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For the six months ended

September 30,

Operating lease costs

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RELATED PARTY TRANSACTIONS, Transactions with Zhou Kai (Details) - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Revenues [Abstract]
Total revenues	$ 6,102,900	$ 2,958,263
Zhou Kai [Member]
Revenues [Abstract]
Revenues - brokerage commission and handling charge income	2,065	0
Revenues - interest income	6,448	0
Total revenues	8,513	$ 0
Zhou Kai [Member] \| Margin Loan [Member]
Transactions with Related Parties [Abstract]
Receivables from clients	$ 2,839		$ 0

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)	Basis of presentation

The accompanying unaudited condensed consolidated financial statements (“Unaudited Financial Statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 20-F as of and for the years ended March 31, 2025 and 2024 (“Audited Financial Statements”), as filed on July 24, 2025. In the opinion of management, all normal recurring adjustments necessary for their fair presentation have been included. Operating results for the six months ended September 30, 2025 and 2024 are not necessarily indicative of the results that may be expected for the full year. Other than policies noted below, there have been no significant changes to the significant accounting policies and estimates disclosed in the Audited Financial Statements.

(b)	Principles of consolidation

The Unaudited Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation.

(c)	Use of estimates

The preparation of the Unaudited Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on information available as of the date of the Unaudited Financial Statements. Accounting estimates required to be made by management include, but not limited to, recognition of software licensing and related support services income, allowance for credit losses, valuation of share-based compensation, income taxes and valuation for investments. Actual results could differ from those estimates.

(d)	Receivables from and payables to clients

Receivables from and payables to clients include amounts due and owed on cash and margin transactions on a trade-date basis. Receivables from clients include margin loans to securities brokerage clients and other trading receivables. WSI engages in margin financing transactions with its clients. Margin loans generated from margin lending activity for securities traded in the secondary market are collateralized by client-owned securities held in client’s accounts. WSI monitors the required margin and collateral level on a daily basis in compliance with regulatory and internal guidelines. Under applicable agreements, clients are required to deposit additional collateral or reduce holding positions, when necessary to avoid forced liquidation of their positions.

The Group elected the practical expedient for Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 326 – “Financial Instruments – Credit Losses” (“ASC 326”) which permits it to compare the amortized cost basis of the loaned amount with the fair value of collateral received at the reporting date to measure the estimate of expected credit losses. Securities beneficially owned by clients, including those that collateralize margin or other similar transactions, are not reflected on the unaudited condensed consolidated balance sheets.

As of September 30, 2025 and March 31, 2025, the Group had no credit losses reserve to its receivables from clients.

(e)	Receivables from and payables to broker-dealers and clearing organization

Receivables from and payables to clearing organization include receivables and payables from unsettled trades on a trade-date basis, including amounts receivable for securities trades not delivered by WSI to the purchaser by the settlement date and amounts payable for securities not received by WSI from a seller by the settlement date.

As of September 30, 2025 and March 31, 2025, the Group had no credit losses reserve to its receivables from broker-dealers and clearing organization.

Payables to broker-dealers represent margin loan that WSI borrowed from broker-dealers by repledging or sell-and-repurchase the securities that pledged by its margin clients.

(f)	Receivables from software licensing (including subscription based) and related support services

Receivables from software licensing (including subscription based) and related support services primarily consist of amounts due for services already performed and are recorded at the invoiced amount and do not bear interest. The Group maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the expected credit loss, management considers historical losses adjusted to take into account current and future market conditions and the customers’ financial condition, the amount of receivables in dispute and customer paying patterns. Balances that remain outstanding after the Group has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. As of September 30, 2025 and March 31, 2025, the receivables from software licensing (including subscription based) and related support services were fully collateralized by the client-owned securities held in the customer’s account. There were no allowance was recognized on the receivables from software licensing (including subscription based) and related support services during the periods presented in the accompanying Unaudited Financial Statements.

(g)	Deferred offering costs

Deferred offering costs are incurred in connection with the public offerings of the Company, and initial public offerings (“IPOs”), of the Company’s subsidiary, Love and Health Limited, a SPAC entity, including legal, underwriting, and other public offering related costs. Upon completion of the public offering, these deferred offering costs will be reclassified to shareholders’ equity. If the Company terminates its planned public offering or if there is a significant delay, all of the deferred offering costs will be immediately written off to expenses in the unaudited condensed consolidated statements of operations. Deferred offering costs were $0.44 million and $1.50 million as of September 30, 2025 and March 31, 2025, respectively, and were recorded in other assets. For the six months ended September 30, 2025, the Company’s deferred offering cost of $1.1 million has been charged against equity upon completion of its IPO on April 2, 2025.

