Axonex AI Group Ltd 20-F for FY2025

Axonex AI Group Ltd (AXNX)

20-F 2025-07-30 For: 2025-03-31

Added on April 08, 2026

About this 20-F

Axonex AI Group Ltd filed this 20-F on July 30, 2025, covering the fiscal year ended March 31, 2025 (FY2025).

Headline figures

Fiscal year ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.05M; down 25.3% from $4.08M a year earlier
Net loss: $1.46M; compared with net income of $783.44K a year earlier
Diluted EPS: -$0.07; compared with $0.04 a year earlier

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Ordinary shares, no par value		MIMI		The Nasdaq Stock Market LLC (Nasdaq Capital Market)

Large accelerated filer ☐		Accelerated filer ☐		Non-accelerated filer ☒
				Emerging growth company ☒

U.S. GAAP ☒		International Financial Reporting Standards as issued		Other ☐
		by the International Accounting Standards Board ☐

		Page
PART I
Item 1.	Identity of Directors, Senior Management and Advisers	1
Item 2.	Offer Statistics and Expected Timetable	1
Item 3.	Key Information	1
Item 4.	Information on the Company	42
Item 4A.	Unresolved Staff Comments	64
Item 5.	Operating and Financial Review and Prospects	65
Item 6.	Directors, Senior Management and Employees	78
Item 7.	Major Shareholders and Related Party Transactions	88
Item 8.	Financial Information	90
Item 9.	The Offer and Listing	91
Item 10.	Additional Information	91
Item 11.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 12.	Description of Securities Other than Equity Securities	108

PART II
Item 13.	Defaults, Dividend Arrearages and Delinquencies	109
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds	109
Item 15.	Controls and Procedures	110
Item 16.	[Reserved]	111
Item 16A.	Audit Committee Financial Expert	111
Item 16B.	Code of Ethics	111
Item 16C.	Principal Accountant Fees and Services	111
Item 16D.	Exemptions from the Listing Standards for Audit Committees	111
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	111
Item 16F.	Change in Registrant’s Certifying Accountant	111
Item 16G.	Corporate Governance	112
Item 16H.	Mine Safety Disclosure	112
Item 16I.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	112
Item 16J.	Insider Trading Policies	112
Item 16K.	Cybersecurity	112

PART III
Item 17.	Financial Statements	113
Item 18.	Financial Statements	113
Item 19.	Exhibits	113

	FY2024					FY2025
	Revenue (US$)		%			Revenue (US$)		%
Non-residential⁽¹⁾	$	3,651,614		83.3	%	$	2,533,928		78.1	%
Residential⁽²⁾	$	731,382		16.7	%	$	732,463		21.9	%
Total revenue	$	4,382,996		100.0	%	$	3,266,390		100.0	%

	Location	Type of project	Use of the premises	Revenue recognized US$
1.	Tseung Wan	Design and fit out	Food & beverage		1,056,531
2.	Central	Design and fit out	Food & beverage		582,828
3.	Shatin	Design and fit out	Food & beverage		473,441
4.	Happy Valley	Design and fit out	Retail		470,441
5.	Stanley	Design and fit out	Residential		320,800

Term of the contract	:	We usually follow an agreed schedule based on the typical time required for the deliverable set out in the contract. Based on our completed projects for FY2024 and FY2025, the average duration of our design projects ranged from one to three months.
Scope of our services	:	Our contracts with customers set out details of our scope of services based on our customers’ specifications and requirements. During FY2024 and FY2025, none of our contracts with customers contained an exclusivity clause which restricted or limited our ability to provide services to other customers.
Service fee	:	It is generally a fixed lump sum and no remeasurement will be conducted except for works conducted pursuant to variation orders issued by customers.
Payments	:	Our customers are generally required to pay a deposit upon signing our contracts, and we are entitled to interim payments upon reaching pre-determined key stages of our work executed during the course of the project such as concept design, schematic design, design support and detail design.
Variation orders	:	If substantial adjustment is to be made to the drawings and documents previously approved by our customer, our customer will usually be required to enter into a separate engagement or supplemental agreement with us setting out a reasonable fee and delivery schedule.

