DEBT SECURITIES HELD-TO-MATURITY |
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Jun. 30, 2026 | ||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||
| DEBT SECURITIES HELD-TO-MATURITY | 6. DEBT SECURITIES HELD-TO-MATURITY
The Company purchased a note issued by a third-party investment company on August 24, 2022 with a principal amount of $17.5 million. The note bears interest at a rate of 2.5% per annum and is renewable on an annual basis. The debt is guaranteed by Hongye Financial Consulting (Shenzhen) Co., Ltd., a company controlled by the Company’s CEO, Mr. Hong Zhida.
As of June 30, 2026 and March 31, 2026, accrued coupon interest receivable amounted to $437,500 and $437,500, respectively.
On March 30, 2026, the Company completed the acquisition of 62.18% of the outstanding ordinary shares of Keemo Fashion Group Limited (“KMFG”). As consideration for the acquisition, the Company transferred a portion of the note with a principal amount of approximately $5.5 million to the seller. Following the transfer, the remaining principal balance of the debt security held by the Company was $12.0 million as of March 31, 2026 and remained unchanged as of June 30, 2026.
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