as its functional currency. However, Eshallgo, and Eshallgo HK currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through WFOE and the VIEs in the PRC through March 31, 2025. The functional currency of WFOE and the VIEs is the Renminbi (“RMB”). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reporting currency of the Company is the US$, and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income (loss). Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table outlines the currency exchange rates that were used in creating the financial statements in this report:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2025</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2024</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2023</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ against RMB</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2579</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2168</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2221</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.1530</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 6.8680</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 6.8526</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ against HK$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1= HK$ 7.7793</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1= HK$ 7.7928</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue recognition</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates its revenues primarily through sales of equipment and provision of services and recognizes revenue in accordance with ASC 606. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue amount represents the invoiced value, net of a value-added tax (the “VAT”). Revenues under bundled arrangements are allocated considering the relative standalone selling prices of the performance obligations included in the bundled arrangement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More specifically, revenue related to the Company’s products and services is generally recognized as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from sales of equipment</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues from the sale of equipment directly to end customers and distributors, including those from sales-type leases (see “<i>Revenue from leasing of equipment</i>” below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require the Company to install the product at the customer location, it has two promises, which are to transfer the products and to provide the installation services. The installation required is not complex and can be completed simultaneously together with delivery of the products and is considered to be immaterial in the context of the contract with the customer. For such arrangements, there is one performance obligation in each contract, which is to provide the requested equipment to the customer and the total consideration under the contract is recognized as revenue when the goods have been delivered and installed at the customer location.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not offer its customer warranties that can be purchased separately, and the warranties only provide its customers with the peace of mind that the Company will fix or possibly replace the equipment if the original one was faulty, the Company determines that its warranty is assurance-type warranty. Since an assurance-type warranty guarantees the functionality of a product, the warranty is not accounted for as a separate performance obligation, and thus no transaction price is allocated to it.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the years ended March 31, 2025, 2024 and 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from leasing of equipment</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records rental income from the leasing of equipment in accordance with ASC 842. The two primary lease accounting provisions the Company assesses for the classification of transactions as sales-type or operating leases are: (1) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment and (2) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Lease arrangements that meet these conditions are accounted for as sales-type leases and sales profit or loss at lease inception is recognized as noted above for sales of equipment. Lease arrangements that do not meet these conditions are accounted for operating leases. The revenue from an operating lease is recognized on a straight-line basis over the term of the lease.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A significant portion of the Company’s lease to end customers are made through bundled lease arrangements that typically include equipment, financing and maintenance components for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for excess page volumes consumed. When the customer prints more than the maximum monthly page volume stated in the contract, the Company will charge excess page volume consumed, which are often expressed in terms of price-per-page. Revenue related to the excess page charges is calculated based on actual excess page volume consumed by price-per-page and is recognized when excess pages were used by the customer. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the lease term. In applying the lease accounting methodology, the Company only considers the fixed payments for purposes of allocating to the relative fair value elements of the contract.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues under bundled arrangements contains multiple performance obligations, including the lease and non-lease performance obligations. Under sales-type lease, for such bundled arrangements, revenues are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement. Lease deliverables include the equipment and financing, which are recognized on a straight-line basis over the term of the lease, while non-lease deliverables generally consist of supplies and maintenance services, which are generally recognized over the term of the lease as maintenance services revenue as noted below under “Revenue from maintenance services”. The allocation for the lease deliverables begins by allocating revenues to equipment and financing based on their standalone selling price, and the remaining amounts are allocated to the supplies and maintenance services.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For operating lease, since the lease component, if accounted for separately, would be classified as an operating lease, and maintenance services associated with lease are also transfer to the customers over the term of the lease. As both criteria are met, the Company makes the accounting policy election in accordance with ASC 842-10-15-42A, and therefore, the Company chooses to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease component as a single component.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers the economic life of most of the products to be <span style="-sec-ix-hidden: hidden-fact-32">five</span> years and there is no significant after-market for the used equipment. The Company believes five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Residual values are not significant.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to their standalone selling price, the Company performs an analysis based on cash selling prices during the applicable period. The cash selling prices are compared to the range of values determined for the leases. The range of cash selling prices must be reasonably consistent with the lease selling prices in order for the Company to determine that such lease prices are indicative of standalone selling price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the years ended March 31, 2025, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance income attributable to sales-type leases is recognized on the accrual basis using the effective interest method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from maintenance services</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides maintenance services for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual term. These arrangements typically include implementation, configuration, training, technical support, and repair of the office equipment, which to ensure the functionality of the machines. These services represent a single performance obligation as they are highly interdependent and interrelated and cannot be separately identifiable. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the contractual term. Revenues from maintenance and technical support services are recognized over time as such services are performed in a straight-line basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the years ended March 31, 2025, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue disaggregation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s disaggregation of revenues for the years ended March 31, 2025, 2024 and 2023 are as the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Revenue from sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,020,511</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,627,509</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,117,845</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Revenue from maintenance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,207,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,090,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,184,692</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,109,840</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Revenue from financing</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,397</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,019</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,935</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,472,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,963,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,425,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: italic; text-align: left">Timing of revenue recognition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment transferred at a point in time</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,020,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,627,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,117,845</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Services rendered over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,451,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,336,448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,307,467</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,472,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,963,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,425,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All the Company’s revenue are generated in the PRC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract assets and liabilities</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not have contract assets as of March 31, 2025 and 2024. Contract liabilities represent payment has been received from the Company’ customers in advance of the delivery of products or services. The Company’s contract liabilities, which are reflected in its consolidated balance sheets as deferred revenue of $999,182 and $598,661 as of March 31, 2025 and 2024, respectively. The amount of revenue recognized in the years ended March 31, 2025, 2024 and 2023 that was included in the opening deferred revenue was $164,118, $328,384 and $219,144, respectively. All unsatisfied performance obligation will be performed within the next twelve months and no significant financing component is involved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of equipment sold primarily included the costs to purchase the office equipment, inducing the freight-in expenses and ordering expenses. For operating lease, cost of leasing of office equipment primarily included the depreciation expense of equipment leased, and the handling and shipping costs. Cost of maintenance and repair services primarily included the labor, costs of equipment parts and supplies, the transportation expenses, and the costs paid to the contractors in the cases that we outsourced the services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and development expenses</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs relating to the development of new processes, including significant improvements and refinements to existing processes, are expensed when incurred in accordance with the FASB ASC 730, “Research and Development.” The research and development costs primarily comprise employee costs, consultant fees, travel and transportation fees, and depreciation to property, plant and equipment used in the research and development activities. For the years ended March 31, 2025, 2024 and 2023, total research and development expense were $19,954, $223,136 and $250,344, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employee benefits</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer employee benefits plan pursuant to which pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund are provided to eligible full-time employees. The relevant labor regulations require the Company’s subsidiaries and the VIEs in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as expenses in the accompanying consolidated statements of income (loss) and comprehensive loss amounted to $394,779, $434,612 and $465,962 for the years ended March 31, 2025, 2024 and 2023, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income taxes</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended March 31, 2025, 2024 and 2023. The Company does not believe that there was any uncertain tax provision on March 31, 2025 and 2024. The Company’s subsidiary and the VIEs in China are subject to the income tax laws of the PRC. The Company’s subsidiary in Hong Kong is subject to the profit taxes in Hong Kong. No significant income was generated outside the PRC for the years ended March 31, 2025, 2024 and 2023. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value added tax (“VAT”)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is a general taxpayer and is subject to applicable VAT tax rate of 5% to 13%. VAT is reported as a deduction to revenue when incurred. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Earnings (loss) per share</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of March 31, 2025 and 2024, there were no dilutive shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Comprehensive income (loss)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive loss consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB and HK$ to US$ is reported in foreign currency translation gain (loss) in the consolidated statements of income (loss) and comprehensive income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statement of cash flows</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 230, “Statement of Cash Flows”, cash flows from the Company’s operations are calculated in functional currency and translated into the reporting currency using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Related parties and transactions</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant SEC rules and regulations.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivative liabilities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company enters into convertible debt agreements, and is required to evaluate embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging”. The Company determines the embedded conversion feature should be bifurcated from the host instrument and accounted for as a derivative liability at fair value with changes in fair value recorded in earnings. The Company estimates the fair value of the derivative liability at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, and a gain or loss on change in derivative liability as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share-based compensation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense with graded vesting on a straight–line basis over the requisite service period for the entire award. The Company has elected to recognize compensation expenses using the valuation model estimated at the grant date based on the award’s fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Segment reporting</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted this ASU commencing April 1, 2024 and the adoption of the ASU did not have a material impact on the Company’s financial statements.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s Chief Operating Decision Maker (“CODM”) organizes segments within the Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Company does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Therefore, the Company has only one operating segment and one reportable segment. Management determined the Company’s operations constitute a single reportable segment. This reflects the fact that our CODM continues to evaluate our financial information and resources, and continues to assess the performance of these resources, on a consolidated basis. All required financial segment information is therefore included in our consolidated financial statements. Majority of the Company’s assets were located in the PRC and 100% of the Company’s revenues were derived from its wholly owned subsidiaries, and the VIEs and VIEs’ subsidiaries located in the PRC, hence, no disclosure of geographic areas is required for the years ended March 31, 2025, 2024 and 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassifications</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts were reclassified to conform to the current year’s presentation. None of these reclassifications had an impact on reported consolidated financial statements for any of the periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. As a result, the Company’s operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. This standard was issued in response to the SEC’s disclosure update and simplification initiative, which affects a variety of topics within the Accounting Standards Codification. The amendments apply to all reporting entities within the scope of the affected topics unless otherwise indicated. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This ASU requires additional quantitative and qualitative income tax disclosures to enable financial statements users better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company adopted this guidance effective April 1, 2025 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity’s definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-04, “Debt-Debt with Conversions and Other Option”. This ASU is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of presentation and principles of consolidation</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the financial statements of the Company, its wholly owned subsidiaries, and the VIEs and VIEs’ subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-controlling interest</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Company’s consolidated subsidiaries and the VIEs, non-controlling interests are recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated statements of income (loss) and comprehensive income (loss) to distinguish the interests from that of the controlling shareholder.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, non-controlling interest equity consisted of the following:</span></p><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"><b>Percentage of ownership of</b></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Entity</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">non-controlling interest</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Shanghai</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">65,652</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">234,941</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Beijing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">867,501</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">771,142</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qinghai</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,710</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Harbin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463,615</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Zhengzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,825</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chengdu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,966</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260,054</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Guangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changchun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">331,372</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Hefei</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,357</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Hangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448,796</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tianjin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,220</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shenzhen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qingdao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,626</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,005</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Kunming</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">649,401</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Xi’an</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,271</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260,115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shijiazhuang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">601,817</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ningbo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,341</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chongqing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,366</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changyun ⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">214,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanjing ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Suzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,096</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Zibo</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">45</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total non-controlling interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,087,019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,365,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The entity was dissolved on October 15, 2024.