v3.26.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Mar. 31, 2025
CURRENT ASSETS:    
Cash $ 2,115,342 $ 4,819,639
Accounts receivable, net 186,830,286 107,305,580
Merchandise inventories, net 14,433,760 4,370,803
Compensation receivable for consumption tax, current, net 8,707,457 7,178,775
Prepaid expenses and other current assets, net 6,127,587 13,542,183
TOTAL CURRENT ASSETS 219,436,251 137,218,305
Property and equipment, net 4,492,810 10,763,020
Operating lease right-of-use assets 7,935,439 6,031,284
Life insurance policy, cash surrender value 527,873
Compensation receivable for consumption tax, non-current, net 2,039,840
Long-term prepaid expenses and other non-current assets, net 1,243,382 1,777,736
TOTAL ASSETS 233,635,755 157,830,185
CURRENT LIABILITIES:    
Short-term borrowings 50,319,318 57,903,207
Current portion of long-term borrowings 1,790,579 706,531
Accounts payable 105,635,444 25,057,104
Deferred revenue 2,336,812 8,027,153
Taxes payable 1,123,404 349,671
Operating lease liabilities, current 2,433,468 2,068,399
Finance lease liabilities, current 86,270 138,180
Warrants liabilities 1,001,178 2,502,718
Other payables and other current liabilities 3,215,841 1,998,713
TOTAL CURRENT LIABILITIES 168,368,624 101,457,942
Operating lease liabilities, non-current 5,670,073 4,003,366
Finance lease liabilities, non-current 73,053 119,068
Long-term borrowings 11,516,741 6,501,772
Other non-current liabilities 1,291,866 1,470,135
Deferred tax liabilities, net 2,707,787 1,263,872
TOTAL LIABILITIES 192,470,577 114,816,155
COMMITMENTS AND CONTINGENCIES  
SHAREHOLDERS’ EQUITY    
Ordinary shares, no par value,100,000,000 shares authorized; 42,327,806 shares and 42,220,206 shares issued and outstanding as of March 31, 2026 and 2025, respectively 81,150 81,150
Capital reserve 26,946,116 26,946,116
Retained earnings 27,877,884 27,695,268
Accumulated other comprehensive loss (13,839,803) (11,708,504)
TOTAL SHAREHOLDERS’ EQUITY 41,065,347 43,014,030
Non-controlling interest 99,831
TOTAL EQUITY 41,165,178 43,014,030
TOTAL LIABILITIES AND EQUITY 233,635,755 157,830,185
Related Party    
CURRENT ASSETS:    
Accounts receivable - related parties, net 4,866 117
Due from related parties 1,216,953 1,208
CURRENT LIABILITIES:    
Accounts payable - related parties 154 2,678,588
Due to related parties 426,156 27,678
Due to related parties, non-current $ 2,842,433