(h)	Investment in equity securities

The Company accounts for investments in equity securities in accordance with ASC 321, Investments – Equity Securities. For investment in an equity security in which the Company does not have a controlling financial interest, the Company determines if it has the ability to exercise significant influence over the entity. Equity investment over which the Company does not have the ability to exercise significant influence and that does not have a readily determinable fair value that qualifies for the net asset value (“NAV”) practical expedient. The Company has elected to apply the NAV practical expedient to estimate fair value, with changes in NAV recognized in the accompanying in the unaudited condensed consolidated statements of operations.

For all other investments in equity securities over which the Company does not have the ability to exercise significant influence and without a readily determinable fair value, the Company applies alternative measurements on these equity securities which are defined as cost, less any impairments, a plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Company monitors the investment for impairments and makes adjustments in carrying values if management determines that an impairment charge is required based primarily on the financial condition and near-term prospects of the investment. The Company evaluates potential impairment indicators, including adverse changes in industry or market conditions, financial performance, business outlook, and other relevant factors. If such indicators are present, further analysis is conducted to determine whether any impairment is other-than-temporary. In cases where an impairment is deemed other-than-temporary, the Company determines the fair value of the investment. When quoted market prices are not available, the

Company exercises judgment in estimating fair value, taking into account factors such as current economic and market conditions, the investee’s operating performance and earnings trends, and other company- and industry-specific information.

(i)	Equity method investments

The Group accounts for an equity method investment over which it has significant influence but does not have a controlling financial interest and of which it is not the primary beneficiary. The Group’s share of the investee’s profit and loss is recognized in the unaudited condensed consolidated statements of operations. During the six months ended September 30, 2025 and 2024, the share of investee losses recognized was $0.03 million and $0.34 million, respectively.

The Group assesses its equity method investments for other-than-temporary impairment by considering factors as well as all relevant and available information including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends, and other entity-specific information.

(j)	Fair value measurement

The Group performs fair value measurements in accordance with ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•	Level 1 - Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

•	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly.

•	Level 3 - Unobservable inputs which are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

As of September 30, 2025 and March 31, 2025, the carrying values of cash and cash equivalents, cash segregated under regulatory requirements, receivables from clients, receivables from broker-dealers and clearing organization, receivables from software licensing and related support services, prepaid expenses and other current assets, payables to clients, payables to broker dealers and clearing organization, accrued expenses and other current liabilities approximated their fair values reported in the unaudited condensed consolidated balance sheets due to the short-term maturities of these financial instruments. The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

(k)	Contract assets and liabilities

The Group records a contract asset when revenue is recognized prior to invoicing. The Group’s contract liabilities primarily relate to unsatisfied performance obligations when payment has been received from customers before the performance obligations are satisfied. The following table summarized the opening and closing balances in contract assets and liabilities:


	Contract assets	Contract liabilities^*
Balance as of April 1, 2024	$—	$600,000
Net change to contract balance recognized since beginning of period due to recognition of revenue and amounts billed	1,200,000	(476,863)
Balance as of March 31, 2025	1,200,000	123,137
Net change to contract balance recognized since beginning of the period due to recognition of revenue and amounts billed	(569,155)	—
Balance as of September 30, 2025	$630,845	$123,137

*	Contract liabilities were included within the accrued expenses and other current liabilities.

No expected credit loss recognized for the six months ended September 30, 2025 and 2024 for contract assets.

(l)	Concentration and credit risk

Financial instruments that potentially subject the Group to concentration of credit risk consist of cash accounts held with financial institutions in Hong Kong. Cash segregated under regulatory requirements is deposited in reputable financial institutions as required by the Hong Kong Securities and Futures Ordinance. At times, these accounts may exceed the maximum coverage limit of approximatively $102,000 (HK$800,000), effective from October 1, 2024, under the Deposit Protection Scheme introduced by the Hong Kong Government.

The Group has not experienced any losses in these accounts and management believes that these financial institutions are of sound credit quality and the Group is not exposed to any significant credit risk on these accounts.

The Group’s exposure to credit risk associated with its trading and other activities is measured on an individual counterparty basis, as well as by Group of counterparties that share similar attributes.

The Group is exposed to concentration risks with specific counterparties.

(i)	Major customers

For the six months ended September 30, 2025 and 2024, customer A, a related party, accounted for 36.6% and 68.0% of the Group’s total revenues, respectively. As of September 30, 2025, customer A accounted for 5.8% of the total balance of receivables, including balances from client, broker-dealers and clearing organizations and software licensing and related support service. As of March 31, 2025, customer A accounted for 61.0% of the total balance of receivables. For the six months ended September 30, 2025 and 2024, customer B, accounted for 14.6% and nil of the Group’s total revenues, respectively. As of September 30, 2025, customer B accounted for 38.6% of the total balance of receivables, including balances from client, broker-dealers and clearing organizations and software licensing and related support service. As of March 31, 2025, customer B accounted for nil of the total balance of receivables.