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, non-controlling interest equity consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"><b>Percentage of ownership of</b></td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><b>Entity</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">non-controlling interest</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Shanghai</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">65,652</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">234,941</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Beijing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">867,501</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">771,142</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qinghai</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,710</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Harbin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">463,615</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Zhengzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,825</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chengdu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">268,966</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260,054</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Guangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,086</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changchun</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">275,496</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">331,372</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Hefei</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,357</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Hangzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">437,487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">448,796</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Tianjin</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">401,220</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shenzhen</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Qingdao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,626</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,005</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Kunming</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">649,401</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Xi’an</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174,271</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">260,115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Shijiazhuang</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">652,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">601,817</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Ningbo</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">192,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,341</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Chongqing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">156,366</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changyun ⁽¹⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,995</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">214,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanjing ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Suzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Changzhou</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,096</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Zibo</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">45</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total non-controlling interest</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,087,019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,365,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The entity was dissolved on October 15, 2024.</span></td></tr></table> 0.45 65652 234941 0.45 867501 771142 0.45 193753 235710 0.45 436332 463615 0.45 277424 361825 0.45 268966 260054 0.45 310888 279086 0.45 275496 331372 0.45 278903 262357 0.45 437487 448796 0.45 477013 401220 0.45 122690 147123 0.45 93626 95005 0.45 740138 649401 0.45 174271 260115 0.45 652868 601817 0.45 192754 180341 0.45 156366 166827 0.45 48995 214686 0.45 0 0 0.45 10800 0 0.45 5096 0 0.45 0 0 6087019 6365433 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of estimates</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. These estimates are based on management’s best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. Significant estimates required to be made by management include, but are not limited to, assessment of the expected credit losses for financial assets, valuation of inventories, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, realization of deferred tax assets, fair value of the derivative liability, implicit interest rate of operating leases, and the revenue recognition of leasing of equipment. As a result, actual results may be different from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks and uncertainties</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The main operations of the Company are located in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the economy in the PRC. The Company’s results may be adversely affected by changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company’s operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash and cash equivalents</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash include cash on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains its bank accounts in the PRC, Hongkong and the United States. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted cash</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash and restricted cash in the consolidated statements of cash flows. The Company’s restricted cash represents bank deposits designated for specific purposes, primarily for payments to specified third parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Short-term investment</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investments include wealth management products, which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions and the Company can redeem the deposits at any time. The Company records wealth management products with variable interest rates with maturities less than one year at fair value in accordance with ASC 825 Financial Instruments. The interest earned is recognized in the consolidated statements of income (loss) and comprehensive income (loss) as investment income.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, the Company had short-term investments balance of $3,094,208 and $1,131,267, including accrued interests of $62,788 and $23,556, respectively.</span></p> 3094208 1131267 62788 23556 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Losses</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” by using a modified retrospective transition method, which replaces the incurred loss impairment methodology with an expected loss methodology that is referred to as the current expected credit loss methodology. The expected credit loss impairment model requires the entity to recognize its estimate of expected credit losses for affected financial assets using an allowance for credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s accounts receivable from third parties and related parties, due from related parties, finance receivable, long-term accounts receivable, long-term other receivable, loans and security deposits which is included in current and non-current prepaid expenses and other assets line item in the consolidated balance sheets are within the scope of ASC Topic 326. The Company uses the roll-rate method to measure the expected credit losses of accounts receivable, finance receivable and long-term other receivable on a collective basis when similar risk characteristics exist. The roll-rate method stratifies the receivables balance by delinquency stages and projected forward in one-year increments using historical roll rate. In each year of the simulation, losses on the receivables are captured, and the ending delinquency stratification serves as the beginning point of the next iteration. This process is repeated on a yearly rolling basis. The loss rate calculated for each delinquency stage is then applied to respective receivables balance. The management adjusts the allowance that is determined by the roll-rate method for both current conditions and forecasts of economic conditions. For security deposits and loans to third parties, the Company uses the loss-rate method to evaluates the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, current economic conditions and other factors that may affect its ability to collect from the debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected credit losses are included in general and administrative expenses in the consolidated statements of income (loss) and comprehensive income (loss). After all attempts to collect a receivable have failed, the receivable is written off against the allowance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts receivable, net</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for credit losses. Allowance for credit losses for accounts receivable amounted to $668,195 and $133,449 as of March 31, 2025 and 2024, respectively.</span></p> 668195 133449 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advances to suppliers, net</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance to suppliers consists of balances paid to suppliers for purchase of office equipment, equipment parts and suppliers and others that have not been used against purchases. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the utilization of the advance becomes doubtful. The Company continually assesses the credit quality of its suppliers and the factors that affect the credit risk and the supplier’s capability of fulfilling the future purchase orders and then records specific allowances for those advances based on the specific facts and circumstances. Allowance for doubtful accounts amounted to $266,351 and $175,135 as of March 31, 2025 and 2024, respectively.</span></p> 266351 175135 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Prepaid expenses and other current assets, net</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consist of prepaid social security-employee portion, loans to third parties which are used for short-term funding to support various third-party suppliers and employees, security deposits primarily include security deposits paid to landlords for the Company’s leased offices as well as security deposits paid to the Company’s suppliers, deferred initial public offering costs and others. Loans to third parties, other receivable and security deposits are within the scope of ASC Topic 326, allowance for credit losses for loans to third parties amounted to $80,877 and $19,647 as of March 31, 2025 and 2024, respectively, allowance for credit losses for other receivable amounted to $3,526 and $ nil as of March 31, 2025 and 2024, respectively, and allowance for credit losses for security deposits and other were both $ nil as of March 31, 2025 and 2024, respectively.</span></p> 80877 19647 3526 0 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance receivable, net</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance receivables consist of receivables in relation to sales-type leases resulting from the sales of equipment. Finance receivables is recorded upon the inception of the lease, and consists the minimum lease payments, net of the unearned interest income and allowance for credit losses. It is recognized as current or non-current assets in the balance sheets based on the duration of the remaining lease terms. Allowance for credit losses amounted to $13,247 and $6,040 as of March 31, 2025 and 2024, respectively.</span></p> 13247 6040 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventories, net</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories, primarily consisting of purchased equipment, equipment parts and supplies, are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products. Cost of inventory is determined using the weighted average cost method. The Company periodically evaluates inventories against their net realizable value, and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value based on various factors including aging and future demand of each type of inventories. The Company recorded inventory reserve of $18,182 and $19,830 as of March 31, 2025 and 2024, respectively.</span></p> 18182 19830 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and equipment, net</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electric equipment</td><td style="width: 1%"> </td> <td style="width: 40%; text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: center">4 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: center"><div style="-sec-ix-hidden: hidden-fact-31">Lesser of useful life and lease term</div></td></tr> </table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income (loss) and comprehensive income (loss) in other income (expenses).</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are provided using the straight-line method over their expected useful lives, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Useful Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electric equipment</td><td style="width: 1%"> </td> <td style="width: 40%; text-align: center">3 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: center">4 years</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: center">5 years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvement</td><td> </td> <td style="text-align: center"><div style="-sec-ix-hidden: hidden-fact-31">Lesser of useful life and lease term</div></td></tr> </table> P3Y P5Y P4Y P5Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. All of these leases are accounted for as operating leases, under the adoption of ASC Topic 842 (“Topic 842”).</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and non-current portion of operating lease liabilities on the Company’s consolidated balance sheets.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and includes initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for minimum lease payments are recognized on a straight-line basis over the lease term. All operating lease right-of-use assets are reviewed for impairment annually. There was no impairment for operating lease right-of-use lease assets for the years ended March 31, 2025, 2024 and 2023.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has elected the short-term lease practical expedient, and therefore operating lease right-of-use assets and liabilities do not include leases with a lease term of twelve months or less.</span></p> 0 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred initial public offering (“IPO”) costs</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A — “Expenses of Offering”. Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs was charged to shareholders’ equity upon the completion of the IPO. As of March 31, 2025 and 2024, deferred IPO costs were <span style="-sec-ix-hidden: hidden-fact-33">$ nil</span> and $433,007, respectively, which are included in prepaid expenses and other current assets in the consolidated balance sheets.</span></p> 433007 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment of long-lived assets</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived assets with finite lives, primarily consists of property and equipment and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the years ended March 31, 2025, 2024 and 2023.</span></p> 0 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair value of financial instruments</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 820, “Fair Value Measurements and Disclosures,” defines Fair Value (“FV”), and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.</span></td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 — inputs to the valuation methodology are unobservable.</span></td></tr></table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise disclosed, the fair value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, net, accounts receivable due from related parties, due from related parties, prepaid expenses and other current assets, short-term bank loan, accounts payable, accounts payable due to related parties, deferred revenue, payroll payable, due to related parties, and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of March 31, 2025 and 2024 based upon the short-term nature of the assets and liabilities. The Company carries short-term investments in wealth management products at fair value, which are measured at Level 2.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign currency translation</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The functional currency for Eshallgo is the U.S. Dollar (“US$”). Eshallgo HK uses Hong Kong dollar (“HK$”) as its functional currency. However, Eshallgo, and Eshallgo HK currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through WFOE and the VIEs in the PRC through March 31, 2025. The functional currency of WFOE and the VIEs is the Renminbi (“RMB”). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reporting currency of the Company is the US$, and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statements”, Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income (loss). Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table outlines the currency exchange rates that were used in creating the financial statements in this report:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2025</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2024</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2023</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ against RMB</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2579</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2168</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2221</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.1530</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 6.8680</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 6.8526</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ against HK$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1= HK$ 7.7793</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1= HK$ 7.7928</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table outlines the currency exchange rates that were used in creating the financial statements in this report:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2025</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2024</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2023</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year-end</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>spot rate</b></span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rate</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ against RMB</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2579</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2168</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.2221</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 7.1530</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 6.8680</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1=RMB 6.8526</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ against HK$</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1= HK$ 7.7793</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1= HK$ 7.7928</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> —</span></td></tr> </table> 1 7.2579 1 7.2168 1 7.2221 1 7.153 1 6.868 1 6.8526 1 7.7793 1 7.7928 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue recognition</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates its revenues primarily through sales of equipment and provision of services and recognizes revenue in accordance with ASC 606. ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue amount represents the invoiced value, net of a value-added tax (the “VAT”). Revenues under bundled arrangements are allocated considering the relative standalone selling prices of the performance obligations included in the bundled arrangement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More specifically, revenue related to the Company’s products and services is generally recognized as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from sales of equipment</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues from the sale of equipment directly to end customers and distributors, including those from sales-type leases (see “<i>Revenue from leasing of equipment</i>” below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require the Company to install the product at the customer location, it has two promises, which are to transfer the products and to provide the installation services. The installation required is not complex and can be completed simultaneously together with delivery of the products and is considered to be immaterial in the context of the contract with the customer. For such arrangements, there is one performance obligation in each contract, which is to provide the requested equipment to the customer and the total consideration under the contract is recognized as revenue when the goods have been delivered and installed at the customer location.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not offer its customer warranties that can be purchased separately, and the warranties only provide its customers with the peace of mind that the Company will fix or possibly replace the equipment if the original one was faulty, the Company determines that its warranty is assurance-type warranty. Since an assurance-type warranty guarantees the functionality of a product, the warranty is not accounted for as a separate performance obligation, and thus no transaction price is allocated to it.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the years ended March 31, 2025, 2024 and 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from leasing of equipment</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records rental income from the leasing of equipment in accordance with ASC 842. The two primary lease accounting provisions the Company assesses for the classification of transactions as sales-type or operating leases are: (1) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment and (2) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Lease arrangements that meet these conditions are accounted for as sales-type leases and sales profit or loss at lease inception is recognized as noted above for sales of equipment. Lease arrangements that do not meet these conditions are accounted for operating leases. The revenue from an operating lease is recognized on a straight-line basis over the term of the lease.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A significant portion of the Company’s lease to end customers are made through bundled lease arrangements that typically include equipment, financing and maintenance components for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for excess page volumes consumed. When the customer prints more than the maximum monthly page volume stated in the contract, the Company will charge excess page volume consumed, which are often expressed in terms of price-per-page. Revenue related to the excess page charges is calculated based on actual excess page volume consumed by price-per-page and is recognized when excess pages were used by the customer. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the lease term. In applying the lease accounting methodology, the Company only considers the fixed payments for purposes of allocating to the relative fair value elements of the contract.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues under bundled arrangements contains multiple performance obligations, including the lease and non-lease performance obligations. Under sales-type lease, for such bundled arrangements, revenues are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement. Lease deliverables include the equipment and financing, which are recognized on a straight-line basis over the term of the lease, while non-lease deliverables generally consist of supplies and maintenance services, which are generally recognized over the term of the lease as maintenance services revenue as noted below under “Revenue from maintenance services”. The allocation for the lease deliverables begins by allocating revenues to equipment and financing based on their standalone selling price, and the remaining amounts are allocated to the supplies and maintenance services.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For operating lease, since the lease component, if accounted for separately, would be classified as an operating lease, and maintenance services associated with lease are also transfer to the customers over the term of the lease. As both criteria are met, the Company makes the accounting policy election in accordance with ASC 842-10-15-42A, and therefore, the Company chooses to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with that lease component as a single component.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers the economic life of most of the products to be <span style="-sec-ix-hidden: hidden-fact-32">five</span> years and there is no significant after-market for the used equipment. The Company believes five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Residual values are not significant.</span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to their standalone selling price, the Company performs an analysis based on cash selling prices during the applicable period. The cash selling prices are compared to the range of values determined for the leases. The range of cash selling prices must be reasonably consistent with the lease selling prices in order for the Company to determine that such lease prices are indicative of standalone selling price.