| Accounting Policies, by Policy (Policies) | 12 Months Ended |
| Mar. 31, 2024 |
| Summary of Significant Accounting Policies [Abstract] | |
| Basis of presentation and principle of consolidation | Basis of presentation and principle of consolidation These consolidated financial
statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and have been prepared
in accordance with the regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the financial statements
of parent company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
| Emerging Growth Company | Emerging Growth Company The Company is an “emerging
growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive
compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote
on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition
period which means that when a standard is issued or revised and it has different application dates for public or private companies,
the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging
growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used. |
| Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity
with accounting principles generally accepted in the U. S. (“U.S. GAAP”) requires the use of estimates and assumptions
that affect both the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of
the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results may differ
from those estimates. |
| Reclassifications | Reclassifications Certain prior period balances have been reclassified to conform to
the current period presentation in the consolidated financial statements and the accompanying notes. |
| Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of deposits with banks and all highly
liquid investments, with maturities of three months or less. The Company maintains its cash in bank deposit accounts. The Company
has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk on
cash and cash equivalents. |
| Restricted cash | Restricted cash The balance of restricted
cash represents the bank balance the Company held on behalf of customers and bank deposits made to an investment bank for OTC derivative
business. For the bank balance the
Company held on behalf of customers, the Company maintains segregated bank accounts with authorized institutions to hold clients’
monies arising from its normal course of business. The segregated clients account balance are restricted for client transactions and
governed by the Securities and Futures (Client Money) Rule under the Hong Kong Securities and Futures Ordinance (“HKSFO”).
The Company has classified such segregated clients account balances as restricted cash. |
| Securities owned, at fair value | Securities owned, at fair value Securities owned, at fair
value, mainly investment in common stocks, are recorded at fair value with the resulting realized and unrealized gains and losses reflected
in trading gains in the Consolidated Statements of Income and Comprehensive Income. Realized gains and losses from securities transactions
are recorded on the identified cost basis. All securities transactions and transaction costs are recorded on a trade date basis. |
| Foreign currency forward contracts | Foreign currency forward contracts Foreign currency contracts are recorded at fair value in the Company’s
consolidated balance sheets and are not designated as hedging instruments. Gains or losses incurred on the remeasurement of the Company’s
U.S. dollar denominated investments is recorded in the account of trading gains. |
| Receivables from broker-dealers and clearing organizations | Receivables from broker-dealers and clearing
organizations Receivables arise from the
business of dealing in futures or investment securities. Broker-dealers will require balances to be placed with them in order to cover
the positions taken by its customers. Clearing house receivables typically represent proceeds receivable on trades that have yet to settle
and are usually collected within two days. The balance of receivables from broker-dealers and clearing organizations represents such
receivables related to the Company’s customer trading activities and proprietary trading activities. As of March 31, 2024 and
2023, receivables from broker-dealers and clearing organizations consisted of the following:
As of March 31,
2024 2023
Receivables from broker-dealers and clearing organizations
for futures customer accounts $ 3,739,268 $ 1,779,923
Receivables from broker-dealers and clearing organizations
for securities customer accounts 97,425 101,831
Receivables from broker-dealers and
clearing organizations for securities proprietary trading 166,289 1,331,023
Total assets $ 4,002,982 $ 3,212,777 |
| Receivables from customers | Receivables from customers Receivables from customers include the trading solution services fees
and other amounts due from customers once the transactions have been executed and completed. Receivables from customers are recorded net
of allowance for expected credit losses. Revenues earned from the futures brokerage service are included in futures brokerage commission,
and revenues earned from trading solution services are included in trading solution services income. The amounts receivable from customers
that are determined by management to be uncollectible and are recorded as expected credit losses in the consolidated statements of income.
For the years ended March 31, 2024, 2023 and 2022, no |
| Long-term investments | Long-term investments
- Investment in a joint venture The Company accounts for
the investment in a limited partnership in which the Company holds more than minor equity interest (3% - 5%) in accordance with ASC 970-323-25-6
under the equity method of accounting. The Company applies the
equity method to account for investment in a limited partnership and other investees, according to ASC 323 “Investments —
Equity Method and Joint Ventures”, over which it has significant influence but does not own a controlling financial interest. Under the equity method,
the Company’s share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements
of income and comprehensive income. The Company records its share of the results of the equity investees on a one quarter in arrears
basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally
represents goodwill and intangible assets acquired. When the Company’s share of losses of the equity investee equals or exceeds
its interest in the equity investee, the Company does not recognize further losses, unless the Company has incurred obligations or made
payments or guarantees on behalf of the equity investee. The Company continually
reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary.
