v3.26.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Operating activities      
Net income (loss) $ (13,291,167) $ (6,981,068) $ 1,091,285
Non-cash item adjustments:      
Non-cash operating lease expense 30,099 76,956 43,500
Depreciation of right-of-use assets – finance lease 1,531,337 1,546,442 1,300,302
Depreciation of property, plant and equipment 130,485 149,291 156,419
Consulting services settled by issuance of ordinary shares 6,953,860 6,144,000
Deferred tax expenses (recovery) (267,774) (143,400) 68,580
Loss (gain) on termination of right-of-use assets – finance lease (327,403) 11,026 197
(Reversal of) Allowance for expected credit loss 2,315,017 696,640 (22,522)
Change in working capital items:      
Change in accounts receivable – third parties 1,957,281 (2,587,091) (1,000,746)
Change in accounts receivable – related parties (50,070) (29,324) 1,533,590
Change in retention receivable 108,500 (46,496) (405,094)
Change in prepayment, deposits and other receivables (572,102) 763,634 (787,948)
Change in accounts payable, accruals and other current liabilities (253,968) (1,209,269) (479,398)
Change in accounts payable – related parties (279,498) 43,069
Change in contract liabilities (836,911) 734,348
Change in income taxes payable (216,939) 8,772 148,079
Change in due to related parties 686,348
Change in lease liabilities – Operating lease (26,266) (102,941) (29,449)
Cash provided by (used in) operating activities (1,292,762) (2,819,237) 2,394,212
Investing activity      
Payment for potential investment in Wangmao (12,757,589)
Proceeds from termination of finance lease 522,169 747 21,276
Cash provided by (used in) investing activity (12,235,420) 747 21,276
Financing activities      
Repayments to a related party (596,154) (333,042) (623,776)
New borrowings from a related party 1,087,747 666,214 431,867
Repayment of bank loans (98,610) (93,505) (34,822)
Principal payment of finance lease liabilities (951,909) (990,816) (1,074,899)
Principal payment of finance lease liabilities – related parties (315,533) (301,979) (479,055)
Payment of offering costs   (1,438,964) (385,587)
Proceeds from issuance of common stock, net of issuance costs 5,277,100
Net proceeds from issuance of ordinary shares to 16 investors related to PIPE transaction in 2025-11 13,950,000
Proceeds from issuance of shares to 4 individuals related to SPA in 2026-02 140,882
Cash (used in) provided by financing activities 13,216,423 2,785,008 (2,166,272)
Net increase (decrease) in cash and cash equivalents (311,759) (33,482) 249,216
Cash and cash equivalents as of beginning of the year 455,953 489,435 240,219
Effect of exchange rate changes on cash and cash equivalents (14,010)
Cash and cash equivalents as of the end of the year 130,184 455,953 489,435
Supplementary Cash Flows Information      
Cash paid for interest 183,361 224,412 210,713
Cash paid for income tax 216,944 15,337 30,943
Supplementary Schedule of Non-Cash Investing and Financing Activities      
Consulting fees paid by issuance of ordinary shares 3,881,860 9,216,000
Accruals for offering cost 519,255
Right-of-use assets obtained in exchange for new operating lease liabilities 67,072 90,342
Right-of-use assets obtained in exchange for new finance lease liabilities $ 964,362 $ 1,767,504