| As of March 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| $’000 | $’000 | $’000 | ||||||||||
| Reconciliation to amounts on consolidated balance sheets: | ||||||||||||
| Cash and cash equivalents | 2,140 | 1,925 | 977 | |||||||||
| Cash segregated for regulatory purpose | 5,111 | 5,589 | 7,096 | |||||||||
| Total cash, cash equivalents and cash segregated for regulatory purpose | 7,251 | 7,514 | 8,073 | |||||||||
| As of March 31, | ||||||||
| 2024 | 2023 | |||||||
| $’000 | $’000 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 2,140 | 1,925 | ||||||
| Cash segregated for regulatory purpose | 5,111 | 5,589 | ||||||
| Receivables from: | ||||||||
| Customers, net of allowance for expected credit losses of $516,000 and $223,000 as of March 31, 2024 and 2023, respectively | 2,668 | 970 | ||||||
| Customers - related parties, net of allowance for expected credit losses of $59,000 and nil as of March 31, 2024 and 2023 | 220 | 309 | ||||||
| Brokers-dealers and clearing organizations, net of allowance for expected credit losses of $15,000 and nil as of March 31, 2024 and 2023 | 664 | 303 | ||||||
| Prepaid expenses and other current assets, net | 1,392 | 513 | ||||||
| Loan receivables, net of allowance for expected credit losses of $410,000 and nil as of March 31, 2024 and 2023 | 574 | - | ||||||
| Amount due from a director | - | 28 | ||||||
| Amount due from related parties | 26 | 87 | ||||||
| Total current assets | 12,795 | 9,724 | ||||||
| Non-current assets: | ||||||||
| Investment in an associate | 254 | - | ||||||
| Property and equipment, net | 150 | 32 | ||||||
| Right-of-use assets, net | 1,057 | 251 | ||||||
| Intangible assets, net | 77 | 64 | ||||||
| Refundable deposits | 618 | 156 | ||||||
| Prepaid expenses, net | 450 | - | ||||||
| Total non-current assets | 2,606 | 503 | ||||||
| TOTAL ASSETS | 15,401 | 10,227 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Payables to customers | 5,111 | 6,346 | ||||||
| Accruals and other current liabilities | 232 | 163 | ||||||
| Contract liabilities | - | 120 | ||||||
| Income taxes payable | 55 | - | ||||||
| Lease liabilities - current | 631 | 156 | ||||||
| Amount due to a director | 3 | - | ||||||
| Amount due to a related party | 6 | 6 | ||||||
| Total current liabilities | 6,038 | 6,791 | ||||||
| Non-current liabilities: | ||||||||
| Lease liabilities - non-current | 439 | 95 | ||||||
| Total non-current liabilities | 439 | 95 | ||||||
| TOTAL LIABILITIES | 6,477 | 6,886 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| Shareholders’ equity | ||||||||
| Ordinary shares (US$0.0001 par value per share; 1,000,000,000 shares authorized; 15,500,000 and 12,000,000 shares issued and outstanding as of March 31, 2024 and 2023)* | 1 | 1 | ||||||
| Additional paid-in capital | 14,908 | 4,785 | ||||||
| Accumulated losses | (5,984) | (1,428) | ||||||
| Accumulated other comprehensive losses | (1) | (17) | ||||||
| Total shareholders’ equity | 8,924 | 3,341 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 15,401 | 10,227 | ||||||
| For the years ended March 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| $’000 | $’000 | $’000 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss (income) | (4,556) | 1,349 | (979) | |||||||||
| Adjustment to reconcile net (loss) income to cash used in operating activities: | ||||||||||||
| Amortization of intangible assets | 7 | - | - | |||||||||
| Depreciation of property and equipment | 23 | 18 | 19 | |||||||||
| Allowance for expected credit losses | 854 | 18 | 99 | |||||||||
| Share based compensations | 3,810 | - | - | |||||||||
| Share of results of an associate | 3 | - | - | |||||||||
| Interest income from loan to a third party | (26) | - | - | |||||||||
| Lease expense | 257 | 168 | 171 | |||||||||
| Change in operating assets and liabilities: | ||||||||||||
| Change in receivables from customers | (2,038) | (1,050) | (79) | |||||||||
| Change in receivables from brokers-dealers and clearing organizations | (376) | (101) | (110) | |||||||||
| Change in refundable deposits | (462) | 2 | (48) | |||||||||
| Change in prepaid expenses and other current assets | (1,656) | (125) | (3) | |||||||||
| Change in amount due from a director | 28 | 2 | - | |||||||||
| Change in loan to a director | - | 176 | - | |||||||||
| Change in payables to customers | (1,235) | (941) | (4,690) | |||||||||
| Change in contract liabilities | (120) | 120 | - | |||||||||
| Change in accruals and other current liabilities | 69 | 89 | 53 | |||||||||
| Change in income taxes payable | 55 | - | - | |||||||||
| Change in lease liabilities | (244) | (168) | (171) | |||||||||
| Cash used in operating activities | (5,607) | (443) | (5,738) | |||||||||