(ii)	Major supplier

There was one sole related party supplier for software licensing and related support outsourcing services, who accounted for 5.4% and 13.3% of total operating costs and expenses for the six months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and March 31, 2025, supplier A, a related party, accounted for 6.5% and 5.4% of the total balance of accounts payable, respectively. Supplier A ceased to be a related party in the fourth quarter in 2025.

(m)	Risks and uncertainties

The Group’s business, financial condition and results of operations may also be negatively impacted by risks related to regional wars, geopolitical tensions, natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could potentially and significantly disrupt the Group’s operations.

(n)	Recent accounting pronouncements

We are an “emerging growth company” as defined in the JOBS Act. Under the JOBS Act, an emerging growth company can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

Recently issued accounting pronouncements not yet adopted -

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. The new guidance will become effective for the Company’s financial statements issued for annual reporting periods beginning on January 1, 2026. The Company will be required to adopt this guidance on a prospective basis with an option to apply it retrospectively for each period presented. Early adoption of the standard is also permitted. The Company is in the process of evaluating the impact of the financial statement disclosure requirement.

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which is intended to provide disaggregated information about a public business entity’s expenses to help financial statement users better understand the entity’s performance, better assess the entity’s prospects for future cash flows, and compare an entity’s performance over time and with that of other entities. The amendment is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The new standard may be applied either on a prospective or retrospective basis. The Company is currently evaluating the effect of adopting this guidance.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendment provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets and with an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This guidance is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the effect of adopting this guidance.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on the Group’s unaudited condensed consolidated financial statements.

DISAGGREGATED REVENUE

6 Months Ended

Sep. 30, 2025

DISAGGREGATED REVENUE [Abstract]

DISAGGREGATED REVENUE

7.	DISAGGREGATED REVENUE

In addition to the information shown in the above disclosures, the revenue from contracts with customers within FASB ASC 606 and other sources of revenue is disaggregated as follow:


	For the six months ended September 30,
	2025			2024
	Point in time	Over time	Total	Point in time	Over time	Total
Revenue from contracts with customers
Brokerage and commission income
Brokerage commission and handling charge income*	$2,709,354	$—	$2,709,354	$67,888	$—	$67,888
Brokerage commission and handling charge income – related party*	1,390,497	—	1,390,497	892,837	—	892,837
Bond distribution commission income	65,534	—	65,534	328,659	—	328,659
Margin financing services
Interest income	—	507,872	507,872	—	2,562	2,562
Interest income – related party	—	452,808	452,808	—	520,183	520,183
Software licensing (including subscription based) and related support services
Software license	—	61,498	61,498	500,000	—	500,000
M&S	—	200,000	200,000	—	46,134	46,134
M&S – related party	—	400,000	400,000	—	600,000	600,000
Other sources of revenue
Principal transactions & proprietary trading	—	315,337	315,337	—	—	—
Total revenues	$4,165,385	$1,937,515	$6,102,900	$1,789,384	$1,168,879	$2,958,263

*	Total handling charge income, including amounts from a related party, was $2,206,955 and $16,558 for the six months ended September 30, 2025 and 2024, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

ORGANIZATION AND DESCRIPTION OF BUSINESS (Tables)

6 Months Ended

Sep. 30, 2025

ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract]

Subsidiaries Information

As of September 30, 2025, the Company’s operating subsidiaries are as follows:

Entity

Date of

Incorporation

Place of

Incorporation

% of

Ownership

Major business

activities

Waton Securities

International Limited (“WSI”)

April 28, 1989

Hong Kong

100%

Broker services and software licensing and related support services

Waton Technology

International Limited (“WTI”)

February 24, 2023

Hong Kong

100%

Software licensing and related support services

Waton Sponsor Limited

September 7, 2023

British Virgin Islands(“BVI”)

100%

Sponsor of a special purpose acquisition company

Love & Health Limited*

October 3, 2023

Cayman Islands

100%

Special Purpose Acquisition Company

Descart Limited

February 23, 2024

United States

100%

General holding

*	As of September 30, 2025, Love & Health Limited has not completed its initial public offering with Nasdaq.

