| RECLASSIFICATION OF PRIOR PERIOD AMOUNTS |
NOTE 26 – RECLASSIFICATION OF PRIOR
PERIOD AMOUNTS
In connection with the preparation of the consolidated
financial statements for the year ended March 31, 2026, management reassessed the classification of certain lease arrangements under ASC
842, Leases.
Based on the reassessment, certain lease arrangements
previously presented as finance leases in the consolidated financial statements for the years ended March 31, 2025 and 2024 have been
reclassified as operating leases to conform with the current year presentation.
The reclassification
affected the presentation of certain lease-related amounts within the consolidated financial statements and related disclosures. The
reclassification had not effect on previously reported net income, earnings per share, total assets, total liabilities, shareholders’
equity, or net cash provided by (used in) operating, investing and financing activities.
Consolidated And Combined Balance Sheets as of March 31, 2025
| | |
2025 | |
| | |
Original | | |
Reclassification | | |
Final | |
| | |
US$ | | |
US$ | | |
US$ | |
| Non-current assets | |
| | |
| | |
| |
| Right-of-use assets under – financing leases | |
| 328,203 | | |
| (328,203 | ) | |
| - | |
| Right-of-use assets under – operating leases | |
| - | | |
| 328,203 | | |
| 328,203 | |
| | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Current lease liabilities under finance lease | |
| 175,315 | | |
| (175,315 | ) | |
| - | |
| Current lease liabilities under operating lease | |
| - | | |
| 175,315 | | |
| 175,315 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Non-current lease liabilities under finance lease | |
| 848,859 | | |
| (848,859 | ) | |
| - | |
| Non-current lease liabilities under operating lease | |
| - | | |
| 848,859 | | |
| 848,859 | |
Consolidated and Combined Statement of Operations
and Comprehensive Income for the year ended March 31, 2025
| | |
| | |
2025 | | |
| |
| | |
Original | | |
Reclassification | | |
Final | |
| | |
US$ | | |
US$ | | |
US$ | |
| General and administrative expenses | |
| 1,669,513 | | |
| 15,870 | | |
| 1,685,383 | |
| Interest expenses | |
| 76,564 | | |
| (15,870 | ) | |
| 60,694 | |
Consolidated and Combined Statement of Operations
and Comprehensive Income for the year ended March 31, 2024
| | |
2024 | |
| | |
Original | | |
Reclassification | | |
Final | |
| | |
US$ | | |
US$ | | |
US$ | |
| General and administrative expenses | |
| 1,239,981 | | |
| 19,860 | | |
| 1,259,841 | |
| Interest expenses | |
| 55,550 | | |
| (19,860 | ) | |
| 35,690 | |
Consolidated And Combined Statement of Cash Flow for the year ended
March 31, 2025
| | |
| | |
2025 | | |
| |
| | |
Original | | |
Reclassification | | |
Final | |
| | |
US$ | | |
US$ | | |
US$ | |
| Operating activities | |
| | |
| | |
| |
| Income tax expenses | |
| 52,755 | | |
| (52,755 | ) | |
| - | |
| Interest income | |
| (91,214 | ) | |
| 91,214 | | |
| - | |
| Interest expenses | |
| 76,564 | | |
| (76,564 | ) | |
| - | |
| Tax payable | |
| - | | |
| (137,471 | ) | |
| (137,471 | ) |
| Income taxes (paid)/refunded | |
| (301,899 | ) | |
| 301,899 | | |
| - | |
| | |
| | | |
| | | |
| | |
| Investing activities | |
| | | |
| | | |
| | |
| Interest received | |
| 91,214 | | |
| (91,214 | ) | |
| - | |
| | |
| | | |
| | | |
| | |
| Financing activities | |
| | | |
| | | |
| | |
| Proceeds from new bank borrowings | |
| 600,785 | | |
| (2,158 | ) | |
| 598,627 | |
| Repayment of bank borrowings | |
| (189,129 | ) | |
| 679 | | |
| (188,450 | ) |
| Interest paid on bank borrowing | |
| (60,541 | ) | |
| 60,541 | | |
| - | |
| Other interest paid | |
| (153 | ) | |
| 153 | | |
| - | |
| Payments of principal portion of lease liabilities | |
| (152,001 | ) | |
| 152,001 | | |
| - | |
| Payments of interest portion of lease liabilities | |
| (15,870 | ) | |
| 15,870 | | |
| - | |
Consolidated And Combined Statement of Cash Flow for the year ended
March 31, 2024
| | |
| | |
2024 | | |
| |
| | |
Original | | |
Reclassification | | |
Final | |
| | |
US$ | | |
US$ | | |
US$ | |
| Operating activities | |
| | |
| | |
| |
| Income tax expenses | |
| 144,647 | | |
| (144,647 | ) | |
| - | |
| Interest income | |
| (66,403 | ) | |
| 66,403 | | |
| - | |
| Interest expenses | |
| 55,550 | | |
| (55,550 | ) | |
| - | |
| Unrealized foreign exchange gain | |
| (148,160 | ) | |
| 148,160 | | |
| - | |
| Tax payable | |
| - | | |
| 136,630 | | |
| 136,630 | |
| Income taxes (paid)/refunded | |
| 4,599 | | |
| (4,599 | ) | |
| - | |
| | |
| | | |
| | | |
| | |
| Investing activities | |
| | | |
| | | |
| | |
| Interest received | |
| 66,403 | | |
| (66,403 | ) | |
| - | |
| | |
| | | |
| | | |
| | |
| Financing activities | |
| | | |
| | | |
| | |
| Advance from related parties | |
| 1,333,666 | | |
| | | |
| - | |
| Repayments to related parties | |
| (3,911,139 | ) | |
| | | |
| - | |
| Proceeds from new bank borrowings | |
| 553,096 | | |
| (45,321 | ) | |
| 507,775 | |
| Repayment of bank borrowings | |
| (206,611 | ) | |
| 45,321 | | |
| (161,290 | ) |
| Interest paid on bank borrowing | |
| (35,673 | ) | |
| 35,673 | | |
| - | |
| Other interest paid | |
| (17 | ) | |
| 17 | | |
| - | |
| Payments of principal portion of lease liabilities | |
| (179,532 | ) | |
| 179,532 | | |
| - | |
| Payments of interest portion of lease liabilities | |
| (19,860 | ) | |
| 19,860 | | |
| - | |
|