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ACCOUNTS RECEIVABLE, NET

12 Months Ended

Mar. 31, 2026

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

NOTE 3 — ACCOUNTS RECEIVABLE, NET

Accounts receivable from third-party customers, net, consist of the following:

​

​	​	​	​	​	​	​
​	​	As of March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Accounts receivable. third-party customers		$	25,360,384		$	18,259,749
Less: allowance for estimated credit loss	​	​	(780,608)	​	​	(653,470)
Accounts receivable from third-party customers, net		$	24,579,776		$	17,606,279

​

Approximately 67.5% of the March 31, 2025 gross accounts receivable balance has been collected. Approximately $8.1 million or 31.8% of the March 31, 2026 gross accounts receivable balance has been subsequently collected and the remaining balance is expected to be collected by the end of August 2026.

The following table summarizes the Company’s outstanding gross accounts receivable and subsequent collection by aging bucket:

​

​	​	​	​	​	​	​	​	​	​
​	​	Balance as of		​	Subsequent		​	% of subsequent
Accounts receivable by aging bucket	​ ​ ​	March 31, 2026		​ ​ ​	collection		​ ​ ​	collection
Less than 6 months	​	$	22,255,955	​	$	5,542,407		24.9	%
From 7 to 9 months	​		2,362,255	​		2,362,255		100.0	%
From 10 to 12 months	​		—	​		—		0.0	%
Over 1 year	​		742,174	​		152,602		20.6	%
Total gross accounts receivable	​	$	25,360,384	​	$	8,057,264		31.8	%

​

​

​	​	​	​	​	​	​	​	​	​
​	​	Balance as of		​	Subsequent		​	% of subsequent	​
Accounts receivable by aging bucket	​ ​ ​	March 31, 2025		​ ​ ​	collection		​ ​ ​	collection
Less than 6 months	​	$	17,650,236	​	$	12,331,018		69.9	%
From 7 to 9 months	​		18,586	​		—		0.0	%
From 10 to 12 months	​		—	​		—		0.0	%
Over 1 year	​		590,927	​		—		0.0	%
Total gross accounts receivable	​	$	18,259,749	​	$	12,331,018		67.5	%

​

Allowance for doubtful accounts movement is as follows:

​

​	​	​	​	​	​	​
​	​	As of March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Beginning balance	​	$	653,470	​	$	382,731
Additions	​		90,494	​		274,115
Foreign currency translation adjustments	​		36,644	​		(3,376)
Ending balance	​	$	780,608	​	$	653,470

​

X

- Definition

The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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X

- References

No definition available.

+ Details

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