| Other current assets, net |
Note
5 – Other current assets, net
As
of March 31, 2026 and 2025, other current assets, net, consisted of the followings:
Schedules
of other current assets, net
| | |
| | |
| |
| | |
As of March 31, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| Advance to employees (1) | |
$ | 3,160,562 | | |
$ | 1,588,490 | |
| Security deposits paid to a customer (2) | |
| 960,468 | | |
| - | |
| Bid securities (3) | |
| 326,182 | | |
| - | |
| Deposits to containers (4) | |
| 256,596 | | |
| 381,716 | |
| Prepaid input value-added taxes | |
| 116,962 | | |
| 71,692 | |
| Others | |
| 104,292 | | |
| 216,186 | |
| Other current assets, gross | |
| 4,925,062 | | |
| 2,258,084 | |
| Less: allowance for expected credit losses | |
| (7,146 | ) | |
| (4,234 | ) |
| Other current assets, net | |
$ | 4,917,916 | | |
$ | 2,253,850 | |
| (1) |
The
balance represented petty cash advanced to employees in charge of each transportation deal for the expenses to be incurred during
the transportation services processes when transporting oversized cargo (such as wind turbines) to remote rural areas, usually, there
will be complicated road conditions, and we generally advance cash to employees in charge for these projects
in order to cover spontaneous fees such as to widen country roads, dismantle obstacles, set up temporary bridges, etc. in order to
complete the transportation process. Such fees will be reimbursed by the customer to the employees in charge directly after the completion
of the delivery, and the employee will return the advances to the Company after receiving the reimbursement from the customer. As
of report date, $1,042,301 or 21% of the outstanding balance as of March 31, 2026 has been reimbursed by our customers and repaid from
employees. |
| |
|
| (2) |
The
balance represents a security deposit paid to a customer to guarantee goods safety during transit. The deposit is expected to be
refunded within one year upon service completion. |
| |
|
| (3) |
The
balance represents security deposits paid for logistics project bids, refundable upon conclusion of the bidding process. |
| |
|
| (4) |
The
balance represented security deposits paid to the containers for cross-border transportation services, which is refundable upon the
services were completed. |
The
movement of the allowance for expected credit losses for other current assets was as follows:
Schedules
of allowance for expected credit losses for other current assets
| | |
| | |
| | |
| |
| | |
For the year ended March 31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| | |
| | |
| | |
| |
| Balance at the beginning of year | |
$ | 4,234 | | |
$ | 3,647 | | |
$ | 1,571 | |
| Recognized expected credit losses | |
| 2,615 | | |
| 609 | | |
| 2,168 | |
| Exchange realignment | |
| 297 | | |
| (22 | ) | |
| (92 | ) |
| Balance at the end of year | |
$ | 7,146 | | |
$ | 4,234 | | |
$ | 3,647 | |
|