| Cash flows from investing activities | ||||||||||||
| Purchase of intangible assets | (20) | - | - | |||||||||
| Purchase of property and equipment | (141) | (8) | (17) | |||||||||
| Acquisition of an associate | (257) | - | - | |||||||||
| Repayment of loan to a director | - | 233 | 131 | |||||||||
| Loan to a third party | (958) | - | - | |||||||||
| Cash (used in) provided by investing activities | (1,376) | 225 | 114 | |||||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from shareholders’ contribution | - | - | 1,520 | |||||||||
| Net proceeds from initial public offering (“IPO”) | 7,065 | - | - | |||||||||
| Payment for IPO costs | (409) | (343) | - | |||||||||
| Advance to related parties | 61 | (4) | (64) | |||||||||
| Repayment from a director | - | - | 4 | |||||||||
| Advance from a related party | - | 6 | - | |||||||||
| Advance from a director | 3 | - | - | |||||||||
| Cash provided by (used in) financing activities | 6,720 | (341) | 1,460 | |||||||||
| Net change in cash, cash equivalents and cash segregated for regulatory purpose | (263) | (559) | (4,164) | |||||||||
| Cash, cash equivalents and cash segregated for regulatory purpose at beginning of the year | 7,514 | 8,073 | 12,237 | |||||||||
| Cash, cash equivalents and cash segregated for regulatory purpose at the end of the year | 7,251 | 7,514 | 8,073 | |||||||||
| Supplementary cash flows information | ||||||||||||
| Cash paid for interest | - | - | 229 | |||||||||
| Cash received from interest | 29 | - | 1 | |||||||||
| Cash paid for income taxes | 101 | - | - | |||||||||
| Supplemental schedule of non-cash investing and financing activities: | ||||||||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 1,044 | 313 | - | |||||||||
| Years Ended March 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| $’000 | $’000 | $’000 | ||||||||||
| Net cash used in operating activities | (5,607) | (443) | (5,738) | |||||||||
| Net cash (used in) provided by investing activities | (1,376) | 225 | 114 | |||||||||
| Net cash provided by (used in) financing activities | 6,720 | (341) | 1,460 | |||||||||
| Net decrease in cash and cash equivalents and cash segregated for regulatory purpose | (263) | (559) | (4,164) | |||||||||
| Cash and cash equivalents and cash segregated for regulatory purpose at beginning of the year | 7,514 | 8,073 | 12,237 | |||||||||
| Cash and cash equivalents and cash segregated for regulatory purpose at end of the year | 7,251 | 7,514 | 8,073 | |||||||||
| For the years ended March 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| $’000 | $’000 | $’000 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | (5,960) | (9) | - | |||||||||
| Adjustment to reconcile net loss to cash used in operating activities: | - | |||||||||||
| Depreciation | 4 | - | - | |||||||||
| Allowance for expected credit losses | 410 | - | - | |||||||||
| Share based compensations | 3,810 | - | - | |||||||||
| Share of results of an associate | 3 | - | - | |||||||||
| Interest income from loan to a third party | (26) | - | - | |||||||||
| Lease expense | 93 | - | - | |||||||||
| Change in operating assets and liabilities: | - | |||||||||||
| Change in refundable deposits | (288) | - | - | |||||||||
| Change in prepaid expenses and other current assets | (1,763) | - | - | |||||||||
| Change in amount due from a director | 1 | - | - | |||||||||
| Change in accruals and other current liabilities | 158 | - | - | |||||||||
| Change in lease liabilities | (80) | - | - | |||||||||
| Change in amount due to a subsidiary | 39 | 8 | - | |||||||||
| Cash used in operating activities | (3,599) | (1) | - | |||||||||
| Cash flows from investing activities | - | |||||||||||
| Purchase of property and equipment | (128) | - | - | |||||||||
| Investment in an associate | (257) | - | ||||||||||
| Loan to a third party | (958) | - | ||||||||||
| Cash used in investing activities | (1,343) | - | - | |||||||||
| - | ||||||||||||
| Cash flows from financing activities | ||||||||||||
| Net proceeds from IPO | 7,065 | - | - | |||||||||
| Advance to a subsidiary | (774) | - | - | |||||||||
| Advance from a director | 3 | 6 | - | |||||||||
| Cash provided by financing activities | 6,294 | 6 | - | |||||||||
| Net change in cash, cash equivalents and cash segregated for regulatory purpose | 1,352 | 5 | - | |||||||||
| Cash, cash equivalents and cash segregated for regulatory purpose at beginning of the year | 5 | - | - | |||||||||
| Cash, cash equivalents and cash segregated for regulatory purpose at the end of the year | 1,357 | 5 | - | |||||||||
| Supplemental schedule of non-cash investing and financing activities: | ||||||||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 1,044 | - | - | |||||||||