Term of the contract	:	The expected commencement date and the expected completion date of our projects are generally stipulated in our contracts. We usually follow an agreed schedule based on the typical time required for a particular stage or deliverable set out in the contract. Based on our completed projects for FY2024 and FY2025, the average duration of our design and fit out projects ranged from 100 – 120 days.
Scope of our services	:	Our contracts with customers set out details of our scope of services based on our customers’ specifications and requirements. During FY2024 and FY2025, none of our contracts with customers contained an exclusivity clause which restricted or limited our ability to provide services to other customers.
Service fee	:	It is generally a fixed lump sum and no remeasurement will be conducted except for works conducted pursuant to variation orders issued by customers.
Payments	:	Our customers are generally required to pay a deposit upon signing our contracts, and we are entitled to interim payments upon reaching pre-determined key stages of our work executed during the course of the project (i.e. detail design, completion of renovation work and completion of the defects liability period). The fees are settled in Hong Kong dollars.
Variation orders	:	If substantial adjustment is to be made to the drawings and documents previously approved by our customer, our customer will be required to enter into a separate engagement or supplemental agreement with us setting out a reasonable fee and delivery schedule.
Defects liability period	:	We will generally provide all rectification works for six to twelve-month defects liability period from the date of practical completion.

	Number of Employees
	As of March 31
Function	2023		2024		2025
Management		2		2		2
Design		4		5		4
Project management		3		4		5
Finance, administration, and human resources		3		4		5
Total		12		15		16

Trademark	Registered Owner	Class	Place of Registration	Trademark Application No.	Filing Date
	Matter Interiors Limited	42	Hong Kong	306310115	August 1, 2023
	Matter Interiors Limited	37	United States	98125620	August 10, 2023
	Matter Interiors Limited	42	Hong Kong	306430680	December 19, 2023

	For the years ended March 31,
	2025			2024			2023
	US$			US$			US$
Revenues	$	3,050,043		$	4,081,788		$	2,438,991
Revenues – related party		216,347			301,208			234,487
Total revenues		3,266,390			4,382,996			2,673,478

Cost of revenues		(2,540,218	)		(2,821,615	)		(1,409,697	)
Total cost of revenue		(2,540,218	)		(2,821,615	)		(1,409,697	)

Gross profit		726,172			1,561,381			1,263,781

Operating expenses
Selling and marketing expenses		(57,644	)		(767	)		(2,084	)
General and administrative expenses		(2,296,037	)		(669,825	)		(336,626	)
Total operating expenses	$	(2,353,681	)	$	(670,592	)	$	(338,710	)

Operating (loss) income	$	(1,627,509	)	$	890,789		$	925,071

Other (expenses) income, net
Other income		1,155			21,471			54
Government grants		—			—			24,486
Interest income		12,571			110			38
Interest income – related parties		12,313			—			—
Interest expense		(34,266	)		—			—
Total other (expenses) income, net		(8,227	)		21,581			24,578

(Loss) Income before taxes		(1,635,736	)		912,370			949,649
Benefit from (Provision for) income taxes		174,620			(128,932	)		(130,225	)
Net (loss) income		(1,461,116	)		783,438		$	819,424

Other comprehensive income (loss)
Foreign currency translation adjustment		4,616			1,180			(612	)
Total comprehensive (loss) income	$	(1,456,500	)	$	784,618		$	818,812

	For the years ended March 31,
	2025					2024					2023
	Gross Profit		Margin			Gross Profit		Margin			Gross Profit		Margin
	US$					US$					US$
Design and fit out services		614,210		20.6	%		946,533		26.3	%		660,482		32.6	%
Design only services		111,962		40.0	%		614,848		78.9	%		603,299		93.1	%
Total		726,172		22.2	%		1,561,381		35.6	%		1,263,781		47.3	%

	As of March 31,
	2025		2024
	US$		US$
Current assets
Cash and cash equivalents		4,520,241		317,322
Accounts receivable, net		654,209		854,174
Accounts receivable – related party, net		186,533		150,602
Contract assets, net		595,870		220,792
Contract assets – related party, net		—		2,625
Deferred initial public offering costs		—		478,341
Loan receivable, net		127,181		—
Prepayments		476,022		18,250
Prepaid Income Tax		110,758		—
Deferred tax asset, net		174,915		—
Deposits and other current assets, net		85,272		18,554
Total current assets		6,931,001		2,060,660

