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Receivables from Customers, Net | 12 Months Ended
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Mar. 31, 2024
Receivables from Customers, Net [Abstract] |
Receivables from Customers, Net | 4. Receivables from Customers, Net As of March 31, 2023 and 2024, receivables from customers consisted of the following balances:
|  | 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 |
| (1) | According to the contracts entered into between the Group and its customers, the Group shall charge its customers on amounts due on brokerage transactions which are not yet duly settled on settlement dates an interest at Hong Kong Prime Lending Rate plus 8% per annum. Further according to the terms set out in the contracts, the Group is entitled to liquidate the security positions it holds on behalf of the particular customers in order to recover the receivable balances in cases of default. As of March 31, 2024 and 2023, the Group maintained a weighted average Loan-To-Value ratio of 0.23% and 0.90% against these balances, respectively. Subsequent to the year ended March 31, 2024, receivables from customers amounted to $159,335 have been fully settled.
The movement of allowance for expected credit losses is as follow:
|  | As of March 31, |
|  | 2024 |  |  | 2023 |
Balance at April 1 |  | $ | - |  |  | $ | - |
Provision for expected credit losses |  |  | 6,641 |  |  |  | - |
Balance at March 31 |  | $ | 6,641 |  |  | $ | - |
The Group adopted ASU 2016-13 from April 1, 2023 using modified-retrospective transition approach with a cumulative-effect adjustment to shareholders’ equity amounting to nil recognized as of April 1, 2023.

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