| For the Years Ended, March 31, | ||||||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||||||
| US$ | % of total revenues | US$ | % of total revenues | US$ | % of total revenues | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Advisory fees | 420,918 | 29.9 | - | - | - | - | ||||||||||||||||||
| Brokerage commissions | 391,060 | 27.8 | 811,169 | 24.8 | 741,336 | 32.1 | ||||||||||||||||||
| Brokerage commissions-related parties | 7,119 | 0.5 | 89,743 | 2.8 | 735,401 | 31.9 | ||||||||||||||||||
| Underwriting and placement income | 152,638 | 10.8 | 1,574,613 | 48.3 | 355,371 | 15.4 | ||||||||||||||||||
| Introducing and referral income | 264,941 | 18.8 | 278,688 | 8.6 | 210,009 | 9.1 | ||||||||||||||||||
| Handling income | 125,736 | 8.9 | 367,873 | 11.3 | 176,480 | 7.7 | ||||||||||||||||||
| Handling income-related parties | 2,130 | 0.2 | 2,275 | 0.1 | 498 | - | ||||||||||||||||||
| Investment management fee income | - | - | 30,622 | 0.9 | 21,368 | 0.9 | ||||||||||||||||||
| Investment management fee income – related parties | - | - | 2,840 | 0.1 | 1,793 | 0.1 | ||||||||||||||||||
| Interest income and others | 42,489 | 3.0 | 91,311 | 2.8 | 58,587 | 2.5 | ||||||||||||||||||
| Interest income and others-related parties | 1,438 | 0.1 | 10,162 | 0.3 | 5,593 | 0.3 | ||||||||||||||||||
| Total revenues | 1,408,469 | 100.0 | 3,259,296 | 100.0 | 2,306,436 | 100.0 | ||||||||||||||||||
| For the Years Ended, March 31, | ||||||||||||||||||||||||
| 2024 | 2023 | Variance | ||||||||||||||||||||||
| US$ | % of total revenues | US$ | % of total revenues | Amount | % | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Advisory fees | 420,918 | 29.9 | - | - | 420,918 | 100.0 | ||||||||||||||||||
| Brokerage commissions | 391,060 | 27.8 | 811,169 | 24.8 | (420,109) | (51.8) | ||||||||||||||||||
| Brokerage commissions-related parties | 7,119 | 0.5 | 89,743 | 2.8 | (82,624) | (92.1) | ||||||||||||||||||
| Underwriting and placement income | 152,638 | 10.8 | 1,574,613 | 48.3 | (1,421,975) | (90.3) | ||||||||||||||||||
| Introducing and referral income | 264,941 | 18.8 | 278,688 | 8.6 | (13,747) | (4.9) | ||||||||||||||||||
| Handling income | 125,736 | 8.9 | 367,873 | 11.3 | (242,137) | (65.8) | ||||||||||||||||||
| Handling income-related parties | 2,130 | 0.2 | 2,275 | 0.1 | (145) | (6.4) | ||||||||||||||||||
| Investment management fee income | - | - | 30,622 | 0.9 | (30,622) | (100.0) | ||||||||||||||||||
| Investment management fee income-related parties | - | - | 2,840 | 0.1 | (2,840) | (100.0) | ||||||||||||||||||
| Interest income and others | 42,489 | 3.0 | 91,311 | 2.8 | (48,822) | (53.5) | ||||||||||||||||||
| Interest income and others-related parties | 1,438 | 0.1 | 10,162 | 0.3 | (8,724) | (85.8) | ||||||||||||||||||
| Total revenues | 1,408,469 | 100.0 | 3,259,296 | 100.0 | (1,850,827) | (56.8) | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Brokerage, clearing and exchange fees | (69,735) | 4.9 | (193,135) | 6.0 | (123,400) | (63.9) | ||||||||||||||||||
| Sub-underwriting and sub-placement fees | - | - | (7,654) | 0.3 | (7,654) | (100.0) | ||||||||||||||||||
| Compensation and benefits | (3,286,834) | 233.3 | (2,103,492) | 64.5 | 1,183,342 | 56.3 | ||||||||||||||||||
| Communications and technology | (437,700) | 31.1 | (116,435) | 3.6 | 321,265 | 275.9 | ||||||||||||||||||
| Depreciation | (9,421) | 0.7 | (10,455) | 0.3 | (1,034) | (9.9) | ||||||||||||||||||
| Occupancy costs | (95,416) | 6.8 | (85,220) | 2.6 | 10,196 | 12.0 | ||||||||||||||||||