Current liabilities
Accounts payable		345,614		363,355
Bank Loan, current		103,692		—
Contract liabilities		4,499		20,445
Due to related parties		—		4,835
Income tax payable		—		242,741
Operating lease liabilities, current		95,130		42,180
Accrued liabilities and other payables		173,516		240,193
Total current liabilities		722,451		913,749
Net current assets		6,208,550		1,146,911

	As of March 31, 2025			As of March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	4,520,241		$	317,322
Accounts receivable, net		654,209			854,174
Accounts receivable – related party, net		186,533			150,602
Contract assets, net		595,870			220,792
Contract assets – related party, net		—			2,625
Deferred initial public offering costs		—			478,341
Loan receivable, net		127,181			—
Prepayments		476,022			18,250
Prepaid Income Tax		110,758			—
Deferred tax assets, net		174,915			—
Deposits and other current assets, net		85,272			18,554
Total current assets	$	6,931,001		$	2,060,660

Non-current assets:
Property and equipment, net		10,541			8,629
Operating lease right-of-use assets, net		178,865			42,180
Prepayments		455,148			—
Total non-current assets	$	644,554		$	50,809

TOTAL ASSETS	$	7,575,555		$	2,111,469

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	345,614		$	363,355
Bank Loan, current		103,692			—
Contract liabilities		4,499			20,445
Due to related parties		—			4,835
Income tax payable		—			242,741
Operating lease liabilities, current		95,130			42,180
Accrued liabilities and other payables		173,516			240,193
Total current liabilities	$	722,451		$	913,749

Non-current liabilities:
Bank loan, non-current		962,671			—
Operating lease liabilities, non-current		90,965			—
Total non-current liabilities	$	1,053,636		$	—

TOTAL LIABILITIES	$	1,776,087		$	913,749

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Class A ordinary shares of no par value, 252,000,000 shares authorized, 16,012,500 shares and 14,000,000 shares issued and outstanding as of March 31, 2025 and 2024 respectively*	$	4,000		$	4,000
Class B ordinary shares of no par value, 28,000,000 shares authorized, 7,000,000 shares issued and outstanding as of March 31, 2025 and 2024 respectively*		—			—
Additional paid-in capital		6,059,532			1,284
(Accumulated losses) Retained earnings		(269,143	)		1,191,973
Accumulated other comprehensive income		5,079			463
Total Shareholders’ Equity	$	5,799,468		$	1,197,720

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,575,555		$	2,111,469

Financial years ending March 31,
2026	$	100,583
2027		92,229
Total undiscounted cash flows		192,812
Less: imputed interest		(6,717	)
Present value of lease liabilities		186,095
Less: Non-current portion of lease liabilities		(90,965	)
Current portion of lease liabilities	$	95,130

Directors and Executive officers	Age	Position
Mr. Cheong Shing Ku	43	Director and the Chairman of the Board
Mr. Hoi Lung Chan	42	Director and Chief Executive Officer
Ms. Sze Ki Cheng	47	Chief Financial Officer
Mr. Ka Wai (Taniel) Wong	42	Independent Director
Mr. Chun Pong Raymond Siu	45	Independent Director
Ms. Lo Chanii Kam	44	Independent Director

		Class A Ordinary Shares ⁽⁴⁾⁽⁵⁾					Class B Ordinary Shares					Aggregate Voting Power⁽⁴⁾⁽⁵⁾
Name of Beneficial Owner		Number		%			Number		%			%
Directors, Director Nominees and Named Executive Officers:
Hoi Lung Chan⁽¹⁾	%		1,804,600		11.3	%		2,625,000		37.5	%		34.8	%
Cheong Shing Ku⁽²⁾	%		1,563,800		9.8	%		2,275,000		32.5	%		30.2	%
Sze Ki Cheng			—		—			—		—
Ka Wai (Taniel) Wong			—		—			—		—
Chun Pong Raymond Siu			—		—			—		—
Lo Chanii Kam			—		—			—		—
Directors and executive officers as a group	%		3,368,400		21.1	%		4,900,000		70.0	%		65.0	%
5% or Greater Shareholders:
Deep Vision Enterprise Limited⁽¹⁾	%		1,804,600		11.3	%		2,625,000		37.5	%		34.8	%
I Sparks Enterprise Limited⁽²⁾	%		1,563,800		9.8	%		2,275,000		32.5	%		30.2	%
AL Holding Group Limited⁽³⁾	%		1,443,400		9.0	%		2,100,000		30.0	%		27.8	%

Name of the related party		Nature of relationship
Mr. Hoi Lung CHAN (“Mr. Chan”)		Mr. Chan is the beneficial owner, chief executive officer and director of the Company.

