9. Long-term investments

As of June 30, 2026 and March 31, 2026, long-term investments consisted of the following:

For the three months ended June 30, 2026 and 2025, the Company did not make additional investments in investees.

The Company accounted for the investment in these privately held companies using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuers. These privately held companies just commenced their operations in the year of 2024 and incurred losses through June 30, 2026. For the three months ended June 30, 2026 and 2025, the Company did not record upward adjustments or downward adjustments on the investment. For the three months ended June 30, 2026 and 2025, the Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of the equity investment, and did not provide impairment against investees.

In April 2025 and August 2024, the Company made investment in two installments of $100,000 and $500,000 as deposits in one existing cost-method investee with intension to increase its equity interest in the investee. In the three months ended June 30, 2026, the Company also made deposits of $800,800 in a new investee. As of June 30, 2026 and March 31, 2026, the Company recorded the $1,400,800 and $600,000 in the account of “Deposit for long-term investment” on the consolidated balance sheet, respectively.