| Professional fees | (377,275) | 26.8 | (636,240) | 19.5 | (258,965) | (40.7) | ||||||||||||||||||
| Travel and business development | (1,611,485) | 114.4 | (236,112) | 7.2 | 1,375,373 | 582.5 | ||||||||||||||||||
| Other administrative expenses | (96,722) | 6.9 | (78,246) | 2.4 | 18,476 | 23.6 | ||||||||||||||||||
| Total expenses | (5,984,588) | 424.9 | (3,466,989) | 106.4 | 2,517,599 | 72.6 | ||||||||||||||||||
| Loss before income taxes | (4,576,119) | 324.9 | (207,693) | 6.4 | (4,368,426) | (2,103.3) | ||||||||||||||||||
| Income tax (expenses) benefits | (13,359) | 0.9 | 524 | 0.0 | 13,883 | 2,649.4 | ||||||||||||||||||
| Net loss | (4,589,478) | 325.8 | (207,169) | 6.4 | (4,382,309) | (2,115.3) | ||||||||||||||||||
| As of March 31, | ||||||||
| 2024 | 2023 | |||||||
| Third parties | ||||||||
| Receivables related to securities brokerage services | ||||||||
| Unsettled trades on trade-date basis | $ | 26,603 | $ | 83,539 | ||||
| Overdue balances on settlement dates(1) | 54,931 | 281,305 | ||||||
| Other brokerage commission receivables related to primary market | - | 229,331 | ||||||
| Receivables related to advisory fees | 99,031 | - | ||||||
| Receivables related to introducing and referral services | 30,790 | 13,376 | ||||||
| Receivables related to underwriting and placement services | 43,318 | 898,076 | ||||||
| 254,673 | 1,505,627 | |||||||
| Less: allowance for expected credit losses | (6,610) | - | ||||||
| Total receivables from customers, net | $ | 248,063 | $ | 1,505,627 | ||||
| Related party | ||||||||
| Receivables related to securities brokerage services | ||||||||
| Overdue balances on settlement dates(1) | $ | 3,740 | $ | 1,219 | ||||
| Less: allowance for expected credit losses | (31) | - | ||||||
| Total receivables from customers-related party, net | $ | 3,709 | $ | 1,219 | ||||
| Minimum Regulatory Capital Requirements | Capital Levels Maintained | Excess Net Capital | Percent of Requirement Maintained | |||||||||||||
| I Win Securities Limited | $ | 382,167 | $ | 771,083 | $ | 388,916 | 202 | % | ||||||||
| I Win Asset Management Limited(1) | 12,739 | 76,306 | 63,567 | 599 | % | |||||||||||
| Total | $ | 394,906 | $ | 847,389 | $ | 452,483 | 215 | % | ||||||||
| For the Year Ended March 31, 2022 | ||||||||||||
| Third parties | Related parties | Total | ||||||||||
| Brokerage commissions related to | ||||||||||||
| exchange in Hong Kong | $ | 548,300 | 40,637 | $ | 588,937 | |||||||
| exchanges in the United States | 183,226 | 693,681 | 876,907 | |||||||||
| other exchanges | 9,810 | 1,083 | 10,893 | |||||||||
| $ | 741,336 | 735,401 | $ | 1,476,737 | ||||||||
| Trading volumes related to | ||||||||||||
| exchange in Hong Kong | $ | 219,803,968 | 63,064,888 | $ | 282,868,856 | |||||||
| exchanges in the United States | 58,488,343 | 465,172,323 | 523,660,666 | |||||||||
| other exchanges | 636,960 | 71,847 | 708,807 | |||||||||
| $ | 278,929,271 | 528,309,058 | $ | 807,238,329 | ||||||||
| Weighted average commission rates related to(1) | ||||||||||||
| exchange in Hong Kong | 0.25 | % | 0.06 | % | 0.21 | % | ||||||
| exchanges in the United States | 0.31 | % | 0.15 | % | 0.17 | % | ||||||
| other exchanges | 1.54 | % | 1.50 | % | 1.54 | % | ||||||
| Number of active accounts related to(2) | ||||||||||||
| exchange in Hong Kong | 296 | 8 | 304 | |||||||||
| exchanges in the United States | 214 | 8 | 222 | |||||||||
| other exchanges | 22 | 3 | 25 | |||||||||
