SUBSEQUENT EVENTS |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS
The Company evaluated subsequent events occurring after June 30, 2026 through the date on which these unaudited condensed consolidated financial statements were issued.
Loan Conversion Agreement
On July 27, 2026, the Company entered into a Loan Conversion Agreement with Seah Chia Yee, pursuant to which the Company agreed to convert outstanding loan principal of $699,885, together with $3,500 of accrued and unpaid interest, into shares of the Company’s common stock at a conversion price of $4.80 per share. The closing of the transaction was subject to customary closing conditions, including applicable Nasdaq requirements. On August 11, 2026, the Company issued shares of common stock to Seah Chia Yee, upon which the outstanding loan principal and accrued interest were fully satisfied and cancelled.
Private Placements
On July 28, 2026, the Company entered into a private placement agreement with Pinnacle Partners Inc., pursuant to which the Company agreed to issue and sell shares of its common stock at a purchase price of $ per share for aggregate gross proceeds of approximately $1.2 million. The closing of the private placement is subject to customary closing conditions.
On July 30, 2026, the Company entered into separate private placement agreements with Mr. Hong Zhihao, Mr. Hong Zhiwang and Mr. Yip Wai Lun, pursuant to which the Company agreed to issue and sell an aggregate of shares of its common stock at a purchase price of $ per share for aggregate gross proceeds of approximately $3.25 million. Mr. Hong Zhihao and Mr. Hong Zhiwang are related parties of the Company. The related party subscriptions were reviewed and approved by the Audit Committee and the Board of Directors. The closing of the private placements is subject to customary closing conditions.
Other than the foregoing, the Company did not identify any material subsequent events requiring recognition or disclosure in the unaudited condensed consolidated financial statements through the date the financial statements were issued. |