v3.26.1
INCOME TAXES (Tables)
6 Months Ended
Sep. 30, 2025
INCOME TAXES [Abstract]  
Income Tax Provision
The income tax provision consisted of the following components:

 
 
 
 
 
 
 
For the six months ended
September 30,
 
 
 
2025
 
 
2024
Current income tax expense
 
 
$—
 
 
$—
Deferred income tax benefit
 
 
—
 
 
77,138
Total income tax benefit
 
 
$—
 
 
$77,138
 
 
 
 
 
 
 
Reconciliation of Effective Income Tax Rate and Provision A reconciliation between the Group’s effective income tax rate and the provision under Hong Kong statutory tax rate is as follows:

 
 
 
 
 
 
 
For the six months ended
September 30,
 
 
 
2025
 
 
2024
Loss before income tax benefit
 
 
$8,366,642
 
 
$1,225,393
Tax at applicable income tax rate (16.5%)
 
 
1,380,496
 
 
202,190
Tax effect of different tax rates in other jurisdictions
 
 
(376,714)
 
 
(120,430)
Tax effect on non-taxable income
 
 
315
 
 
26
Tax effect on non-deductible expenses
 
 
(142,672)
 
 
(4,648)
Tax effect on tax losses not recognized
 
 
(976)
 
 
—
Tax effect on change in valuation allowance
 
 
(860,449)
 
 
—
Income tax benefit
 
 
$—
 
 
$77,138
 
 
 
 
 
 
 
Component of Deferred Tax Assets
As of September 30, 2025 and March 31, 2025, the significant components of the deferred tax assets were summarized below:

 
 
 
 
 
 
 
As of
 
 
 
September 30,
2025
 
 
March 31, 2025
Net operating loss carried forward
 
 
$1,239,510
 
 
$614,768
Temporary difference from share-based compensation expenses
 
 
1,233,828
 
 
848,574
Unrealized loss from the equity method investment
 
 
122,819
 
 
—
Others
 
 
2,635
 
 
19,236
Subtotal
 
 
2,598,792
 
 
1,482,578
Less: valuation allowance
 
 
(2,598,792)
 
 
(1,482,578)
Total deferred tax assets
 
 
$—
 
 
$—