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the years ended March 31, 2025, 2024 and 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing:</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance income attributable to sales-type leases is recognized on the accrual basis using the effective interest method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from maintenance services</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides maintenance services for which the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual term. These arrangements typically include implementation, configuration, training, technical support, and repair of the office equipment, which to ensure the functionality of the machines. These services represent a single performance obligation as they are highly interdependent and interrelated and cannot be separately identifiable. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed minimum payments that the customer is obligated to make (fixed payments) over the contractual term. Revenues from maintenance and technical support services are recognized over time as such services are performed in a straight-line basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No significant returns, refund and other similar obligations during the years ended March 31, 2025, 2024 and 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue disaggregation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s disaggregation of revenues for the years ended March 31, 2025, 2024 and 2023 are as the following:</span></p><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Revenue from sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,020,511</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,627,509</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,117,845</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Revenue from maintenance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,207,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,090,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,184,692</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,109,840</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Revenue from financing</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,397</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,019</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,935</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,472,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,963,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,425,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: italic; text-align: left">Timing of revenue recognition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment transferred at a point in time</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,020,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,627,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,117,845</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Services rendered over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,451,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,336,448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,307,467</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,472,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,963,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,425,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All the Company’s revenue are generated in the PRC.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract assets and liabilities</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company does not have contract assets as of March 31, 2025 and 2024. Contract liabilities represent payment has been received from the Company’ customers in advance of the delivery of products or services. The Company’s contract liabilities, which are reflected in its consolidated balance sheets as deferred revenue of $999,182 and $598,661 as of March 31, 2025 and 2024, respectively. The amount of revenue recognized in the years ended March 31, 2025, 2024 and 2023 that was included in the opening deferred revenue was $164,118, $328,384 and $219,144, respectively. All unsatisfied performance obligation will be performed within the next twelve months and no significant financing component is involved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s disaggregation of revenues for the years ended March 31, 2025, 2024 and 2023 are as the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Revenue from sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,020,511</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,627,509</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,117,845</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Revenue from maintenance services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,207,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,090,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,184,692</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenue from leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234,320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,109,840</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Revenue from financing</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,397</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,019</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,935</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,472,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,963,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,425,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-style: italic; text-align: left">Timing of revenue recognition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment transferred at a point in time</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,020,511</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">13,627,509</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">15,117,845</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Services rendered over time</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,451,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,336,448</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,307,467</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,472,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,963,957</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,425,312</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 11020511 13627509 15117845 1207687 2090109 2184692 1236517 1234320 1109840 7397 12019 12935 13472112 16963957 18425312 11020511 13627509 15117845 2451601 3336448 3307467 13472112 16963957 18425312 999182 598661 164118 328384 219144 true <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of revenue</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of equipment sold primarily included the costs to purchase the office equipment, inducing the freight-in expenses and ordering expenses. For operating lease, cost of leasing of office equipment primarily included the depreciation expense of equipment leased, and the handling and shipping costs. Cost of maintenance and repair services primarily included the labor, costs of equipment parts and supplies, the transportation expenses, and the costs paid to the contractors in the cases that we outsourced the services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and development expenses</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs relating to the development of new processes, including significant improvements and refinements to existing processes, are expensed when incurred in accordance with the FASB ASC 730, “Research and Development.” The research and development costs primarily comprise employee costs, consultant fees, travel and transportation fees, and depreciation to property, plant and equipment used in the research and development activities. For the years ended March 31, 2025, 2024 and 2023, total research and development expense were $19,954, $223,136 and $250,344, respectively.</span></p> 19954 223136 250344 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employee benefits</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer employee benefits plan pursuant to which pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund are provided to eligible full-time employees. The relevant labor regulations require the Company’s subsidiaries and the VIEs in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as expenses in the accompanying consolidated statements of income (loss) and comprehensive loss amounted to $394,779, $434,612 and $465,962 for the years ended March 31, 2025, 2024 and 2023, respectively.</span></p> 394779 434612 465962 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income taxes</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended March 31, 2025, 2024 and 2023. The Company does not believe that there was any uncertain tax provision on March 31, 2025 and 2024. The Company’s subsidiary and the VIEs in China are subject to the income tax laws of the PRC. The Company’s subsidiary in Hong Kong is subject to the profit taxes in Hong Kong. No significant income was generated outside the PRC for the years ended March 31, 2025, 2024 and 2023. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Value added tax (“VAT”)</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is a general taxpayer and is subject to applicable VAT tax rate of 5% to 13%. VAT is reported as a deduction to revenue when incurred. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities.</span></p> 0.05 0.13 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Earnings (loss) per share</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of March 31, 2025 and 2024, there were no dilutive shares.</span></p> 0 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Comprehensive income (loss)</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive loss consists of two components, net income (loss) and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of the financial statements expressed in RMB and HK$ to US$ is reported in foreign currency translation gain (loss) in the consolidated statements of income (loss) and comprehensive income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statement of cash flows</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 230, “Statement of Cash Flows”, cash flows from the Company’s operations are calculated in functional currency and translated into the reporting currency using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Related parties and transactions</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, “Related Party Disclosures” and other relevant SEC rules and regulations.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivative liabilities</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company enters into convertible debt agreements, and is required to evaluate embedded conversion features within convertible debt under ASC 815 “Derivatives and Hedging”. The Company determines the embedded conversion feature should be bifurcated from the host instrument and accounted for as a derivative liability at fair value with changes in fair value recorded in earnings. The Company estimates the fair value of the derivative liability at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, and a gain or loss on change in derivative liability as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management’s judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share-based compensation</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense with graded vesting on a straight–line basis over the requisite service period for the entire award. The Company has elected to recognize compensation expenses using the valuation model estimated at the grant date based on the award’s fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Segment reporting</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted this ASU commencing April 1, 2024 and the adoption of the ASU did not have a material impact on the Company’s financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s Chief Operating Decision Maker (“CODM”) organizes segments within the Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. The Company’s CODM has been identified as the Chief Executive Officer, who reviews consolidated results including revenue, gross profit and operating profit at a consolidated level only. The Company does not distinguish between markets for the purpose of making decisions about resources allocation and performance assessment. Therefore, the Company has only one operating segment and one reportable segment. Management determined the Company’s operations constitute a single reportable segment. This reflects the fact that our CODM continues to evaluate our financial information and resources, and continues to assess the performance of these resources, on a consolidated basis. All required financial segment information is therefore included in our consolidated financial statements. Majority of the Company’s assets were located in the PRC and 100% of the Company’s revenues were derived from its wholly owned subsidiaries, and the VIEs and VIEs’ subsidiaries located in the PRC, hence, no disclosure of geographic areas is required for the years ended March 31, 2025, 2024 and 2023.</span></p> 1 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reclassifications</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts were reclassified to conform to the current year’s presentation. None of these reclassifications had an impact on reported consolidated financial statements for any of the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recent accounting pronouncements</i></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. As a result, the Company’s operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2023, the FASB issued ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. This standard was issued in response to the SEC’s disclosure update and simplification initiative, which affects a variety of topics within the Accounting Standards Codification. The amendments apply to all reporting entities within the scope of the affected topics unless otherwise indicated. This ASU will become effective for each amendment on the date on which the SEC removes the related disclosure from its regulations. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This ASU requires additional quantitative and qualitative income tax disclosures to enable financial statements users better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company adopted this guidance effective April 1, 2025 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity’s definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU No. 2024-04, “Debt-Debt with Conversions and Other Option”. This ASU is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company plans to adopt this guidance effective April 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3 — ACCOUNTS RECEIVABLE, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,644,586</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,100,595</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(668,195</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(133,449</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,976,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,967,146</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s accounts receivable primarily include balance due from customers when the Company’s products have been sold and delivered to customers or service rendered to customers, which has not been collected as of the balance sheet dates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance for credit loss movement is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">133,449</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">256,882</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">538,494</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,738</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Reversal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(41</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(123,647</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,707</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,524</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">668,195</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">133,449</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,644,586</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,100,595</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(668,195</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(133,449</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,976,391</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,967,146</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4644586 5100595 668195 133449 3976391 4967146 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">133,449</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">256,882</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">538,494</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,738</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Reversal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(41</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(123,647</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,707</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,524</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">668,195</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">133,449</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 133449 256882 538494 11738 41 123647 3707 11524 668195 133449 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4 — LONG-TERM RECEIVABLE, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-term accounts receivable, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 20, 2020, Junzhang Shanghai and one of its subsidiaries entered into two repayment agreements with their customer Shanghai Puli Printing Co., Ltd (“Shanghai Puli”) to extend the repayment dates of Shanghai Puli’s account receivable balance totaling RMB 6,422,747 ($935,170) to June 30, 2022 and December 31, 2025 respectively. The repayment will be made quarterly and annually respectively. The long-term accounts receivable bears interest at the annual rate of 2% on the unpaid balance. On March 29, 2022, these two entities entered into an amended repayment agreement with Shanghai Puli to extend the repayment dates of Shanghai Puli’s account receivable balance as of March 31, 2022 totaling RMB 3,019,507 ($413,903) to December 31, 2023 and March 31, 2026 respectively. The long-term accounts receivable bears interest at the annual rate of 1% on the unpaid balance and the repayment will be made annually respectively. One of the long-term accounts receivables due on December 31, 2023 has been fully collected. As of March 31, 2025 and 2024, the allowance for credit losses was $101,820 and $5,073, respectively, and total outstanding balance of the long-term accounts receivable, net was $82,681 and $197,005, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Long-term other receivable, net</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and Junzhang Shanghai entered into a repayment agreement with their vendor Shanghai Mingzhe Office Equipment Co., Ltd. (“Mingzhe”) and the legal representative of Mingzhe. Pursuant to the agreement, the Company had accounts receivable due from Mingzhe and advance to vendor made to Mingzhe totaling RMB 7,733,396 ($1,065,517). Mingzhe agreed to repay the total amount semiannually till June 30, 2027, and the long-term other receivable bears interest at the annual rate of 2% on the unpaid balance. As of March 31, 2025 and 2024, the allowance for credit losses was $671,088 and $ <span style="-sec-ix-hidden: hidden-fact-34">nil</span>, respectively, and total outstanding balance of the long-term other receivable, net was $344,304 and $ <span style="-sec-ix-hidden: hidden-fact-35">nil</span> respectively.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provided shot-term funding to support two of its third-party suppliers, however, loans were not repaid by the third-party suppliers upon maturity. The Company commenced lawsuits against these two third-party suppliers (“defendants”) in the People’s Court of Xian Beilin District, Shaanxi Province (the “Court”). Based on the Civil Mediation Settlement of the Court, the Company and the defendants reached to agreements, that the outstanding loans will be repaid by July 1, 2030 by installments. As of March 31, 2025 and 2024, the allowance for credit losses was $147,103 and $ <span style="-sec-ix-hidden: hidden-fact-36">nil</span>, respectively, and total outstanding balance of the long-term other receivable, net was $336,549 and $ <span style="-sec-ix-hidden: hidden-fact-37">nil</span> respectively.</span></p> 2 6422747 935170 0.02 2 3019507 413903 0.01 101820 5073 82681 197005 7733396 1065517 0.02 671088 344304 2 2 147103 336549 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 — ADVANCE TO VENDORS, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance to vendors, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepayment for goods</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,703,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,007,865</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(266,351</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(175,135</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,451,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,837,209</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance for doubtful accounts for advance to vendors movement is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">175,135</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">254,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Additions (reversal)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67,570</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,388</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,833</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">266,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">175,135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance to vendors, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepayment for goods</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,703,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,007,865</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(266,351</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(175,135</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,451,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,837,209</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1703313 2007865 14318 4479 266351 175135 1451280 1837209 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance for doubtful accounts for advance to vendors movement is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">175,135</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">254,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Additions (reversal)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,604</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67,570</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,388</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,833</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">266,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">175,135</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 175135 254538 92604 -67570 1388 11833 266351 175135 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6 — INVENTORIES, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Purchased office equipment for sale</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,015,852</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,239,240</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment parts and supplies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">755,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">695,023</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other supplies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,733</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,818,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982,996</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: inventory reserve</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,182</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,830</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,800,020</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,963,166</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company periodically evaluates inventories against their net realizable value, and reduces the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value based on various factors including aging and future demand of each type of inventories.