Note 11 – Contract liabilities

As of March 31, 2026 and 2025, the Company had contract liabilities of $3,233,089 and $117,191, respectively. In terms of warehouse subleasing services, rentals are generally required to be paid in advance. In addition, certain transportation service contracts would require the customer to pay a portion of the total price before services are rendered. These advanced payments from customers for services to be performed in the future are recognized as contract liabilities, and the Company reduces such liabilities and recognizes revenues after it fulfills pertinent performance obligations, usually within one year.

The movement of contract liabilities was as follows:

 Schedule of contract liabilities

During the year ended March 31, 2026, revenues of $117,191 were recognized that were included in the contract liabilities balance at the beginning of the year.

During the year ended March 31, 2025, revenues of $241,008 were recognized that were included in the contract liabilities balance at the beginning of the year.

During the year ended March 31, 2024, revenues of $219,701 were recognized that were included in the contract liabilities balance at the beginning of the year.