| SHORT-TERM AND LONG-TERM BANK LOAN |
NOTE 25 — SHORT-TERM AND LONG-TERM
BANK LOAN
| | |
As at
March 31,
2026 | | |
As at
March 31,
2025 | |
| Instalment bank loan – current portion | |
$ | 877,904 | | |
$ | 371,558 | |
| Instalment bank loan – noncurrent portion | |
| - | | |
| 1,503,797 | |
| Total loan | |
$ | 877,904 | | |
$ | 1,875,355 | |
Bank loans represent the amounts due to various
banks. As of March 31, 2026 and 2025, long-term bank loans consisted of the following:
Summary of Current portion of long-term
bank loans
| | | Annual
Interest | | Last
payment | | As at
March 31, | | | As of
March 31, | | | | | Rate | | date | | 2026 | | | 2025 | | | Current portion of long-term bank loans: | | | | | | | | | | | | Bank of China Ltd. (1) | | 2.5% below Hong Kong Dollar Prime Rate | | February 4, 2026 | | | - | | | | 51,307 | | | Bank of China Ltd. (1) | | 2.5% below Hong Kong Dollar Prime Rate | | October 19, 2033 | | | 762,543 | | | | 88,852 | | | Livi Bank (1) | | 4.02 | % | January 10, 2030 | | | - | | | | 131,881 | | | Standard Chartered Bank (2) | | 3.96 | % | April 24, 2027 | | $ | 115,361 | | | $ | 99,518 | | | Total | | | | | | $ | 877,904 | | | $ | 371,558 | |
Summary of non-current portion of long-term
bank loans
| | | Annual
Interest | | Last
payment | | As at
March 31, | | | As of
March 31, | | | | | Rate | | date | | 2026 | | | 2025 | | | Non-current portion of long-term bank loans: | | | | | | | | | | | | Bank of China Ltd. (1) | | 2.5% below Hong Kong Dollar Prime Rate | | February 4, 2026 | | $ | - | | | $ | - | | | Bank of China Ltd. (1) * | | 2.5% below Hong Kong Dollar Prime Rate | | October 19, 2033 | | | - | | | | 769,002 | | | Livi Bank (1) | | 4.02 | % | January 10, 2030 | | | - | | | | 618,543 | | | Standard Chartered Bank (2) * | | 3.96 | % | April 24, 2027 | | $ | - | | | $ | 116,252 | | | Total | | | | | | $ | - | | | $ | 1,503,797 | |
| (1) | The loans are guaranteed by Mr. Wong, Chairman of the Board of Directors of the Company. |
| | |
| (2) | The loan is guaranteed by Mr. Wong, Chairman of the Board of Directors of the Company, and Mr. Zhang, a former Director of the Company. | | | | | * | As the loans can be asked for redemption by banks, these loans were reclassified as current liability. |
|