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories, net consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Purchased office equipment for sale</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,015,852</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,239,240</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment parts and supplies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">755,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">695,023</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other supplies</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">46,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,733</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,818,202</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,982,996</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: inventory reserve</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,182</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,830</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Inventories, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,800,020</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,963,166</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1015852 1239240 755735 695023 46615 48733 1818202 1982996 18182 19830 1800020 1963166 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepaid social security-employee portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,711</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,709</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third parties and employees ^(a)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,022,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,307,874</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,520</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred IPO costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">433,007</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT recoverable ^(b)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses ^(c)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,648</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,088</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,683</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,450</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,448,196</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,942,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(84,403</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,647</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,363,793</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,923,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third-parties and employees are mainly used for short-term funding to support various third-party suppliers and employees. These loans bear no interest and have terms of no more than one year. As of March 31, 2025 and 2024, the allowance for credit losses was $80,877 and $19,647, respectively. For loans to third parties and employees, approximately 95.5%, or $975,696 of the March 31, 2025 balances have been subsequently collected as of August 14, 2025.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward to offset future net VAT payables.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses primarily include prepaid professional expenses in relation to consulting services.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets, net consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Prepaid social security-employee portion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,711</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,709</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third parties and employees ^(a)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,022,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,307,874</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,520</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred IPO costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">433,007</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT recoverable ^(b)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses ^(c)</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,648</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,088</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,683</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,450</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,448,196</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,942,648</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: allowance for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(84,403</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,647</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Prepaid expenses and other current assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,363,793</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,923,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans to third-parties and employees are mainly used for short-term funding to support various third-party suppliers and employees. These loans bear no interest and have terms of no more than one year. As of March 31, 2025 and 2024, the allowance for credit losses was $80,877 and $19,647, respectively. For loans to third parties and employees, approximately 95.5%, or $975,696 of the March 31, 2025 balances have been subsequently collected as of August 14, 2025.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward to offset future net VAT payables.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses primarily include prepaid professional expenses in relation to consulting services.</span></td></tr></table> 5711 2709 1022178 1307874 101004 94520 0 433007 49972 0 230648 92088 38683 12450 1448196 1942648 84403 19647 1363793 1923001 80877 19647 0.955 975696 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 8 — FINANCE RECEIVABLES, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance receivables, net which consists of installment of sales-type leases, were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Gross receivables</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">137,617</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,648</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Unearned income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,717</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(13,083</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">130,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">203,565</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Provision for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(13,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,040</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,653</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,525</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: finance receivables, net – current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70,801</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(100,564</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance receivables, net – non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">96,961</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The allowance for credit losses represents an estimate of the losses expected to be incurred by the Company from its finance receivables.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31,2025, future minimum lease receivables under non-cancelable sales-type lease agreement are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Lease</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Receivable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">76,484</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,986</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,514</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">2029</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">633</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">137,617</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance receivables, net which consists of installment of sales-type leases, were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Gross receivables</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">137,617</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,648</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Unearned income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,717</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(13,083</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">130,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">203,565</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Provision for credit loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(13,247</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,040</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,653</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,525</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: finance receivables, net – current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70,801</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(100,564</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Finance receivables, net – non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,852</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">96,961</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 137617 216648 6717 13083 130900 203565 13247 6040 117653 197525 70801 100564 46852 96961 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31,2025, future minimum lease receivables under non-cancelable sales-type lease agreement are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Lease</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Receivable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">76,484</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,986</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,514</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">2029</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">633</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">137,617</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 76484 36986 23514 633 137617 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 9 — PROPERTY AND EQUIPMENT, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net, consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Electric equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">58,055</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46,264</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,154,638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,103,319</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,213</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">269,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,933</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasehold improvement</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">267,911</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">269,238</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,810,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,720,967</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,424,688</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,121,136</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">385,415</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">599,831</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense was $301,916, $387,779 and $379,947 for the years ended March 31, 2025, 2024 and 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery and Equipment records the equipment on operating lease, and the accumulated depreciation were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Equipment on operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,154,638</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,103,319</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(888,849</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(738,769</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Equipment on operating lease, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">265,789</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">364,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Electric equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">58,055</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46,264</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,154,638</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,103,319</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office furniture</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,831</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,213</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Motor vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">269,668</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,933</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Leasehold improvement</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">267,911</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">269,238</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,810,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,720,967</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,424,688</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,121,136</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">385,415</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">599,831</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 58055 46264 1154638 1103319 59831 51213 269668 250933 267911 269238 1810103 1720967 1424688 1121136 385415 599831 301916 387779 379947 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Equipment on operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,154,638</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,103,319</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(888,849</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(738,769</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Equipment on operating lease, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">265,789</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">364,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1154638 1103319 888849 738769 265789 364550 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 10 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer security deposit ⁽¹⁾</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,101</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">71,333</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service fees payable ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rent payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to employees and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,253</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,983</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">233,883</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,159</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer security deposit mainly includes deposits paid by customers of leasing equipment business.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service fees payable primarily includes unpaid audit, legal and accounting related professional service fees.</span></td></tr></table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer security deposit ⁽¹⁾</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,101</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">71,333</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service fees payable ⁽²⁾</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rent payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Due to employees and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,123</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,253</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,983</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">233,883</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">105,159</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer security deposit mainly includes deposits paid by customers of leasing equipment business.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service fees payable primarily includes unpaid audit, legal and accounting related professional service fees.</span></td></tr></table> 64101 71333 114839 0 14390 9720 21300 1123 19253 22983 233883 105159 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 11 — RELATED PARTY TRANSACTIONS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s relationships with related parties who had transactions with the Company are summarized as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-align: center; text-indent: -0.1in; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Related Party</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship to the Company</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Tuwen Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Changyun</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s chairman and CEO</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qingdao Lixing Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Supervisor of Qingdao</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kunming Jinbi Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The general manager of this entity is the Supervisor of Kunming</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Jiayuan Mingyue Trade Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who owns 45% of Qinghai</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui New Yalian Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ningbo Lihong Information System Engineering Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yue Yan (Shanghai) Digital Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the officer of the Company</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Chengchuang ideal Trading Co. Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the director of Qinghai</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou Shilian Office Equipment Co., Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Hangzhou</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hebei Leading Future Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor of this entity is the non-controlling shareholders who own 45% of Shijiazhuang</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongkong Eshallgo Holding Group Co., Limited</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s CEO and Director</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder of the Company</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Mingzhe Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the officer of Lixin before April 1, 2023, the entity ceased to be a related party to the Company since April 1, 2023.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hebei Shilong Digital Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The officer of this entity is the Company’s minority shareholder before April 1, 2023, the entity ceased to be a related party to the Company since April 1, 2023.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Youshi Innovation Business Group Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who owns 45% of Beijing, the entity ceased to be a related party to the Company since April 1, 2024.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhidan Mao</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qiwei Miao</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun Lyu</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yun Li</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Qinghai</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peidong Xia</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Changyun</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhongyang Pan</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family memember of the non-controlling shareholders who own 45% of Suzhou</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>a. Accounts receivable - related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable - related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">166,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">30,780</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,812</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132,399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,345</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">276</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,218</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">245,492</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">232,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For accounts receivable due from related parties, approximately 90.5%, or $222,281 of the March 31, 2025 balances have been subsequently collected as of August 14, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>b. Advance to vendors - related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance to vendors - related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">105,732</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,770</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,036</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">189,733</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company periodically makes purchase advances to various vendors, including the related party suppliers. For advance to vendors made to related parties, all of the March 31, 2025 balances have been subsequently utilized as of August 14, 2025.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>c. Due from related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due from related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qiwei Miao</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,105,383</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59,669</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhidan Mao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,363</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Chun Lyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">291,495</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,523</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,448</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yun Li</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,781</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Chengchuang ideal Trading Co. Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">237,230</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,981</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,679</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Due from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,197,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">366,761</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company historically loaned funds to its related parties for business purposes. The balance due from related parties is typically interest-free and due upon demand. For amount due from related parties, approximately 33.9%, or $1,084,279 of the March 31, 2025 balances have been subsequently collected as of August 14, 2025, the remaining balance is expected to be fully received by December 31, 2025.