Mr. Cheong Shing KU (“Mr. Ku”)		Mr. Ku is the beneficial owner and director of the Company.
		A director of Matter Interiors Limited.

Matter Design Limited		Matter Design Limited is controlled by Mr. Hoi Lung CHAN.

		It provides architectural design services including concept design development, preparation of construction documents, and construction administration with architectural projects focused in China.

Ms. Sze Ki CHENG (“Ms. Cheng”)		Ms. Cheng is the chief financial officer of the Company.

EPED Limited		EPED Limited is controlled by Mr. Hoi Lung CHAN.

Space Plus Limited		Space Plus Limited is controlled by Mr. Cheong Shing KU

	Year Ended March 31,
Services	2023		2024		2025
	US$		US$		US$
Audit Fees(1) – WWC, P.C.		—		288,000		180,500
Total		—		288,000		180,500

Exhibit Number		Description
1.1		Amended and Restated Memorandum and Articles of Association (incorporated herein by reference to Exhibit 3.1 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
2.1*		Description of Securities
4.1		Employment Agreement by and between Cheong Shing KU and the Company, dated as of October 20, 2023 (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
4.2		Employment Agreement by and between Hoi Lung Chan and the Company, dated as of October 20, 2023 (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
4.3		Employment Agreement by and between Sze Ki Cheng and the Company, dated as of October 20, 2023 (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
4.4		Office Rental Agreement between Matter Interiors Limited and Lock See Enterprises Limited, dated April 13, 2022 (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
4.5		Form of the Director Offer Letter by and between the Registrant and Independent Director Nominee (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
4.6		Mint Incorporation Limited 2025 Stock Incentive Plan (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form S-8 (File No. 333-286205)
4.7*		Lease Agreement, dated February 11, 2025
8.1		List of Subsidiaries (incorporated herein by reference to Exhibit 21.1 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
11.1		Code of Business Conduct and Ethics (incorporated herein by reference to Exhibit 14.1 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024
11.2		Insider Trading Policy (incorporated herein by reference to Exhibit 14.3 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024
12.1*		Certificate of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act
12.2*		Certificate of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act
13.1**		Certificate of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**		Certificate of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*		Consent of WWC, PC
97.1		Executive Compensation Recovery Policy (incorporated herein by reference to Exhibit 14.2 to the registration statement on Form F-1 (File No. 333-281922), as amended, initially filed with the U.S. Securities and Exchange Commission on September 4, 2024)
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Mint Incorporation Limited

By:	/s/ Hoi Lung Chan
	Name:	Hoi Lung Chan
	Title:	Director and Chief Executive Officer (Principal Executive Officer)

		Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 1171)		F-2
Consolidated Balance Sheets		F-3
Consolidated Statements of Operations and Comprehensive (Loss) Income		F-4
Consolidated Statements of Changes in Shareholders’ Equity		F-5
Consolidated Statements of Cash Flows		F-6
Notes to the Consolidated Financial Statements		F-7

	March 31, 2025			March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	4,520,241		$	317,322
Accounts receivable, net		654,209			854,174
Accounts receivable – related party, net		186,533			150,602
Contract assets, net		595,870			220,792
Contract assets – related party, net		—			2,625
Deferred initial public offering costs		—			478,341
Loan receivable, net		127,181			—
Prepayments		476,022			18,250
Prepaid Income Tax		110,758			—
Deferred tax assets, net		174,915			—
Deposits and other current assets, net		85,272			18,554
Total current assets	$	6,931,001		$	2,060,660