The primary factors the Company considers in its determination include the financial condition, operating performance and the prospects
of the equity investee; other company specific information such as recent financing rounds; the geographic region, market and industry
in which the equity investee operates; and the length of time that the fair value of the investment is below its carrying value. If the
decline in fair value is deemed to be other-than-temporary, the carrying value of the equity investee is written down to fair value.
No
- Investment in the privately held
companies Equity securities not accounted
for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income statements,
according to ASC 321, Investments - Equity Securities Equity investments in privately
held companies accounted for using the measurement alternative are subject to periodic impairment reviews. The Company’s impairment
analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these equity securities.
In computing realized gains and losses on equity securities, the Company determines cost based on amounts paid using the average cost
method. Dividend income is recognized when the right to receive the payment is established. |
| Fixed assets, net | Fixed assets, net Fixed assets are stated at
cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated
useful life. The useful lives of office equipment as follows:
Computer and electronic equipment 3-5 years
Software 3-5 years
Furniture and fixtures 4 years
Investment properties 50 years As of March 31, 2024 and 2023,
the Company had three apartments in Cambodia and accounted for these apartments as investment properties. The Company holds these apartments
for the purpose to earn rental expenses or capital appreciation. Expenditures for repairs and
maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals
and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of
assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement
of income and other comprehensive income in other income or expenses. |
| Intangible assets | Intangible assets Intangible assets are originally
recognized at cost. The useful lives of intangible assets are assessed to be either finite or indefinite. The Company’s intangible
assets consist of eligibility rights to trade on or through the Stock Exchange of Hong Kong Limited (the “SEHK”). Management
has determined that such assets have indefinite useful lives. These intangible assets are not amortized and tested for impairment annually
either individually or at the cash-generating unit level. The useful life of an intangible asset with an indefinite life is reviewed
annually to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment
from indefinite to finite is accounted for on a prospective basis. |
| Available-for-sale investment | Available-for-sale investment Available for sale investment
mainly include treasury bond. Available-for-sale investments are reported at fair value, with unrealized gains and losses recorded
in accumulated other comprehensive income. Realized gains or losses were included in interest income in the consolidated statements of
income and comprehensive income during the period in which the gain or loss was realized. |
| Impairment of long-lived assets | Impairment of long-lived assets The Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted
net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured
by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No |
| Operating leases | Operating Under Topic 842, lessees are
required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability,
which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use
asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
The Company leases its office from a third-party lessor since September 2021, before that the Company leased the same office from the
Predecessor Parent Company, which is classified as an operating lease in accordance with Topic 842. At the commencement date of
the lease agreement between the Company and the third party lessor, the Company recognizes the lease liability at the present value of
the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined,
the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially
at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly
of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment
for right-of-use lease assets as of March 31, 2024 and 2023. The Company also elected the
short-term lease recognition exemption and will not recognize right of use assets or lease liabilities for leases with a term less than
12 months. |
| Payables to customers | Payables to customers Payables to customers arise from the business of dealing in futures
and investment securities. Payables to customers represent payables related to the Company’s customer trading activities, which
include the cash deposits received by the Company as requested by third party broker-dealers to place with them in order to cover the
positions taken by its customers, clearing house payables due on pending trades and payable on demand, as well as the bank balances held
on behalf of customers. |
| Payables to holders of structured notes | Payables to holders of structured notes Payables to holders of structured notes arise from the over-the-counter
(OTC) derivatives business. The holders subscribed for structured notes by depositing investment amount to the Company’s account.