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>d. Accounts payable - related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable - related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">90,946</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,679</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,616</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,387</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,387</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All these accounts payable to related parties occurred in the ordinary course of business and are payable upon demand without interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>e. Due to related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Peidong Xia</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">114,358</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hongkong Eshallgo Holding Group Co., Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,285</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,977</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,348</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Due to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,348</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount due to related parties are advances from related various related parties for working capital during the Company’s normal course of business. These advances are unsecured, non-interest bearing and due on demand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>f. Due to a related party – non-current</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1pt">Zhongyang Pan</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">126,759</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Due to a related party - non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">126,759</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount due to a related party – non-current is loan borrowed from the related party for working capital during the Company’s normal course of business for threes year with maturity date on December 15, 2027. The loan bears a fixed interest rate of 3.0% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>g. Sales to related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales to related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">347,621</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">155,599</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">165,224</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,214</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,189</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,743</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,526</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,252</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,682</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,018</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Youshi Innovation Business Group Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Jiayuan Mingyue Trade Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,818</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Shilong Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,295</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,581</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">486</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Sales to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">890,571</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">484,856</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">545,278</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>h. Purchases from related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases from related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">122,789</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,477</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,466</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">684,327</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Youshi Innovation Business Group Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,417</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,649</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,204</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shanghai Mingzhe Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,570,180</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hebei Shilong Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,587</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,289</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,507</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,802</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Purchases from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">138,974</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><p style="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">$</p></td><td style="border-bottom: Black 2.5pt double; text-align: right">590,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><p style="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">$</p></td><td style="border-bottom: Black 2.5pt double; text-align: right">2,496,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>i. Loan transactions with related parties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan transactions with related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><b>Nature</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Qiwei Miao</td><td style="width: 1%"> </td> <td style="width: 30%; text-align: left">Payments made to a related party</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(1,045,660</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(53,507</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Zhidan Mao</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(596,096</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(533,479</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Chun Lyu</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(289,677</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,351</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Yun Li</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(149,247</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(142,927</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(135,402</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(106,014</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,566</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(69,283</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">237,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(239,521</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(110,109</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Zhongyang Pan</td><td> </td> <td style="text-align: left">Proceeds from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Peidong Xia</td><td> </td> <td style="text-align: left">Proceeds from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,010</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Shanghai Mingzhe Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(218,895</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top">Others</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; padding-bottom: 1pt">Proceeds/collection from (payment/repayment made to) related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,484</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(27,598</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,510</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,584,846</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(205,440</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(333,840</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s relationships with related parties who had transactions with the Company are summarized as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-align: center; text-indent: -0.1in; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Related Party</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship to the Company</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Tuwen Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Changyun</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s chairman and CEO</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qingdao Lixing Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Supervisor of Qingdao</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kunming Jinbi Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The general manager of this entity is the Supervisor of Kunming</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Jiayuan Mingyue Trade Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who owns 45% of Qinghai</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui New Yalian Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ningbo Lihong Information System Engineering Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the Company’s minority shareholder</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yue Yan (Shanghai) Digital Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the officer of the Company</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qinghai Chengchuang ideal Trading Co. Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the director of Qinghai</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou Shilian Office Equipment Co., Ltd</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who own 45% of Hangzhou</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hebei Leading Future Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor of this entity is the non-controlling shareholders who own 45% of Shijiazhuang</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongkong Eshallgo Holding Group Co., Limited</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity owned by the Company’s CEO and Director</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder of the Company</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Mingzhe Office Equipment Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the officer of Lixin before April 1, 2023, the entity ceased to be a related party to the Company since April 1, 2023.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hebei Shilong Digital Technology Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The officer of this entity is the Company’s minority shareholder before April 1, 2023, the entity ceased to be a related party to the Company since April 1, 2023.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Youshi Innovation Business Group Co., Ltd.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity partially owned by the non-controlling shareholder who owns 45% of Beijing, the entity ceased to be a related party to the Company since April 1, 2024.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhidan Mao</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qiwei Miao</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun Lyu</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yun Li</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Qinghai</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peidong Xia</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The non-controlling shareholders who own 45% of Changyun</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.1in; text-indent: -0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhongyang Pan</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family memember of the non-controlling shareholders who own 45% of Suzhou</span></td></tr> </table> 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable - related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">166,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">30,780</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,812</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">132,399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,345</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,604</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">276</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,218</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Accounts receivable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">245,492</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">232,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 166236 30780 64812 132399 12823 7619 1345 48604 276 13218 245492 232620 0.905 222281 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance to vendors - related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">105,732</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,770</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,036</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Advance to vendors - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">189,733</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 0 105732 0 38770 0 31195 50 14036 50 189733 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due from related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qiwei Miao</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,105,383</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59,669</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Zhidan Mao</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,363</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530,458</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Chun Lyu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">291,495</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,523</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,448</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yun Li</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">148,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,781</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Chengchuang ideal Trading Co. Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">237,230</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,981</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,679</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Due from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,197,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">366,761</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1105383 59669 594363 0 530458 0 291495 1523 158448 0 148402 0 142117 4358 137781 0 68891 0 0 237230 0 63981 19679 0 3197017 366761 0.339 1084279 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable - related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">90,946</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,679</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,616</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,387</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable - related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,387</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 90946 0 31679 0 16020 0 1616 1387 140261 1387 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Peidong Xia</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">114,358</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hongkong Eshallgo Holding Group Co., Limited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,285</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,977</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,348</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Due to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">132,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,348</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 114358 0 10285 0 7977 7348 132620 7348 Due to a related party – non-current<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1pt">Zhongyang Pan</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">126,759</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Due to a related party - non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">126,759</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 126759 0 126759 0 0.03 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales to related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Anhui New Yalian Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">347,621</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">155,599</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">165,224</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,214</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,189</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,743</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,365</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,526</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Leading Future Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,252</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Xuancheng Jinshida Modern Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,682</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,807</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,018</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Youshi Innovation Business Group Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,147</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qinghai Jiayuan Mingyue Trade Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,818</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hebei Shilong Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,295</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,581</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">486</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Sales to related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">890,571</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">484,856</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">545,278</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 347621 155599 165224 232774 92214 115189 142957 15330 0 95743 88365 122526 49252 46295 160 16682 8807 40018 1961 31930 0 0 28683 0 0 17147 0 0 0 75818 0 0 1295 3581 486 25048 890571 484856 545278 Purchases from related parties<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Shanghai Tuwen Office Equipment Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">122,789</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,477</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,043</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,466</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kunming Jinbi Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">684,327</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Youshi Innovation Business Group Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,417</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Yue Yan (Shanghai) Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,649</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,204</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Shanghai Mingzhe Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,570,180</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hebei Shilong Digital Technology Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">124,587</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,289</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,507</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,802</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Purchases from related parties</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">138,974</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><p style="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">$</p></td><td style="border-bottom: Black 2.5pt double; text-align: right">590,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"><p style="margin: 0; font: 10pt/115% Times New Roman, Times, Serif">$</p></td><td style="border-bottom: Black 2.5pt double; text-align: right">2,496,560</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 122789 6477 6043 6896 21466 0 0 468385 684327 0 50325 67417 0 35649 0 0 4328 18204 0 0 1570180 0 0 124587 9289 3507 25802 138974 590137 2496560 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan transactions with related parties consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; vertical-align: top"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; border-bottom: Black 1pt solid"><b>Nature</b></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Qiwei Miao</td><td style="width: 1%"> </td> <td style="width: 30%; text-align: left">Payments made to a related party</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(1,045,660</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(53,507</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Zhidan Mao</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(596,096</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Hangzhou Shilian Office Equipment Co., Ltd</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(533,479</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Chun Lyu</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(289,677</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Ningbo Lihong Information System Engineering Co., Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(159,351</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Yun Li</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(149,247</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Shanghai Yaodun Science and Technology Development Center (Limited Partnership)</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(142,927</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(135,402</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(106,014</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Eshallgo Electrical Equipment (Shanghai) Co., Ltd.</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(138,566</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Qingdao Lixing Technology Co., Ltd.</td><td> </td> <td style="text-align: left">Payments made to a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(69,283</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Qinghai Chengchuang Ideal Trading Co. Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">237,405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(239,521</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Anhui New Yalian Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,028</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,886</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(110,109</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Zhongyang Pan</td><td> </td> <td style="text-align: left">Proceeds from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Peidong Xia</td><td> </td> <td style="text-align: left">Proceeds from a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,010</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Shanghai Mingzhe Office Equipment Co., Ltd.</td><td> </td> <td style="text-align: left">Collections received from (payments made to) a related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(218,895</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top">Others</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; padding-bottom: 1pt">Proceeds/collection from (payment/repayment made to) related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,484</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(27,598</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,510</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,584,846</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(205,440</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(333,840</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> -1045660 -53507 0 -596096 0 0 -533479 0 0 -289677 0 0 -159351 0 65668 -149247 0 0 -142927 -135402 -106014 -138566 0 0 -69283 0 0 237405 -239521 0 64028 40886 -110109 127481 0 0 115010 0 0 0 209702 -218895 -4484 -27598 35510 -2584846 -205440 -333840 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 12 — LEASES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Lessee</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries, entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. The Management believes that all the leases are operating leases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below presents the operating lease related assets and liabilities recorded on the balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use lease assets</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">434,188</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">346,995</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities – current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">275,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">248,562</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities – non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">258,974</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">186,833</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,187</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">435,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Remaining lease term and discount rate:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted average remaining lease term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.74</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.02</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.64</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.38</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the years ended March 31, 2025, 2024 and 2023, the Company incurred total operating lease expenses of $250,939, $274,707 and $260,561, respectively.