| Receivables from Customers, Net |
5. Receivables from Customers, Net As of March 31, 2026 and 2025, receivables from customers, net, consisted of the following balances: | | | As of March 31, | | | | | 2026 | | | 2025 | | | Third parties | | | | | | | | Receivables related to securities brokerage services | | | | | | | | Unsettled trades on trade-date basis | | $ | 1,001 | | | $ | 59,407 | | | Overdue balances on settlement dates(1) | | | 2,268,750 | | | | 344,052 | | | Receivables related to advisory fees | | | 197,690 | | | | 110,260 | | | Receivables related to due diligence services | | | 19,781 | | | | 29,885 | | | Receivables related to introducing and referral services | | | 106,073 | | | | 176,593 | | | Receivables related to investment management services | | | 32,074 | | | | 8,884 | | | Receivables related to underwriting and placement services | | | 28,271 | | | | - | | | | | | 2,653,640 | | | | 729,081 | | | Less: allowance for expected credit losses | | | (141,161 | ) | | | (105,104 | ) | | Total receivables from customers, net | | $ | 2,512,479 | | | $ | 623,977 | | | | | | | | | | | | | Related party | | | | | | | | | | Receivables related to securities brokerage services | | | | | | | | | | Overdue balances on settlement dates(1) | | $ | - | | | $ | 1,183 | | | Less: allowance for expected credit losses | | | - | | | | (11 | ) | | Total receivables from customers-related party, net | | $ | - | | | $ | 1,172 | | | (1) | According to the contracts entered into between the Group and its customers, the Group shall charge its customers on amounts due on brokerage transactions which are not yet duly settled on settlement dates an interest at Hong Kong Prime Lending Rate plus 8% per annum. Further according to the terms set out in the contracts, the Group is entitled to liquidate the security positions it holds on behalf of the particular customers in order to recover the receivable balances in cases of default. As of March 31, 2026 and 2025, the Group maintained a weighted average Loan-To-Value ratio of 5.15% and 12.98% against these balances, respectively. | Subsequent to the year ended March 31, 2026, receivables from customers amounted to $2,206,563 have been settled. The movement of allowance for expected credit losses is as follows: | | | As of March 31, | | | | | 2026 | | | 2025 | | | Balance at beginning of the year | | $ | 105,115 | | | $ | 6,641 | | | Provision for expected credit losses | | | 36,945 | | | | 98,249 | | | Foreign exchange difference | | | (899 | ) | | | 225 | | | Balance at end of the year | | $ | 141,161 | | | $ | 105,115 | |
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