The payables to holders of structured note represent outstanding payables due to the holders of structured notes, which was calculated
by the principal amount plus gains or minus losses arising from the investments in OTC derivatives business. |
| Revenue Recognition | Revenue Recognition
a) Revenue from Contracts with Customers The Company early adopted
ASC 606, Revenue from Contracts with Customers (“ASC 606”) on April 1, 2018, using the modified retrospective approach. The
adoption of this ASC 606 did not have a material impact on the Company’s consolidated financial statements. ASC 606 establishes
principles for reporting information about the nature, amount, timing and uncertainty of revenues and cash flows arising from the entity’s
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenues to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange
for those goods or services recognized as performance obligations are satisfied. In according with ASC 606, revenues are recognized when
the Company satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the
consideration the Company expects to be entitled to in exchange for those services. The Company identified each
distinct service as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract
terms. The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the
amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers
that the Company expects the benefit of those costs to be longer than one year, which need to be recognized as assets. Futures brokerage commissions The Company earns fees and
commissions from futures brokerage services based on a fixed rate for each transaction, all of which are under the consolidated accounts
where the customer information are not disclosed to the third party brokers. When a customer executes a futures transaction through the
Company’s platform, futures brokerage commission is recognized upon the completion of this transaction. Only a single performance
obligation is identified for each futures trading transaction, and the performance obligation is satisfied on the trade date because
that is when the underlying financial instrument is identified, the pricing of brokerage service is agreed upon and the promised services
are delivered to customers. All of the Company’s revenues from contracts with customers are recognized at a point in time. The
futures brokerage service could not be cancelled once it’s executed and is not refundable, so returns and allowances are not applicable.
Commissions are charged for each customer trade order executed and cleared by the third-party brokers. The Company recognizes revenues
on a gross basis as the Company is determined to be the primary obligor in fulfilling the trade order initiated by the customer. The
Company may offer volume rebate as trading incentive to certain customer. The Company will review the customer’s transaction volume
monthly and provide volume rebates on the commission charged to specific customers with large volume transactions. The volume rebate
offered to such customer is accounted for as a variable consideration and determined based on most-likely amount method, which is recognized
as a reduction of revenues. For the years ended March 31, 2024, 2023 and 2022, the Company did not offer the volume rebates offered. Trading solution services fees The Company provides trading
solution services to customers (e.g. individuals, proprietary trading companies or brokerage companies) for their trading on derivatives,
equity, CFD and other financial products, through the internally developed proprietary investment management software. The Company’s
trading solution provides a variety of functions suitable for front-end transaction executions to back-office settlement operations.
The Company implements the initial installation of such software for each customer and provides hosting services for a period of time,
generally two years, as agreed in the contracts. The initial installation is considered as a set-up activity, rather than a promised
service to customer, which provides no incremental benefit to customer beyond permitting the access and use the hosted application. The
Company identifies a single performance obligation from its contracts with customers. The Company charges each customer a fixed amount
of initial installation fee and the monthly service fee based on a fixed rate per each transaction executed on the platform with a minimum
monthly fee required. The Company recognizes the trading solution services as satisfied over the time. Structured note subscription fees The Company earns subscription service fees from customers by assisting
customers to identify and subscribe for structured note products, which is calculated at a fixed percentage of investment amount. The
Company identifies a single performance obligation for each subscription service, and recognizes subscription fee income when the customers
successfully subscribe for the structured note products and underlying contract between the customer and financial institution becomes
non-cancellable, which is the point in time when the control of service is completed. The Company recognizes revenue net of discount (if
any) on a gross basis as the Company is determined to be the primary obligor in fulfilling the subscription services. Other service revenues The Company also provides
other financial services including securities brokerage, consulting services, and currency exchange services, and earns securities brokerage
commissions, consultancy fee income and other revenues, which are recognized when the service is rendered according to the relevant contracts.