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025, future minimum lease payments under non-cancelable operating lease agreement are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">286,416</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,551</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,912</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,912</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27,281</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">559,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(25,332</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,187</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Lessor</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease income are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center">Location in Statements of</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenue from sales type leases</td><td style="width: 1%"> </td> <td style="width: 11%">Sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,516</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">45,411</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">112,908</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Financing income on lease receivables</td><td> </td> <td>Financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,397</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,935</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-hidden: hidden-fact-38"><span style="-sec-ix-hidden: hidden-fact-39"><span style="-sec-ix-hidden: hidden-fact-40">Lease income - operating leases</span></span></span></td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">969,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">911,140</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627,347</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Variable lease income</td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">267,428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">323,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">482,493</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue from maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; padding-bottom: 1pt">Maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">74,587</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">106,745</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">113,582</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total lease income</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,350,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,398,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,349,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit at lease commencement on sales type leases was estimated to be approximately $5,000, $10,000 and $15,000 for the years ended March 31, 2025, 2024 and 2023, respectively.</span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 2.5pt">Operating lease right-of-use lease assets</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">434,188</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 2.5pt double; text-align: right">346,995</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities – current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">275,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">248,562</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Operating lease liabilities – non-current</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">258,974</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">186,833</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,187</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">435,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 434188 346995 275213 248562 258974 186833 534187 435395 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Remaining lease term and discount rate:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted average remaining lease term (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2.74</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.02</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.64</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.38</td><td style="text-align: left">%</td></tr> </table> P2Y8M26D P3Y7D 0.0364 0.0438 250939 274707 260561 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">286,416</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,551</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,912</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,912</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27,281</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">559,519</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Less: imputed interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(25,332</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,187</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 286416 147447 76551 10912 10912 27281 559519 25332 534187 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center">Location in Statements of</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Revenue from sales type leases</td><td style="width: 1%"> </td> <td style="width: 11%">Sales of equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">31,516</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">45,411</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">112,908</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Financing income on lease receivables</td><td> </td> <td>Financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,397</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,935</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-sec-ix-hidden: hidden-fact-38"><span style="-sec-ix-hidden: hidden-fact-39"><span style="-sec-ix-hidden: hidden-fact-40">Lease income - operating leases</span></span></span></td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">969,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">911,140</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627,347</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Variable lease income</td><td> </td> <td>Leasing of equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">267,428</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">323,180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">482,493</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue from maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; padding-bottom: 1pt">Maintenance services</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">74,587</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">106,745</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">113,582</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total lease income</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,350,017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,398,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,349,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 31516 45411 112908 7397 12019 12935 969089 911140 627347 267428 323180 482493 74587 106745 113582 1350017 1398495 1349265 5000 10000 15000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 13 — CONCENTRATIONS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A majority of the Company’s revenue and expense transactions are denominated in RMB and a significant portion of the Company and VIEs’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, $3,826,068 and $5,258,719, respectively, of the Company’s cash was on deposit at financial institutions in the PRC, where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, $828,208 and $ nil, respectively, of the Company’s cash was on deposit at financial institutions in the Hong Kong, which were insured by the Hong Kong Deposit Protection Board for compensation up to a limit of HK$500,000 (approximately $64,000) if the bank with which an individual/a company hold its eligible deposit fails.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, $2,885,258 and $ nil respectively, of the Company’s cash was on deposit at financial institutions in the United States, which were insured by the Federal Deposit Insurance Corporation for compensation up to a limit of $250,000 if the bank with which an individual/a company hold its eligible deposit fails.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended March 31, 2025, 2024 and 2023, the Company’s substantial assets were located in the PRC and the Company’s substantial revenues were derived from its subsidiaries and VIEs located in the PRC.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended March 31, 2025, 2024 and 2023, no single customer accounted for more than 10% of the Company’s total revenue.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025, one customer accounted for 10.1% the total accounts receivable balance. As of March 31, 2024, one customer accounted for 14.0% the total accounts receivable balance.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended March 31, 2025, no vendor accounted for more than 10% of the Company’s total purchase. For the year ended March 31, 2024, one third party vendor accounted for 12.9% of the Company’s total purchase. For the year ended March 31, 2023, one third party vendor accounted for 14.1% and one related party vendor accounted for 13.3% of the Company’s total purchase, respectively.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025, two vendors accounted for 12.8% and 10.5% of the total accounts payable balance, respectively. As of March 31, 2024, one vendor accounted for 10.8% of the total accounts payable balance.</span></p> 3826068 5258719 828208 0 2885258 0 1 0.101 1 0.14 0.10 1 0.129 1 0.141 1 0.133 2 0.128 0.105 1 0.108 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 14 — SHORT-TERM BANK LOAN</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 08, 2025, the Company entered into loan agreements with Bank of China to borrow RMB 1.0 million ($137,781) as working capital for one year with maturity date on January 7, 2026. The loan bears a fixed interest rate of 3.27% per annum.</span></p> 1000000 137781 0.0327 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 15 — CONVERTIBLE DEBENTURE</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 29, 2024, the Company entered into a securities purchase agreement with an accredited investor (the “Debenture Holder”) to place Convertible Debentures (the “Debentures,” each, a “Debenture”) with a maturity date of November 28, 2025, which is 364 days after the issuance of the first Debenture, in the aggregate principal amount of up to $5,000,000 at a purchase price equal to 95% of the principal amount (the “Transaction”), provided that in case of an event of default, the Debentures may become, at the Debenture Holder’s election, immediately due and payable. The Debentures bear an interest rate of 5% per annum which shall be increased to 18% per annum in the event of default. The initial closing of the Transaction in the principal amount of $1,500,000 in Debenture occurred on November 29, 2024. The second closing of the Transaction in the principal amount of $2,000,000 in Debenture occurred on December 19, 2024. The third closing of the Transaction in the principal amount of $1,500,000 in Debenture occurred on December 30, 2024.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended March 31, 2025, a total of $230,700 in amortization of the debt issuance costs was recorded on the consolidated statements of income (loss) and comprehensive income (loss). As of March 31, 2025, shares of the Company’s common stock totaling 27,047 were issued by the Company to the Debenture Holder equaling principal and interests amounted to $439,575. The Convertible Debentures balance was $2,391,945, with a carrying value of $2,954,275, net of deferred financing costs of $562,330 was recorded in the accompanying consolidated balance sheets as of March 31, 2025. The derivative liability associated with these notes were $2,032,530 as of March 31, 2025.The Company recognized a loss of $356,134 from the change in fair value of the derivative liability for the year ended March 31, 2025.</span></p> 5000000 0.95 0.05 0.18 1500000 2000000 1500000 230700 27047 439575 2391945 2954275 562330 2032530 -356134 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 16 — TAXES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Corporate Income Taxes (“CIT”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hong Kong</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo HK is incorporated in Hong Kong and is subject to profit taxes in Hong Kong at a rate of 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000 for the year ended March 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">PRC</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo WFOE, Junzhang Shanghai and Junzhang Beijing are incorporated in the PRC, and are subject to the PRC Enterprise Income Tax Laws (“EIT Laws”) and are taxed at the statutory income tax rate of 25%, with special preferable tax holiday.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EIT grants preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for their HNTE status every <span style="-sec-ix-hidden: hidden-fact-41">three</span> years. The VIE, Junzhang Shanghai, is qualified as HNTE and has renewed its HNTE certificate in 2021. Therefore, Junzhang Shanghai is eligible to enjoy a preferential tax rate of 15% from 2021 to 2023 to the extent it has taxable income under the EIT Law. However, as Junzhang Shanghai was also qualified as a small low-profit enterprise, it chose to enjoy the preferential tax rate of 5% for small low-profit enterprises since the year ended March 31, 2024.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended March 31, 2025, 2024 and 2023, Junzhang Shanghai’s subsidiaries, are recognized as small low-profit enterprises. According to the relevant PRC tax policies, once an enterprise meets certain requirements and is identified as a small-scale minimal profit enterprise, the taxable income not more than RMB3 million is subject to a reduced effective rate of 5% during the period from January 1, 2023 to December 31, 2027.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated tax savings as a result of the Company’s preferential tax rates for the years ended March 31, 2025, 2024 and 2023 amounted to $203,826, $194,027 and $404,130, respectively. Per share effect of the tax savings were $0.16, $0.16 and $0.32 for the years ended March 31, 2025, 2024 and 2023, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-indent: -11.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-indent: -11.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i) The components of the provision for income taxes from Cayman Islands, Hong Kong, and China are as follows:</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-indent: -11.5pt"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Current tax provision</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; padding-bottom: 1pt">China</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">64,459</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">127,332</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">73,339</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">127,332</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73,339</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax provision (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">China</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,979</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,530</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,490</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,979</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,530</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,490</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Income tax provision</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113,438</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">124,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,829</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the China statutory rates to the Company’s effective tax rate for the years ended March 31, 2025, 2024 and 2023:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">China Statutory income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-taxable items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-PRC entity not subject PRC income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effect of tax holiday and preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20.0</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(29.3</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of change in tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.8</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.7</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.2</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.8</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.1</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12.9</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7.8</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. According to PRC Tax Administration and Collection Law, the statute of limitations is <span style="-sec-ix-hidden: hidden-fact-42">three</span> years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended <span style="-sec-ix-hidden: hidden-fact-43">five</span> years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is <span style="-sec-ix-hidden: hidden-fact-44">ten</span> years. There is no statute of limitations in the case of tax evasion.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Deferred tax assets and liabilities</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Deferred tax assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Allowance for credit loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,603</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,810</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reserve for inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,580</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unutilized marketing expenditure</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,709</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,346</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net operating loss carried forward</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">233,046</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">383,524</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">510,260</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(335,547</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(445,403</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred tax assets, net of valuation allowance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,709</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">64,857</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17,272</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,613</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Deferred tax liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Finance lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Right-of-use assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,709</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17,272</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax liabilities, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement of the valuation allowance:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Valuation allowance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">445,403</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">359,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Current year addition (reduction)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,582</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,708</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">335,547</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">445,403</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025 and 2024, the Company’s PRC entities had net operating loss carryforwards of approximately $4.7 million and $3.1 million, respectively, which will be available to offset future taxable income. As of March 31, 2025, these carryforwards will expire from 2025 through 2030 if not used. The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company’s future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. The Company determined that it is more likely than not that its deferred tax assets derived from the net operating loss carried forward could not be realized due to uncertainty on future earnings in Junzhang Shanghai and some of its subsidiaries and the Company provided a 100% allowance for the deferred tax assets of these entities as of March 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Taxes payable</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes payable consist of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,257</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">126,041</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Value added tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133,694</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,445</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,975</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total taxes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">218,342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">268,710</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Uncertain tax position</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, the Company did not have any unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended March 31, 2025, 2024 and 2023, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.