| Schedule of Promissory Notes |
Promissory notes as of March 31, 2026 are as follows: | | | | | Maturity | | | | Weighted average
interest rate as of
March 31, | | | Balance as of
March 31, | | | Holder | | Type | | date | | Currency | | 2025 | | | 2026 | | | 2025 | | | 2026 | | | 2026 | | | | | | | | | | | | | | | | | HK$ | | | HK$ | | | US$ | | | CROM Structured Opportunities Fund I, LP (note a) | | Convertible senior promissory note – debt host | | December 21, 2030 | | US$ | | | — | | | | 10 | % | | | — | | | | (5,083,250 | ) | | | (648,374 | ) | | First Fire Global Opportunities Fund, LLC (note b) | | Convertible senior promissory note – debt host | | December 24, 2030 | | US$ | | | — | | | | 10 | % | | | — | | | | (5,835,846 | ) | | | (744,368 | ) | | | | | | | | | | | | | | | | | | | | | | | (10,919,096 | ) | | | (1,392,742 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CROM Structured Opportunities Fund I, LP (note a) | | Convertible senior promissory note – embedded derivative | | December 21, 2030 | | US$ | | | — | | | | — | | | | — | | | | (6,022,116 | ) | | | (768,127 | ) | | First Fire Global Opportunities Fund, LLC (note b) | | Convertible senior promissory note – embedded derivative | | December 24, 2030 | | US$ | | | — | | | | — | | | | — | | | | (6,030,109 | ) | | | (769,146 | ) | | | | | | | | | | | | | | | | | | | — | | | | (12,052,225 | ) | | | (1,537,273 | ) | | Total | | | | | | | | | | | | | | | | | — | | | | (22,971,321 | ) | | | (2,930,015 | ) | Note: | (a) | On December 21, 2025, the Company issued a senior promissory note to CROM Structured Opportunities Fund I, LP with a principal amount of US$1,100,000 and a purchase price of US$1,000,000, reflecting an original issue discount of US$100,000. The note includes an initial interest charge and contractual accretion features that increase the outstanding principal balance by 10% on each annual anniversary date, with additional accretion if the maturity date is extended from 60 months to 84 months. | | | | | | The holder may convert outstanding principal and interest into ordinary shares at a variable conversion price equal to 90% of the lowest daily Volume-Weigthed Average Price (“VWAP”) of the Company’s shares during the five trading days prior to the conversion date, subject to anti-dilution protections, a 4.99% ownership cap, and forced-conversion provisions at maturity. The notes also include penalty and buy-in mechanisms for delayed share delivery. | | (b) | On December 24, 2025, the Company issued a senior promissory note to FirstFire Global Opportunities Fund, LLC with a principal amount of US$1,100,000 and a purchase price of US$1,000,000, reflecting an original issue discount of US$100,000. The note includes an initial interest charge and contractual accretion features that increase the outstanding principal balance by 10% on each annual anniversary date, with additional accretion if the maturity date is extended from 60 months to 84 months. | | | | | | The holder may convert outstanding principal and interest into ordinary shares at a variable conversion price equal to 90% of the lowest daily Volume-Weigthed Average Price (“VWAP”) of the Company’s shares during the five trading days prior to the conversion date, subject to anti-dilution protections, a 4.99% ownership cap, and forced-conversion provisions at maturity. The notes also include penalty and buy-in mechanisms for delayed share delivery. |
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| Schedule of Changes in the Fair Value of Embedded Derivative of Promissory Notes |
The following table presents changes in the fair value of the embedded derivative of promissory notes: | | | Balance as of
March 31, 2026 | | | | | HK$ | | | US$ | | | Fair value of embedded derivative at issuance | | | 13,235,347 | | | | 1,688,182 | | | Change in fair value | | | (1,183,122 | ) | | | (150,909 | ) | | Fair value of embedded derivative at March 31, 2026 | | | 12,052,225 | | | | 1,537,273 | |
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