| PREPAID EXPENSES AND OTHER ASSETS, NET |
Note 5 PREPAID EXPENSES AND OTHER ASSETS, NET Prepaid expenses and other assets consist of the following items: | | | As of
March 31, 2026 | | | As of
September 30, 2025 | | | Deposit for long term investment(1) | | | 3,000,000 | | | | 3,000,000 | | | Rental deposit | | | 9,187 | | | | 9,252 | | | Prepayment | | | 106,216 | | | | 4,888 | | | Amount due from Prestige Financial Holdings Group Limited (“PFHL”)(2) | | | 1,673,472 | | | | 1,685,300 | | | Amount due from Prestige Securities Limited (“PSL”).(3) | | | 15,312 | | | | 15,420 | | | Others | | | 2,315 | | | | — | | | Less: allowance for current expected credit losses | | | (4,688,799 | ) | | | (4,700,734 | ) | | Total | | $ | 117,703 | | | $ | 14,126 | | | Prepaid expenses and other assets, current | | $ | 117,703 | | | $ | 14,126 | | | (1) | The balance as of March 31, 2026 mainly comprised of a deposit payment of US$3 million cash to the acquisition target investee from September 2024. After the payment, during the due diligence and negotiation process the Group noted that the potential transaction did not meet its initial expectation. As such, the Group decided to cancel this potential transaction. As of March 31, 2026, the Group has booked full allowance of prepaid deposit for acquisition of US$3 million. | | (2) | The balances as of March 31, 2026 mainly represented the balances due from PFHL, a former related party, for its operation purpose, which were due upon request. On December 7, 2024, the Group received a letter and was informed that PFHGL was in liquidation by an Order made by the Eastern Caribbean Supreme Court in the British Virgin Islands since December 2, 2024. As of the date of this report, the Group was still in the process of collection. During the year ended September 30, 2024, the Group provided a full allowance for credit losses, as the credit risk was perceived as remote. As of March 31, 2026, the allowance for credit losses were $1,673,472. PFHGL is no longer a related party since December 2024. | | (3) | The balances as of March 31, 2026 mainly represented the balances due from PSL, a former related party, for its operation purpose, which were due upon request. The Group leases the office premises to PSL under non-cancelable operating leases with an expiration date on June 30, 2025. The monthly rental expense is HK$10,000. As of September 30, 2024, the Group provided full allowance for the credit losses accordingly considering the status of PFHGL. As of March 31, 2026, the allowance for credit losses were $15,312. PSL is no longer a related party since December 2024. |
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