</span></p> 0.0825 2000000 0.165 2000000 0.25 0.15 0.15 0.05 3000000 0.05 203826 194027 404130 0.16 0.16 0.32 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Current tax provision</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; padding-bottom: 1pt">China</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">64,459</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">127,332</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">73,339</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">127,332</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">73,339</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax provision (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cayman Islands</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hong Kong</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1pt">China</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,979</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,530</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,490</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,979</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,530</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,490</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Income tax provision</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">113,438</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">124,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">107,829</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 0 0 0 0 0 0 64459 127332 73339 64459 127332 73339 0 0 0 0 0 0 48979 -2530 34490 48979 -2530 34490 113438 124802 107829 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">China Statutory income tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-taxable items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-PRC entity not subject PRC income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effect of tax holiday and preferential tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20.0</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(29.3</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of change in tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.8</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.2</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.7</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.5</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Others</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.2</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.8</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.1</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12.9</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7.8</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> 0.25 0.25 0.25 0 -0.002 -0.004 0.192 0 0 0.047 0.20 0.293 0 -0.028 0 -0.022 0.107 0.135 0 -0.002 -0.018 -0.011 0.129 0.078 100000 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Deferred tax assets</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Allowance for credit loss</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">100,603</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,810</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reserve for inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,580</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unutilized marketing expenditure</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,709</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,346</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net operating loss carried forward</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">233,046</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">383,524</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">510,260</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(335,547</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(445,403</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Deferred tax assets, net of valuation allowance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,709</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">64,857</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17,272</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,613</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Deferred tax liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Finance lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,351</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Right-of-use assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,709</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,350</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Net off deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,096</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17,272</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax liabilities, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 100603 78810 909 4580 989 0 26709 43346 233046 383524 362256 510260 335547 445403 26709 64857 21096 17272 5613 47585 6351 0 21709 17350 28060 17350 21096 17272 6964 78 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Valuation allowance</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">445,403</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">359,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Current year addition (reduction)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Exchange difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,582</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,708</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 2.5pt">Ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">335,547</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">445,403</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 445403 359904 -108274 104207 -1582 -18708 335547 445403 4700000 3100000 1 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,257</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">126,041</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Value added tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133,694</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other taxes payable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,445</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,975</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt">Total taxes payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">218,342</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">268,710</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 78257 126041 137640 133694 2445 8975 218342 268710 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 17 — SHAREHOLDERS’ EQUITY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Initial Public Offering</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 3, 2024, the Company closed its IPO (the “Offering”) of 1,250,000 Class A ordinary shares at a public offering price of $4.00 per Class A ordinary share for the total gross proceeds of $5.0 million before deducting underwriting discounts and other related expenses of $1,176,197. The Offering was conducted on a firm commitment basis. In addition, the Company has granted the underwriters of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The option was expired and no share was exercised by the underwriters. The Company’s Class A ordinary shares began trading on Nasdaq Capital Market under the ticker symbol “EHGO” on July 2, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary shares</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eshallgo was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on June 16, 2021. The Company is authorized to issue 90,000,000 shares of Class A ordinary share, par value $0.0001 per share, and 10,000,000 shares of Class B ordinary share, par value $0.0001 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares vote together as one class on all matters submitted to a vote by the shareholders at any general meeting of the Company and have the same rights except each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to ten (10) votes. Also, each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof but Class A Ordinary Shares are not convertible into Class B Ordinary Shares.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2022, there were <span style="-sec-ix-hidden: hidden-fact-45">14,144,000</span> shares of Class A ordinary share issued and outstanding, and <span style="-sec-ix-hidden: hidden-fact-46">5,856,000</span> shares of Class B ordinary share issued and outstanding. This reflects the retrospective presentation of the share issuance on July 28, 2021, August 14, 2021 and December 2, 2021, due to the recapitalization among entities under common control.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 5, 2022, the Company entered into a subscription agreement with certain investors, including two related parties (the “Investors”) whereby the Company agreed to sell, and the Investors agreed to purchase 285,000 Class A ordinary shares (the “Shares”) at a purchase price of $2.0 per share. The total proceeds of $552,892 were fully received and the Shares were issued to the Investor on October 12, 2022.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2023, the Company entered into private placement subscription agreements with certain investors, whereby the Company agreed to sell, and the Investors agreed to purchase a total of 200,000 Class A ordinary shares at a purchase price of $2.3 per share. The total proceeds of $458,341 were fully received and the Shares were issued to the Investors on August 30, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each comprising (i) 90,000,000 Class A ordinary shares of a par value of $0.0001 each and (ii) 10,000,000 Class B ordinary shares of a par value of $0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each comprising (i) 450,000,000 Class A ordinary shares of a par value of $0.0001 each and (ii) 50,000,000 Class B ordinary shares of a par value of $0.0001 each, by the creation of additional 360,000,000 Class A Ordinary Shares and 40,000,000 Class B Ordinary Shares, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 10, 2026, the board of directors of the Company approved a share consolidation  of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”). Every sixteen (16) outstanding Class A ordinary shares are combined into and automatically become one post-Share Consolidation Class A ordinary share. Every sixteen (16) outstanding Class B ordinary shares are combined into and automatically become one post-Share Consolidation Class B ordinary share. No fractional shares will be issued in connection with the Share Consolidation. Instead, the Company will issue one full post-Share Consolidation Class A ordinary share or Class B ordinary share, as applicable, to any shareholder who would have been entitled to receive a fractional share as a result of the process. As a result of the Share Consolidation, the par value of the Class A ordinary shares and Class B ordinary shares will be increased to $0.0016 per share and the number of authorized ordinary shares will be reduced to 31,250,000 ordinary shares of a par value of US$0.0016 each comprising (i) 28,125,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 3,125,000 Class B ordinary shares of a par value of US$0.0016 each.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value of US$0.0016 each, comprising (i) 28,125,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 3,125,000 Class B ordinary shares of a par value of US$0.0016 each, to US$200,000,000 divided into 125,000,000,000 ordinary shares of a par value of US$0.0016 each comprising (i) 112,500,000,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 12,500,000,000 Class B ordinary shares of a par value of US$0.0016 each, by the creation of additional 112,471,875,000 Class A Ordinary Shares and 12,496,875,000 Class B Ordinary Shares, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes it is appropriate to reflect above changes in authorized share capital and Share Consolidation on a retroactive basis. The Company has retroactively restated all shares and per share data for all periods presented, except as otherwise noted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statutory reserve and restricted net assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the board of directors. The statutory reserve may be applied against prior year losses, if any, and may be used for general business expansion and production or increase in registered capital, but are not distributable as cash dividends.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant PRC laws and regulations restrict the Company’s PRC subsidiary and VIEs from transferring a portion of their net assets, equivalent to their statutory reserves and their share capital, to the Company in the form of loans, advances or cash dividends. Only PRC entities’ accumulated profits may be distributed as dividends to the Company without the consent of a third party.</span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in China. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S GAAP may differ from those in the statutory financial statements of the WFOE and VIEs. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In light of the foregoing restrictions, Eshallgo WFOE and the VIEs are restricted in their ability to transfer their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict Eshallgo WFOE and the VIEs from transferring funds to the Company in the form of dividends, loans and advances. As of March 31, 2025 and 2024, restricted net assets of Eshallgo WFOE and the VIEs amounted to $5,674,808 and $3,823,552, respectively.</span></p> 1250000 4 5000000 1176197 P45D 187500 90000000 0.0001 10000000 0.0001 1 10 1 14144000 5856000 285000 2 552892 200000 2.3 458341 10000 100000000 0.0001 90000000 0.0001 10000000 0.0001 50000 500000000 0.0001 450000000 0.0001 50000000 0.0001 360000000 40000000 the board of directors of the Company approved a share consolidation  of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”). Every sixteen (16) outstanding Class A ordinary shares are combined into and automatically become one post-Share Consolidation Class A ordinary share. Every sixteen (16) outstanding Class B ordinary shares are combined into and automatically become one post-Share Consolidation Class B ordinary share. No fractional shares will be issued in connection with the Share Consolidation. Instead, the Company will issue one full post-Share Consolidation Class A ordinary share or Class B ordinary share, as applicable, to any shareholder who would have been entitled to receive a fractional share as a result of the process. As a result of the Share Consolidation, the par value of the Class A ordinary shares and Class B ordinary shares will be increased to $0.0016 per share and the number of authorized ordinary shares will be reduced to 31,250,000 ordinary shares of a par value of US$0.0016 each comprising (i) 28,125,000 Class A ordinary shares of a par value of US$0.0016 each and (ii) 3,125,000 Class B ordinary shares of a par value of US$0.0016 each. 50000 31250000 0.0016 28125000 0.0016 3125000 0.0016 200000000 125000000000 0.0016 112500000000 0.0016 12500000000 0.0016 112471875000 12496875000 5674808 3823552 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 18 — SHARE-BASED COMPENSATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares issued to management and employees </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 12, 2024, the Company adopted a 2024 equity incentive plan (the “2024 Plan”) to motivate, attract and retain directors, consultants or key employees to exert their best efforts on behalf of the Company and link their personal interests to those of the Company’s shareholders. The 2024 Plan has a maximum number of 125,000 Class A ordinary shares of the Company available for issuance pursuant to all awards under the 2024 Plan. The Company entered into agreements with certain consultants on September 20, 2024 and granted them a total of 58,188 Class A ordinary shares, and entered into agreements with certain key employees on October 15, 2024, and granted them a total of 37,500 Class A ordinary shares. These shares are granted as awards for their services during the Company’s successful IPO, the total value of the shares was $3,410,200 based on the closing stock price of $35.20 and $36.32 on the respective grant dates. The 95,688 Class A ordinary shares were fully issued on November 1, 2024.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The share-based compensation expense recorded for these shares issued was $2,672,450 for the year ended March 31, 2025. As of March 31, 2025, the unrecognized share-based compensation expense of these shares issued was $737,750, which is expected to be recognized over a weighted average period of approximately 0.46 years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Shares for services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 13, 2024, the Company approved the grant of 12,500 restricted shares with a value of $360,000 based on the closing stock price of $28.80 to a consultant as consideration for his consulting service for one year. The vesting period of these shares was nine months from the date of contracts. The 12,500 restricted shares were fully issued on August 13, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 30, 2024, the Company entered into agreements with two third party companies for their consulting service with a period of one year, and the Company granted each of the two third party companies 62,500 restricted shares with a value of $2,080,000 based on the closing stock price of $33.28 as consideration for their consulting services. The vesting period of these shares was six months from the date of contracts. The 125,000 restricted shares were fully issued on October 29, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 1, 2024, the Company entered into an agreement with a third party company for its consulting service with a period of one year, and the Company granted this third party company 62,500 restricted shares with a value of $4,060,000 based on the closing stock price of $64.96 as consideration for its consulting services. The vesting period of these shares was six months from the date of contract. The 62,500 restricted shares were fully issued on March 4, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The share-based compensation expense recorded for these restricted shares issued for service was $3,643,333 for the year ended March 31, 2025. As of March 31, 2025, the unrecognized share-based compensation expense of these restricted shares issued was $4,936,667, which is expected to be recognized over a weighted average period of approximately 0.59 years.</span></p> 125000 58188 37500 3410200 35.2 36.32 95688 2672450 737750 P0Y5M15D 12500 360000 28.8 P1Y P9M 12500 2 P1Y 2 62500 2080000 33.28 P6M 125000 P1Y 62500 4060000 64.96 P6M 62500 3643333 4936667 P0Y7M2D <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 19 — SUBSEQUENT EVENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the subsequent events through August 14, 2025, and concluded that there are no other material reportable subsequent events except disclosed above that would have required adjustment or disclosure in the financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 20 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X require the condensed financial information of the parent company to be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company’s PRC subsidiary and the VIEs exceeded 25% of the consolidated net assets of the Company, therefore, the condensed financial statements for the parent company are included herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of the above test, restricted net assets of consolidated subsidiaries and the VIEs shall mean that amount of the Company’s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries and the VIEs in the form of loans, advances or cash dividends without the consent of a third party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries and VIEs” and the respective profit or loss as “Equity in earnings of subsidiaries and VIEs” on the condensed statements of comprehensive income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S GAAP have been condensed or omitted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company did not pay any dividend for the periods presented. As of March 31, 2025 and 2024, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARENT COMPANY BALANCE SHEETS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>Current assets</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -10pt; padding-left: 30pt">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,885,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,497,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Intercompany receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,564,119</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,008,708</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,046,622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,008,708</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Investment in subsidiaries and VIEs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,032,153</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,733,725</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Total assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,078,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,742,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Convertible note payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,391,945</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Accrued liabilities and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,608,677</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,608,677</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">COMMITMENTS AND CONTINGENCIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Class A ordinary share, par value $0.0016 per share, 112,500,000,000 shares authorized, 1,115,172 and 914,313 shares issued and outstanding as of March 31, 2025 and 2024, respectively*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,463</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 20pt">Class B ordinary share, par value $0.0016 per share, 12,500,000,000 shares authorized, 366,000 shares issued and outstanding as of March 31, 2025 and 2024, respectively*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">586</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,754,806</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,175,965</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Retained earnings (accumulated deficits)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,422,343</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,375,975</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(864,735</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(811,556</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Total shareholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,470,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,742,433</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 30pt">Total liabilities and shareholders’ equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,078,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,742,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Retrospectively adjusted to reflect the authorized share capital increase effective on January 8, 2026, 16-for-1 share consolidation effective on April 20, 2026, authorized share capital increase effective on May 6, 2026 (see Note 21).