Non-current assets:
Property and equipment, net		10,541			8,629
Operating lease right-of-use assets, net		178,865			42,180
Prepayments		455,148			—
Total non-current assets	$	644,554		$	50,809

TOTAL ASSETS	$	7,575,555		$	2,111,469

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	345,614		$	363,355
Bank Loan, current		103,692			—
Contract liabilities		4,499			20,445
Due to related parties		—			4,835
Income tax payable		—			242,741
Operating lease liabilities, current		95,130			42,180
Accrued liabilities and other payables		173,516			240,193
Total current liabilities	$	722,451		$	913,749

Non-current liabilities:
Bank loan, non-current		962,671			—
Operating lease liabilities, non-current		90,965			—
Total non-current liabilities	$	1,053,636		$	—

TOTAL LIABILITIES	$	1,776,087		$	913,749

COMMITMENTS AND CONTINGENCIES (Note 21)

SHAREHOLDERS’ EQUITY
Class A ordinary shares of no par value, 252,000,000 shares authorized, 16,012,500 shares and 14,000,000 shares issued and outstanding as of March 31, 2025 and 2024 respectively*	$	4,000		$	4,000
Class B ordinary shares of no par value, 28,000,000 shares authorized, 7,000,000 shares issued and outstanding as of March 31, 2025 and 2024 respectively*		—			—
Additional paid-in capital		6,059,532			1,284
(Accumulated losses) Retained earnings		(269,143	)		1,191,973
Accumulated other comprehensive income		5,079			463
Total Shareholders’ Equity	$	5,799,468		$	1,197,720

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	7,575,555		$	2,111,469

	Year ended March 31,
	2025			2024			2023
Revenues	$	3,050,043		$	4,081,788		$	2,438,991
Revenues – related party		216,347			301,208			234,487
Cost of revenues		(2,540,218	)		(2,821,615	)		(1,409,697	)
Gross profit		726,172			1,561,381			1,263,781

Operating expenses
Selling and marketing expenses		(57,644	)		(767	)		(2,084	)
General and administrative expenses		(2,296,037	)		(669,825	)		(336,626	)
Total operating expenses		(2,353,681	)		(670,592	)		(338,710	)

Operating (loss) income	$	(1,627,509	)	$	890,789		$	925,071

Other (expenses) income, net
Other income		1,155			21,471			54
Government grants		—			—			24,486
Interest income		12,571			110			38
Interest income – related parties		12,313			—			—
Interest expense		(34,266	)		—			—
Total other (expenses) income, net		(8,227	)		21,581			24,578

(Loss) Income before income taxes		(1,635,736	)		912,370			949,649
Benefit from (Provision for) income taxes		174,620			(128,932	)		(130,225	)
Net (loss) income	$	(1,461,116	)	$	783,438		$	819,424

Other comprehensive income (loss)
Foreign currency translation adjustment		4,616			1,180			(612	)
Total comprehensive (loss) income	$	(1,456,500	)	$	784,618		$	818,812

(Loss) Earning per share – basic and diluted	$	(0.07	)	$	0.04		$	0.04
Basic and diluted weighted average shares outstanding*		21,424,555			21,000,000			21,000,000

	Ordinary Shares -Class A*		Ordinary Shares - Class B*		Ordinary Shares- Total*							Additional		(Accumulated losses)			Accumulated other
	No. of Shares		No. of Shares		No. of Shares		Amount		Subscription receivable			paid in capital		Retained earnings			comprehensive income (loss)			Total
Balance as of March 31, 2022		14,000,000		7,000,000		21,000,000	$	4,000		(4,000	)		1,284		137,494			(105	)		138,673
Net income		—		—		—		—		—			—		819,424			—			819,424
Dividend declared and paid		—		—		—		—		—			—		(548,383	)		—			(548,383	)
Foreign currency translation adjustment		—		—		—		—		—			—		—			(612	)		(612	)
Balance as of March 31, 2023		14,000,000		7,000,000		21,000,000	$	4,000		(4,000	)		1,284		408,535			(717	)		409,102

Net income		—		—		—		—		—			—		783,438			—			783,438
Subscription received		—		—		—		—		4,000			—		—			—			4,000
Foreign currency translation adjustment		—		—		—		—		—			—		—			1,180			1,180
Balance as of March 31, 2024		14,000,000		7,000,000		21,000,000	$	4,000		—			1,284		1,191,973			463			1,197,720