For the years ended March 31, 2024, 2023 and 2022, other revenues accounted for 3.5%, 3.0%, and 3.6% of total revenues from Contracts
with Customers, respectively. Sources of revenue The Company has one revenue
generating reportable geographic segment under ASC Topic 280 “Segment Reporting” and derives its revenues primarily from
its futures brokerage service. The following table presents revenues from contracts with customers, in accordance with ASC Topic 606,
by major source:
For the Years Ended March 31,
2024 2023 2022
Futures brokerage commissions
Commission on futures broking earned from Hong Kong Exchange $ 683,186 $ 718,166 $ 922,512
Commission on futures broking from overseas Exchanges 2,709,667 3,593,909 3,364,526
3,392,853 4,312,075 4,287,038
Trading solution service revenues 2,728,732 4,396,207 3,309,288
Structured note subscription fees - - 734,317
Other service revenues 278,883 294,083 280,677
$ 6,400,468 $ 9,002,365 $ 8,611,320
b) Trading gains, interest income and other Trading gains and losses, interest income from loan business and other
interest income fall within the scope of ASC Topic 825, Financial Instruments, which is excluded from the scope of ASC Topic 606. Trading
gains and losses mainly consist of realized and unrealized gains and losses from the (1) investment in OTC derivative business. The Company
subscribed for 50% of the structured note portfolio. According to the agreements among the Company and other holders of structured notes,
(i) in the event the portfolio makes gains and declares distribution of dividends from the portfolio, the Company is entitled to 20% of
dividends, (ii) in the event the portfolio suffers losses, the other 50% holders of structured notes shall bear the losses until the net
assets of the portfolio reached 55% of total subscription amount, and (iii) in the event the net assets of portfolio is below 55% of subscription
amount, the portfolio is terminated, (2) US common stocks, which are included in Securities owned, at fair value, and (3) foreign exchange
forward purchased on the investment accounts in JP Morgan. For the year ended March 31,
2024, the Company launched the loan business to third party customers. The business was approved by Hong Kong Licensing Court under the
Money Lenders Ordinance. The Company disbursed loans to customers for a fixed period and charged interests from the customers. The principal
and interest are repayable upon the maturity of the loans. Interest and other income
primarily consist of interests earned on bank deposit. |
| Commission expenses | Commission expenses Commission expenses related
to futures and other financial service transactions are primarily transaction cost paid to broker-dealers. These costs are expensed as
incurred. |
| Income taxes | Income taxes The Company accounts for income
taxes in accordance with the U.S. GAAP. Under the asset and liability method as required by this accounting standard, the recognition
of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax
basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred
taxes. The charge for taxation is
based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that
have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted
for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount
of assets and liabilities in the financial statements and the corresponding tax basis. Deferred tax assets are recognized to the extent
that it is probable that taxable income to be utilized with prior net operating loss carried forwards. Deferred tax is calculated using
tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or
credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are
reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred
tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position
is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination,
with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely
of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax
expense in the period incurred. The Company does not believe that there was any uncertain tax position as of March 31, 2024 and 2023. |
| Warrant | Warrant The Company accounts for warrants
as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable
authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The
assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability
pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether
the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment,
which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period
end date while the warrants are outstanding. For issued or modified warrants
that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in
capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter with changes
in fair value recognized in the statements of income in the period of change. |
| Earnings per share | Earnings per share Basic earnings per ordinary share is computed by dividing net earnings
attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings
per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary
share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants) as if they had been converted at
the beginning of the periods presented, or issuance date, if later. Potential ordinary share that have an anti-dilutive effect (i.e.,
those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. For
the years ended March 31, 2024, 2023 and 2022, the Company had no dilutive securities. |
| Translation of foreign currencies | Translation of foreign currencies The functional currency is U.S. dollar for the Company’s Cayman
Islands operations, Hong Kong dollar for Hong Kong subsidiaries’ operations, Australian dollar for Australian subsidiaries’
operation and Singapore dollar for Singapore subsidiaries’ operations. The Company’s reporting currency is the U.S. dollar.
Assets and liabilities denominated in foreign currencies are translated at year-end exchange rates, income statement accounts are translated
at average rates of exchange for the year and equity is translated at historical exchange rates. Any translation gains or losses are recorded
in other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in net income. The following table outlines
the currency exchange rates that were used in creating the consolidated financial statements in this report:
As of March 31,
2024 2023
HKD exchange rate for balance sheet items, except
for equity accounts 7.8259 7.8499
AUD exchange rate for balance sheet items, except for equity
accounts 0.6524 N/A
SGD exchange rate for balance sheet items, except for equity
accounts 1.3475 1.3294
For the Years Ended March 31,
2024 2023 2022
HKD exchange rate for items in the statements of income and comprehensive
income, and statements of cash flows 7.8246 7.8389 7.7844
AUD exchange rate for items in the statements of income and comprehensive income,
and statements of cash flows 0.6579 N/A N/A
SGD exchange rate for items in the statements of income and comprehensive income,
and statements of cash flows 1.3447 1.3739 N/A |
| Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities
to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy are
