v3.26.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Mar. 31, 2025
Current assets:    
Cash and cash equivalents $ 4,627,050 $ 718,625
Accounts receivable, net (Note 3) 7,465,036 10,032,305
Contract assets, current portion (Note 4) 434,603 4,636,670
Prepayments and other current assets (Note 5) [1] 8,630,554 7,020,687
Restricted cash (Note 2) 46,197,750
Total current assets 67,354,993 22,408,287
Non-current assets:    
Equity method investments (Note 6) 1,318,195 1,324,129
Property, plant and equipment, net (Note 7) 325,658 241,809
Finance lease right-of-use assets, net (Note 8) 6,769 87,385
Operating lease right-of-use assets, net (Note 8) 135,708 162,886
Life insurance policy, cash surrender value (Note 9) 1,448,925 1,390,388
Contract assets, net of current portion (Note 4) 1,825,986 1,029,078
Deposits for acquisition of plant and equipment (Note 5) 1,770,959 1,784,389
Other investment (Note 6) 46,161,262
Deferred tax assets (Note 12) 1,412,011 65,241
Total non-current assets 54,405,473 6,085,305
TOTAL ASSETS 121,760,466 28,493,592
Current liabilities:    
Bank overdrafts (Note 11) 201,671
Accounts payable 1,935,086 1,797,735
Contract liabilities (Note 4) [2] 752,186 2,322,911
Bank and other borrowings (Note 11) 11,982,316 12,044,435
Finance lease liabilities (Note 8) 56,795
Operating lease liabilities, current portion (Note 8) 76,271 115,372
Accrued expenses and other current liabilities (Note 10) 2,962,366 1,770,319
Income tax payable (Note 12) 413,940 372,816
Total current liabilities 22,510,682 19,840,407
Non-current liabilities:    
Convertible notes (Note 16) 19,567,461
Operating lease liabilities, net of current portion (Note 8) 52,411 26,700
Other long-term liabilities, net of current portion (Note 15) 11,055 34,362
Total non-current liabilities 19,630,927 61,062
TOTAL LIABILITIES 42,141,609 19,901,469
SHAREHOLDERS’ EQUITY    
Class A Ordinary Shares to be issued (Note 14) 2,235,000
Additional paid-in capital (Note 14) 82,342,816 5,764,699
(Accumulated losses) retained earnings (4,708,368) 2,821,784
Accumulated other comprehensive (loss) income (251,239) 5,338
Total shareholders’ equity 79,618,857 8,592,123
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 121,760,466 28,493,592
Class A Ordinary Shares    
SHAREHOLDERS’ EQUITY    
Ordinary shares, value 155 282
Class B Ordinary Shares    
SHAREHOLDERS’ EQUITY    
Ordinary shares, value 20 20
Series A Preferred Stock    
SHAREHOLDERS’ EQUITY    
Preferred shares, value 473
Series B Preferred Stock    
SHAREHOLDERS’ EQUITY    
Preferred shares, value
Related Party    
Current liabilities:    
Due to related parties (Note 13) $ 4,186,846 $ 1,360,024
[1] Prepayments and deposits expected to be utilized or recovered within 12 months after the balance sheet date are classified as current.
[2]
(a) Contract liabilities, net from joint ventures were US$nil and US$359,629 as of March 31, 2026 and 2025, respectively.