Net loss		—		—		—		—		—			—		(1,461,116	)		—			(1,461,116	)
Issuance of new shares		2,012,500		—		2,012,500		—		—			6,058,248		—			—			6,058,248
Foreign currency translation adjustment		—		—		—		—		—			—		—			4,616			4,616
Balance as of March 31, 2025		16,012,500		7,000,000		23,012,500	$	4,000		—			6,059,532		(269,143	)		5,079			5,799,468

	March 31, 2025		March 31, 2024		March 31, 2023
Year-end $: HK$ exchange rate		7.78		7.83		7.85
Year average $: HK$ exchange rate		7.79		7.82		7.84

Leasehold improvements		2 years
IT equipment		2 – 3 years
Furniture & fixtures		3 years

	For the year ended March 31,
	2025		2024		2023
Operating lease expenses:
Amortization of leased assets	$	58,008	$	39,893	$	—
Interest of lease liabilities		2,489		3,585		—
Total operating lease expenses	$	60,497	$	43,478	$	—

Bank loan		Nature of		Amount of	As of March 31,
drawdown date	Provider	bank loan	Interest rate	bank loan	2025			2024
April 25, 2024	Nanyang Commercial Bank Limited	Term loan under SME Financing Scheme (“SME Term Loan”)	Hong Kong Prime rate minus 2.5% p.a.	HK$ 9,000,000	$	1,066,363			—
Total						1,066,363			—
Less: non-current portion						(962,671	)		—
Amount classified as current liabilities					$	103,692			—

During the year ended March 31,
2026	$	134,264
2027		134,264
2028		134,264
2029		134,264
2030		134,264
Thereafter		548,249
Total repayments of bank loans		1,219,569
Less: imputed interest		(153,206	)
Balance recognized on the balance sheet as of March 31, 2025	$	1,066,363

	For the year ended March 31,
	2025			2024		2023
Current income tax	$	—		$	128,932	$	130,225
Deferred income tax		(174,620	)		—		—
(Benefit from) Provision for income taxes	$	(174,620	)	$	128,932	$	130,225

	As of March 31,
	2025		2024
Balance at beginning of the year	$	—	$	—
Additions		174,620		—
Utilization		—		—
Exchange adjustment		295		—
Balance at end of the year	$	174,915	$	—

	For the years ended
	March 31, 2025					March 31, 2024					March 31, 2023
Customers	Amount $		%			Amount $		%			Amount $		%
A		1,073,816		32.9	%		709,361		16.2	%		376,194		14.1	%
B		320,800		9.8	%		—		—			—		—
C		258,869		7.9	%		—		—			—		—
D		216,347		6.6	%		301,208		6.9	%		234,487		8.8	%
E		191,723		5.9	%		—		—			—		—
F		—		—			582,828		13.3	%		—		—
G		—		—			473,441		10.8	%		—		—
H		—		—			448,139		10.2	%		—		—
I		—		—			166,680		3.8	%		311,175		11.6	%
J		—		—			933		—			483.789		18.1	%
K		—		—			—		—			179,364		6.7	%

	As of
	March 31, 2025					March 31, 2024
Customers	Amount $		%			Amount $		%
D		186,533		22.2	%		150,602		15.0	%
L		152,735		18.2	%		—		—
M		129,622		15.4	%		—		—
N		114,723		13.6	%		—		—
O		108,656		12.9	%		—		—
A		41,380		4.9	%		316,544		31.5	%
I		—		—			166,296		16.6	%
P		20,365		2.4	%		51,003		5.1	%
Q		—		—			50.671		5.0	%

	As of
	March 31, 2025					March 31, 2024
Suppliers	%		Amount $			%		Amount $
V		53,890		15.6	%		40,958		11.3	%
II		49,930		14.4	%		—		—
XIII		34,189		9.9	%		—		—
XIV		26,039		7.5	%		—		—
XV		23,030		6.7	%		—		—
VIII		—		—			83,543		23.0	%
XVII		—		—			33,795		9.3	%
VI		—		—			28,536		7.9	%
XVIII		—		—			26,762		7.4	%