described below: Level 1 – inputs to the valuation
methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 1 assets included (i) money market
funds which was included in cash and cash equivalents, (ii) US treasury notes which were recorded in the account of available-for-sale
investment and (iii) securities owned, at fair value. Level 2 – inputs to the valuation methodology include quoted prices for similar
assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for
substantially the full term of the financial instruments. As of March 31, 2024 and for the years ended March 31, 2024, foreign currency
forward contracts were categorized in Level 2 of the fair value hierarchy. Level 3 – inputs to the valuation
methodology are unobservable and significant to the fair value. Warrants were measured at fair value using unobservable inputs and categorized
in Level 3 of the fair value hierarchy (Note 11). As of March 31, 2024 and 2023, financial instruments of the Company
comprised primarily current assets and current liabilities including cash and cash equivalents, restricted cash, loans receivable, receivables
from customers, both third parties and related party, receivables from broker-dealers and clearing organizations, securities owned, at
fair value, payables to customers and payables to holders of structured notes. The carrying amount of cash and cash equivalents, restricted
cash, loans receivable, receivables from customers, both third parties and related party, receivables from broker-dealers and clearing
organizations, payables to customers and payables to holders of structured notes approximate their fair values because of the short-term
nature of these instruments. Securities owned, at fair value as of March 31, 2024 and 2023, mainly consist of common stock investments
and are based upon quoted market price. |
| Share-based compensation | Share-based compensation Share-based awards granted
are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting
conditions are required, or (ii) using the straight-line attribution method, net of estimated forfeitures, over the requisite service
period. The fair values of restricted stock units (“RSUs”) and restricted shares are determined with reference to the fair
value of the underlying shares and the fair value of share options is generally determined using the Black-Scholes valuation model. The
value is recognized as an expense over the respective service period, net of estimated forfeitures. Share-based compensation expense,
when recognized, is charged to the consolidated income statements with the corresponding entry to additional paid-in capital, liability
or noncontrolling interests. On each measurement date,
the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair
value of the share-based awards granted by the Company, including the fair value of the underlying shares, expected life and expected
volatility. The Company recognizes the impact of any revisions to the original forfeiture rate assumptions in the consolidated income
statements, with a corresponding adjustment to equity. |
| Segment reporting | Segment reporting Operating segments are reported
in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which
is comprised of certain members of the Company’s management team. Consequently, the Company has determined that it has only one
reportable operating segment. |
| Concentration | Concentration For the year ended March 31, 2024, one customer accounted for approximately
15% of the total revenue, respectively. For the year ended March 31, 2023, two customers accounted for approximately 13% and
10% of the total revenue, respectively. For the year ended March 31, 2022, three customers accounted for approximately 35%, 18% and
11% of the total revenue, respectively. For the year ended March 31,
2024, two brokers accounted for approximately 70% and 25% of the total commission expenses, respectively. For the year ended March 31,
2023, two brokers accounted for approximately 76% and 18% of the total commission expenses, respectively. For the year ended March 31,
2022, three brokers accounted for 55%, 35% and 11% of the total commission expenses, respectively. As of March 31, 2024, the
payable balance due to four customers accounted for approximately 24%, 22%, 13%, and 13% of the total balance of payable to customers,
respectively. As of March 31, 2023, the payable balance due to two customers accounted for approximately 27% and 19%of the total balance
of payable to customers, respectively. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the FASB
issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and
income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) adding disclosures of pretax income
(or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h),
Rules of General Application—General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer
are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods
beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods
beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made
available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements
— codification amendments in response to SEC’s disclosure Update and Simplification initiative which amend the disclosure
or presentation requirements of codification subtopic 230-10 Statement of Cash Flows—Overall, 250-10 Accounting Changes and Error
Corrections— Overall, 260-10 Earnings Per Share— Overall, 270-10 Interim Reporting— Overall, 440-10 Commitments—Overall,
470-10 Debt—Overall, 505-10 Equity—Overall, 815-10 Derivatives and Hedging—Overall, 860-30 Transfers and Servicing—Secured
Borrowing and Collateral, 932-235 Extractive Activities— Oil and Gas—Notes to Financial Statements, 946-20 Financial Services—
Investment Companies— Investment Company Activities, and 974-10 Real Estate—Real Estate Investment Trusts—Overall. The
amendments represent changes to clarify or improve disclosure and presentation requirements of above subtopics. Many of the amendments
allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously
subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations.
For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities
purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure
from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years
later from the date of the SEC’s removal. In March 2023, the FASB issued
new accounting guidance, ASU 2023-01, for leasehold improvements associated with common control leases, which is effective for fiscal
years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim
and annual financial statements that have not yet been made available for issuance. The new guidance introduced two issues: terms and
conditions to be considered with leases between related parties under common control and accounting for leasehold improvements. The goals
for the new issues are to reduce the cost associated with implementing and applying Topic 842 and to promote diversity in practice by
entities within the scope when applying lease accounting requirements. The Company does not believe
other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated
financial position, statements of income and cash flows. |
