v3.26.1
RELATED PARTY TRANSACTIONS AND BALANCES
 12 Months Ended
Mar. 31, 2026
RELATED PARTY TRANSACTIONS AND BALANCES  
RELATED PARTY TRANSACTIONS AND BALANCES

NOTE 9 – RELATED PARTY TRANSACTIONS AND BALANCES

 

a.

Nature of relationships with related parties

 

Name of related parties

 

Relationship with the Company

Minzhu Xu

 

Chairperson of the Board

Shunqi Du

 

Legal representative of Paranovus Hainan

Shuang Wu

 

Former CEO of Bomie Wookoo Inc.

Jue Wang

 

Shareholder of Bomie Wookoo Inc.

 

b.

Dues to the related parties

 

 

 

As of

March 31,

 

 

As of

March 31,

 

Due to the related parties

 

2026

 

 

2025

 

Minzhu Xu

 

 

-

 

 

 

1,777,512

 

Shunqi Du

 

 

85,589

 

 

 

70,646

 

Shuang Wu

 

 

98,469

 

 

 

98,469

 

Total

 

$184,058

 

 

$1,946,627

 

 

c.

Amount due from a related party

 

 

 

As of March 31, 2026

 

 

As of March 31, 2025

 

Jue Wang

 

$40,000

 

 

$-

 

Due from related party

 

$40,000

 

 

$-

 

 

d.

Related party transactions

 

During the year ended March 31, 2026, the Company borrowed an additional $550,000 from Ms. Minzhu Xu, the Chairperson of the Board, under two 8% promissory notes and recognized $113,777 of interest expense on related-party loans. On December 12, 2025, the Company repaid all outstanding borrowings from Ms. Xu in full, totaling $2,441,289, consisting of principal of $2,250,000 and interest of $191,289. The amount due to Ms. Xu was nil as of March 31, 2026.

 

As of March 31, 2026, amounts due to Shunqi Du and Shuang Wu were $85,589 and $98,469, respectively. These balances were unsecured, non-interest-bearing and payable on demand. The Company also had an amount due from Jue Wang, a shareholder of BW, of $40,000 as of March 31, 2026. The receivable was unsecured, non-interest-bearing and due on demand.

 

Except for the promissory notes from Ms. Minzhu Xu, which bore interest at 8%, the related-party balances described above were unsecured, non-interest-bearing and payable on demand.