| Other non-current assets |
Note
8 – Other non-current assets
As
of March 31, 2026 and 2025, other non-current assets consisted of the followings:
Schedule
of other non-current assets
| | |
2026 | | |
2025 | |
| | |
As of March 31, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| Prepayment for wind power logistics development (1) | |
$ | 1,209,000 | | |
$ | - | |
| Security deposits paid to customers (2) | |
| 601,790 | | |
| 1,830,225 | |
| Prepaid service fees (3) | |
| 306,793 | | |
| - | |
| Operating lease deposits | |
| 11,308 | | |
| 24,529 | |
| Others | |
| 261,769 | | |
| 66,124 | |
| Other non-current assets | |
$ | 2,390,660 | | |
$ | 1,920,878 | |
| (1) |
On June 6, 2025, the Company entered into a three-year cooperation agreement (expiring June 5, 2028) with a third-party for the development project for wind farm and wind power logistics at Laem Chabang Port, Thailand. Under the agreement, the Company is responsible for project funding, managing third-party carriers, and handling customer settlements, while retaining final approval over each secured business opportunity. The third-party is responsible for local market development and business sourcing in Thailand. The total budgeted investment for the project is US$5,000,000, fully borne by the Company. In the event of project failure, the supplier is contractually obligated to refund all amounts paid by the Company. As of March 31, 2026, the Company had disbursed US$1,209,000 to the third party. As of March 31, 2026, the project has officially launched; however, because the project is in its initial stage and no substantive commercial operations have occurred, the net amount paid of is classified within other non-current assets based on expiry of contract. |
| (2) |
The
Company has entered into framework agreements with several major customers in order to establish long-term relationships with these
customers. According to the agreements, the Company has maintained a security deposit with each of these customers as a guarantee
for the safety of their goods during the transportation processes. These agreements have no fixed term and can be terminated at
will. According to the agreements, the Company is entitled to have the security deposit back once the cooperative agreement is
terminated. Management classified these as non-current assets since they expect no termination in the foreseeable
future. |
| |
|
| (3) |
On October 17, 2025, the Company
entered into an 18-month agreement with a third-party vendor to provide IT system consulting and development services. Pursuant to the
agreement, the total contract consideration was HK$5,372,800
(approximately US$688,485), with 50%
payable as an advance payment upon signing. Upon project completion, all intellectual property rights and source code will be transferred
to and solely owned by the Company. As of March 31, 2026, the Company had paid an initial deposit of US$306,793.
As of March 31, 2026, the project has been officially launched but remains in progress. Since
the amount will be capitalized as intangible assets once the software is available for use, the amount paid is classified within other
non-current assets. |
|