PROMISSORY NOTE RECEIVABLES |
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| PROMISSORY NOTE RECEIVABLES | NOTE – 7 PROMISSORY NOTE RECEIVABLES
During the year ended March 31, 2026, the Company entered into several promissory notes totalling HK$51.7 million, bearing annual interest rates ranging from 5.0% to 24.0%. One promissory note totalling HK$6.24 million was settled in full during the year ended March 31, 2026.
As of March 31, 2026, two promissory notes of HK$17.3 million for which, pursuant to Promissory Note Extension Agreements dated March 31, 2026, the maturity periods were extended from March 31, 2026 to December 31, 2026. The interest rates remained at the rate of 5.0 to 6.0% per annum.
As of March 31, 2026, one promissory note of HK$6.2 million for which, pursuant to Promissory note Extension Agreement dated December 31, 2025, the maturity period was extended from December 31, 2025 to September 30, 2026. The interest rates remained at the rate of 5.0% per annum.
As of March 31, 2026, one promissory note of HK$9.4 million for which, pursuant to Promissory note Extension Agreement dated March 30, 2026, the maturity period was extended from March 31, 2026 to September 30, 2026. The interest rates remained at the rate of 5.0% per annum.
As of March 31, 2026, one promissory note of HK$6.2 million for which, pursuant to promissory note agreement dated March 5, 2026, the maturity date is May 11, 2026. Pursuant to Promissory note Extension Agreement dated May 11, 2026, the maturity period was extended from May 11, 2026 to June 30, 2026. Pursuant to 2nd Promissory note Extension Agreement dated June 30, 2026, the maturity period was further extended from June 30, 2026 to September 30, 2026. The interest rates remained at the rate of 24.0% per annum.
For the years ended March 31, 2024, 2025 and 2026, the interest income derived from promissory note receivables amounted to HKD0, HKD1.3 million and approximately HKD2.3 million (USD0.3 million).
The following table presents the activities in the allowance for expected credit losses for promissory notes receivables:
Allowance for expected credit losses for promissory notes receivables were recognized HKD, HKD47,123 and HKD145,737 (USD18,685) during the years ended March 31, 2024, 2025 and 2026, respectively. |
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