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Related Party Transaction and Balance
 12 Months Ended
Mar. 31, 2023
Related Party Transaction and Balance [Abstract]  
Related Party Transaction and Balance

13. Related Party Transaction and Balance

 

a. Nature of relationships with related parties

 

Name   Relationship with the Company
Zhong Yang Holdings Limited   Predecessor Parent Company, owned by the same group of shareholders and determined to be a related party upon the completion of the Reorganization on March 26, 2020
Sunx Global Limited   Predecessor Parent Company owns 95% of Sunx Global Limited
Mr. Huaixi Yang   Immediate family member of Ms. Junli Yang, the Chairwoman of the Board
WSYQR Limited   Wholly owned by Mr. Huaixi Yang

 

b. Related parties transactions

 

      For the Years Ended March 31, 
   Nature  2023   2022   2021 
Zhong Yang Holdings Limited  Rental expenses  $-   $54,510   $119,759 
Sunx Global Limited  Gross commission income  $-   $315   $19,959 
Mr. Huaixi Yang  Gross commission income  $1,962   $1,133   $
-
 
Mr. Huaixi Yang  Interest income  $96,317   $1,133   $- 
WSYQR Limited  Gross commission income  $8,884   $10,602   $
-
 

 

c. Balance with related parties

 

   Nature  March 31, 2023   March 31, 2022 
            
Mr. Huaixi Yang  Receivable due from customers – a related party  $1,523,259   $- 
Mr. Huaixi Yang  Payable to customers - related parties  $-   $3,378 
WSYQR Limited  Payable to customers - related parties  $12,577   $65,398 
Sunx Global Limited  Payable to customers - related parties  $30,550   $30,647