</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">OPERATING EXPENSES</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Selling expenses</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,256,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,239,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">OTHER INCOME</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expenses, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67,043</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Amortization of debt issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(230,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on derivative liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(356,134</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES AND VIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,648,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8,652</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">477,689</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NET INCOME (LOSS)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,798,318</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,652</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,689</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">FOREIGN CURRENCY TRANSLATION ADJUSTMENTS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(53,179</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(526,589</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(790,166</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">COMPREHENSIVE LOSS ATTRIBUTABLE TO THE COMPANY</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,851,497</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(517,937</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(312,477</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARENT COMPANY STATEMENTS OF CASH FLOWS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>CASH FLOWS FROM OPERATING ACTIVITIES:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -0.1in; padding-left: 20pt">Net income (loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(10,798,318</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,652</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">477,689</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Adjustments to reconcile net cash flows used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,672,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Issuance of Class A Ordinary Share for services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,643,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Amortization of debt issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Accrued interest expense for convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Debt restructuring loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Changes in operating assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100,156</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Equity in earnings of subsidiary and VIEs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,648,393</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,652</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(477,689</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Net cash used in operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,093,115</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Payments made to intercompany</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,168,580</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Payments made to related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,497,089</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Net cash used in investing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,665,669</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Net proceeds from initial public offerings, net of issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,436,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Net proceeds from issuance of convertible note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,206,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Proceeds from loans from related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Net cash provided by financing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,644,042</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CHANGES IN CASH AND CASH EQUIVALENTS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,885,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH AND CASH EQUIVALENTS, beginning of year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">CASH AND CASH EQUIVALENTS, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,885,258</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">SUPPLEMENTAL NON-CASH FINANCING ACTIVITY:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 13.2pt">Increase of intercompany receivables due to Subsidiaries and VIEs collection of proceeds of issuance of Class A securities on behalf of the parent company</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">458,341</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">548,367</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>ASSETS</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>Current assets</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-indent: -10pt; padding-left: 30pt">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,885,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,497,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Intercompany receivable</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,564,119</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,008,708</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,046,622</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,008,708</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Investment in subsidiaries and VIEs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,032,153</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,733,725</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Total assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,078,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,742,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Convertible note payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,391,945</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Derivative liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,032,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Accrued liabilities and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total current liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,608,677</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,608,677</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">COMMITMENTS AND CONTINGENCIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -10pt; padding-left: 20pt">Class A ordinary share, par value $0.0016 per share, 112,500,000,000 shares authorized, 1,115,172 and 914,313 shares issued and outstanding as of March 31, 2025 and 2024, respectively*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,784</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,463</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -10pt; padding-left: 20pt">Class B ordinary share, par value $0.0016 per share, 12,500,000,000 shares authorized, 366,000 shares issued and outstanding as of March 31, 2025 and 2024, respectively*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">586</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">586</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,754,806</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,175,965</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Retained earnings (accumulated deficits)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,422,343</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,375,975</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(864,735</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(811,556</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Total shareholders’ equity</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,470,098</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,742,433</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 30pt">Total liabilities and shareholders’ equity</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,078,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,742,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Retrospectively adjusted to reflect the authorized share capital increase effective on January 8, 2026, 16-for-1 share consolidation effective on April 20, 2026, authorized share capital increase effective on May 6, 2026 (see Note 21).</td> </tr></table> 2885258 0 1497089 0 100156 0 3564119 1008708 8046622 1008708 7032153 9733725 15078775 10742433 2391945 0 2032530 0 42500 0 100 0 141602 0 4608677 0 4608677 0 0 0 0.0016 0.0016 112500000000 112500000000 1115172 1115172 914313 914313 1784 1463 0.0016 0.0016 12500000000 12500000000 366000 366000 366000 366000 586 586 13754806 3175965 -2422343 8375975 -864735 -811556 10470098 10742433 15078775 10742433 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">OPERATING EXPENSES</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Selling expenses</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,256,284</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">General and administrative expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,239,764</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">OTHER INCOME</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expenses, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67,043</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Amortization of debt issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(230,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on derivative liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(356,134</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">EQUITY IN EARNINGS (LOSS) OF SUBSIDIARIES AND VIES</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(2,648,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">8,652</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">477,689</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NET INCOME (LOSS)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,798,318</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,652</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">477,689</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">FOREIGN CURRENCY TRANSLATION ADJUSTMENTS</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(53,179</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(526,589</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(790,166</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">COMPREHENSIVE LOSS ATTRIBUTABLE TO THE COMPANY</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(10,851,497</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(517,937</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(312,477</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 2256284 0 0 5239764 0 0 -67043 0 0 -230700 0 0 -356134 0 0 -2648393 8652 477689 -10798318 8652 477689 -53179 -526589 -790166 -10851497 -517937 -312477 <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">For the Years Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>CASH FLOWS FROM OPERATING ACTIVITIES:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; text-indent: -0.1in; padding-left: 20pt">Net income (loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(10,798,318</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,652</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">477,689</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Adjustments to reconcile net cash flows used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,672,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Issuance of Class A Ordinary Share for services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,643,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Amortization of debt issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">356,134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Accrued interest expense for convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Debt restructuring loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Changes in operating assets and liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100,156</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Payroll payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Accrued expenses and other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Equity in earnings of subsidiary and VIEs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,648,393</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,652</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(477,689</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Net cash used in operating activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,093,115</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Payments made to intercompany</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,168,580</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Payments made to related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,497,089</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Net cash used in investing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,665,669</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Net proceeds from initial public offerings, net of issuance costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,436,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Net proceeds from issuance of convertible note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,206,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 20pt">Proceeds from loans from related parties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 30pt">Net cash provided by financing activities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,644,042</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">CHANGES IN CASH AND CASH EQUIVALENTS</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,885,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.1in; padding-left: 0.1in">CASH AND CASH EQUIVALENTS, beginning of year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">CASH AND CASH EQUIVALENTS, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,885,258</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in">SUPPLEMENTAL NON-CASH FINANCING ACTIVITY:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.1in; padding-left: 13.2pt">Increase of intercompany receivables due to Subsidiaries and VIEs collection of proceeds of issuance of Class A securities on behalf of the parent company</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">458,341</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">548,367</td><td style="text-align: left"> </td></tr> </table> -10798318 8652 477689 2672450 0 0 3643333 0 0 356134 0 0 230700 0 0 -70247 0 0 100156 0 0 42500 0 0 141602 0 0 -2648393 8652 477689 -1093115 0 0 3168580 0 0 1497089 0 0 -4665669 0 0 4436973 0 0 4206970 0 0 99 0 0 8644042 0 0 2885258 0 0 2885258 0 0 0 458341 548367 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 21 — OTHER SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Security Promissory Notes and Pledge Agreements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>February 2026 Security Promissory Note and Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 20, 2026, the Company issued a secured promissory note (the “February Promissory Note”) to a lender in the principal amount of $880,000 for a purchase price of $800,000, reflecting an original issuance discount of $80,000. The February Promissory Note bears interest at 8% per annum and matures on October 20, 2026. Upon the occurrence of certain events of default, the interest rate on the February Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the February Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the February Promissory Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the February Promissory Note, Zhidan Mao, the Company’s Chairman, and Qiwei Miao, the Company’s Chief Executive Officer and director (collectively, the “Pledgors”) entered into a pledge agreement (the “February Pledge Agreement”) with the lender, Pursuant to the February Pledge Agreement, the Pledgors collective pledged to the lender an aggregate of 3,603,692 Class B Ordinary Shares of the Company (or 225,231 Class B Ordinary Shares as adjusted to reflect the Share Consolidation) held by such Pledgors. The February Pledge Agreement secures all of the Company’s obligations under the February Promissory Note and grants the lender a continuing, first-priority security interest in the February Pledged Shares, including all associated substitutions, replacements, proceeds, and distributions, as well as all rights relating thereto. Upon the occurrence and continuance of certain events of default under the February Promissory Note, the lender is entitled to exercise customary secured party remedies with respect to the February Pledged Shares, subject to applicable notice and cure provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company used the net proceeds from the February Promissory Note to repay a portion of the outstanding balance of certain convertible debentures previously issued to YA II PN, LTD.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>March 2026 Security Promissory Note and Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 13, 2026, the Company issued a secured promissory note (the “March Promissory Note”) to a lender in the principal amount of $330,000 for a purchase price of $300,000. The Principal Amount includes an original issuance discount of $30,000. The March Promissory Note bears interest at a fixed rate of 8% per annum and will mature in full on November 12, 2026. Upon the occurrence of certain events of default, the interest rate on the March Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the March Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the March Promissory Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the March Promissory Note, on March 13, 2026, the Pledgors entered into a pledge agreement (the “March Pledge Agreement”) with the lender. Pursuant to the March Pledge Agreement, the Pledgors collective pledged to the lender an aggregate of 1,126,154 Class B Ordinary Shares of the Company (or 70,385 Class B Ordinary Shares as adjusted to reflect the Share Consolidation) held by such Pledgors. The March Pledge Agreement secures all of the Company’s obligations under the March Promissory Note and grants the lender a continuing, first-priority security interest in the March Pledged Shares, including all associated substitutions, replacements, proceeds, and distributions, as well as all rights relating thereto. Upon the occurrence and continuance of certain events of default under the March Promissory Note, the lender is entitled to exercise customary secured party remedies with respect to the March Pledged Shares, subject to applicable notice and cure provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company used the net proceeds from the March Promissory Note to repay a portion of the outstanding balance of certain convertible debentures previously issued to YA II PN, LTD.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>April 2026 Security Promissory Note and Pledge Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 4, 2026, the Company issued a secured promissory note (the “April Promissory Note”) to another lender in the principal amount of $300,000 for a purchase price of $300,000. The April Promissory Note bears no interest and will mature in full on July 3, 2026. Upon the occurrence of certain events of default, the interest rate on the April Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the April Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the April Promissory Note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the April Promissory Note, on April 3, 2026, the Pledgors entered into a pledge agreement (the “April Pledge Agreement”) with the lender. Pursuant to the April Pledge Agreement, the Pledgors collective pledged to the lender an aggregate of 1,126,154 Class B Ordinary Shares of the Company (or 70,385 Class B Ordinary Shares as adjusted to reflect the Share Consolidation) held by such Pledgors (collectively, the “April Pledged Shares”). The April Pledge Agreement secures all of the Company’s obligations under the April Promissory Note and grants the lender a continuing, first-priority security interest in the April Pledged Shares, including all associated substitutions, replacements, proceeds, and distributions, as well as all rights relating thereto. Upon the occurrence and continuance of certain events of default under the April Promissory Note, the lender is entitled to exercise customary secured party remedies with respect to the April Pledged Shares, subject to applicable notice and cure provisions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company used the net proceeds from the April Promissory Note to repay a portion of the outstanding balance of certain convertible debentures previously issued to YA II PN, LTD. As of the date of this prospectus, the convertible debentures previously issued to YA II PN, LTD have been fully satisfied and are no longer outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Change in Authorized Capital and Share Consolidation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April1 10, 2026, the board of directors of the Company approved a share consolidation of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2026, the Company’s shareholders approved an increase of the Company’s authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value of US$0.0016 each to US$200,000,000 divided into 125,000,000,000 ordinary shares of a par value of US$0.0016 each, with immediate effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company has retroactively adjusted all shares and per share data for all periods presented. For details refer to Note 17.</p> 880000 800000 80000 0.08 3603692 225231 330000 300000 30000 0.08 Upon the occurrence of certain events of default, the interest rate on the March Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the March Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the March Promissory Note. 1126154 70385 300000 300000 The April Promissory Note bears no interest and will mature in full on July 3, 2026. Upon the occurrence of certain events of default, the interest rate on the April Promissory Note automatically increases to 18%. The Company may not voluntarily repay any portion of the outstanding balance before the maturity date without the prior written consent of the lender. Furthermore, the April Promissory Note is subject to mandatory repayment if the Company receives cash proceeds from any debt or equity financing, in which case the lender may require the Company to apply up to 100% of such proceeds toward the repayment of the April Promissory Note. 1126154 70385 the Company’s shareholders approved an increase of the Company’s authorized share capital from US$10,000 divided into 100,000,000 ordinary shares of a par value of US$0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, with immediate effect. the board of directors of the Company approved a share consolidation of all of the Company’s issued and unissued Class A ordinary shares and Class B ordinary shares at a ratio of sixteen (16)-for-one (1) (the “Share Consolidation”). the Company’s shareholders approved an increase of the Company’s authorized share capital from US$50,000 divided into 31,250,000 ordinary shares of a par value of US$0.0016 each to US$200,000,000 divided into 125,000,000,000 ordinary shares of a par value of US$0.0016 each, with immediate effect. F-1/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 http://fasb.org/us-gaap/2026#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember P5Y 0 P3Y P3Y P5Y P10Y 14144000 5856000 http://fasb.org/us-gaap/2026#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember P5Y 0 http://fasb.org/us-gaap/2026#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2026#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2026#OtherNonoperatingIncomeExpense P3Y P3Y P5Y P10Y 14144000 5856000 0001879754 true Retrospectively adjusted to reflect the authorized share capital increase effective on January 8, 2026, 16-for-1 share consolidation effective on April 20, 2026, authorized share capital increase effective on May 6, 2026 (see Note 20). Retrospectively adjusted to reflect the authorized share capital increase effective on January 8, 2026, 16-for-1 share consolidation effective on April 20, 2026, authorized share capital increase effective on May 6, 2026 (see Note 21). Retrospectively adjusted to reflect the authorized share capital increase effective on January 8, 2026, 16-for-1 share consolidation effective on April 20, 2026, authorized share capital increase effective on May 6, 2026 (see Note 20) On March 17, 2023, the shareholders of the Changyun approved a reduction of its registered capital from RMB5.0 million ($699,007) to RMB1.0 million ($139,801). RMB704,000 ($98,220) of capital contribution was returned to the NCI during the year ended March 31, 2024 and the remaining of RMB1,096,000 ($179,185) of capital contribution was fully returned to the NCI during the year ended March 31, 2025. Loans to third-parties and employees are mainly used for short-term funding to support various third-party suppliers and employees. These loans bear no interest and have terms of no more than one year. As of September 30, 2025 and March 31, 2025, the allowance for credit losses was $431,520 and $80,877, respectively. For loans to third parties and employees, approximately 19.1%, or $338,039 of the September 30, 2025 balances have been subsequently collected as of February 28, 2026. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward to offset future net VAT payables. Prepaid expenses primarily include prepaid professional expenses in relation to consulting services. Customer security deposit mainly includes deposits paid by customers of leasing equipment business. Service fees payable primarily includes unpaid audit, legal and accounting related professional service fees. Loans to third-parties and employees are mainly used for short-term funding to support various third-party suppliers and employees. These loans bear no interest and have terms of no more than one year. As of March 31, 2025 and 2024, the allowance for credit losses was $80,877 and $19,647, respectively. For loans to third parties and employees, approximately 95.5%, or $975,696 of the March 31, 2025 balances have been subsequently collected as of August 14, 2025. Entities that are VAT general taxpayers are allowed to offset qualified input VAT tax paid to suppliers against their output VAT liabilities. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward to offset future net VAT payables. Prepaid expenses primarily include prepaid professional expenses in relation to consulting services. Customer security deposit mainly includes deposits paid by customers of leasing equipment business. Service fees payable primarily includes unpaid audit, legal and accounting related professional service fees.