EQUITY METHOD INVESTMENT, NET, Summary (Details)	1 Months Ended		6 Months Ended		12 Months Ended
EQUITY METHOD INVESTMENT, NET, Summary (Details)	Oct. 31, 2024 USD ($)	Oct. 31, 2024 HKD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024	Mar. 31, 2025 USD ($)
Equity Method Investments [Abstract]
Loss on share of equity method investment			$ (31,603)	$ (341,428)
Carrying amount			0			$ 189,932
Changes in NAV of investment securities			(741,482)	$ 0
Allowance for credit loss			$ 740,000
WSI [Member]
Equity Method Investments [Abstract]
Ownership percentage	55.00%				55.00%
Minimum voting rights percentage					66.67%
Carrying amount	$ 770,000
Equity interest consideration	$ 900,000	$ 7,000,000
Other Shareholder [Member]
Equity Method Investments [Abstract]
Ownership percentage					45.00%

INCOME TAXES, Deferred Tax Assets (Details) - USD ($)	Sep. 30, 2025	Mar. 31, 2025
Deferred Tax Assets [Abstract]
Net operating loss carried forward	$ 1,239,510	$ 614,768
Temporary difference from share-based compensation expenses	1,233,828	848,574
Unrealized loss from the equity method investment	122,819	0
Others	2,635	19,236
Subtotal	2,598,792	1,482,578
Less: valuation allowance	(2,598,792)	(1,482,578)
Total deferred tax assets	0	0
Accumulated net operating loss carryforwards	$ 7,500,000	$ 3,700,000

COLLATERALIZED TRANSACTIONS (Details) - USD ($)

Sep. 30, 2025

Mar. 31, 2025

Collateralized Transaction [Abstract]

Margin loan extended to margin clients

^[1]

$ 12,716,345

$ 4,364,851

Total value of securities held by margin clients

171,210,761

133,458,270

Margin loan received from financial institutions

^[2]

11,504,379

7,234,684

Total value of securities repledged to financial institutions

17,120,792

10,179,699

Wealth Guardian Investment Limited [Member]

Collateralized Transaction [Abstract]

Client payables

40,745

1,417,153

Wealth Guardian Investment Limited [Member] | Margin Loan [Member]

Collateralized Transaction [Abstract]

Margin loan receivables

3,500,000

Client payables

$ 0

$ 200,000

[1]	The amount includes margin loan receivables from WGI totaling nil million and $3.5 million, net of client payables to WGI amounting to nil and $0.2 million, as of September 30, 2025 and March 31, 2025, respectively.
[2]	Recorded in Payable to Brokers and Clearing Organizations.

LEASES

6 Months Ended

Sep. 30, 2025

LEASES [Abstract]

LEASES

The Group has operating leases for its offices with terms ranging from two to three years. In April and September 2023, the Group entered into two new lease agreements, one for its corporate headquarters at Harbor City, Hong Kong, and the other for employee residence. The Group also has a finance lease for a printer, which is deemed not material for accounting purposes.

The components of lease costs are as follows:

The following table presents supplemental information related to the Group’s leases:


	For the six months ended September 30,
	2025	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$290,920	$252,730
Lease term and discount rate
Weighted average remaining lease term (years)
Operating leases	0.50	1.34
Weighted average discount rate
Operating leases	5.13%	5.13%

As of September 30, 2025, the future maturity of lease liabilities is as follows:


			Operating lease
Remainder of fiscal year ending March 31, 2026			$214,809
Less: interest			(3,623)
Present value of lease liabilities			$211,186

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Deferred Offering Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Apr. 02, 2025	Mar. 31, 2025
Deferred Offering Costs [Abstract]
Deferred offering costs	$ 440	$ 1,100	$ 1,500

LEASES, Supplemental Information Related to Group's Leases (Details) - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Paid for Amounts Included in Measurement of Lease Liabilities [Abstract]
Operating cash flows from operating leases	$ 290,920	$ 252,730
Lease Term and Discount Rate [Abstract]
Weighted-average remaining lease term, Operating leases	6 months	1 year 4 months 2 days
Weighted-average discount rate, Operating leases	5.13%	5.13%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Receivables (Details) - USD ($)	Sep. 30, 2025	Mar. 31, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Credit losses reserve to receivables from clients	$ 0	$ 0
Credit losses reserve to receivables from broker-dealers and clearing organization	0	0
Allowance on receivables from software licensing and related support services	$ 0	$ 0

SUBSEQUENT EVENTS (Details) - HKD ($) $ in Millions	Jan. 31, 2026	Sep. 30, 2025
Subsequent Event [Abstract]
Maximum borrowing capacity		$ 20
Subsequent Event [Member]
Subsequent Event [Abstract]
Maximum borrowing capacity	$ 40

ORGANIZATION AND DESCRIPTION OF BUSINESS

6 Months Ended

Sep. 30, 2025

ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

1.	ORGANIZATION AND DESCRIPTION OF BUSINESS

Waton Financial Limited (“Waton Financial” or the “Company”), is a holding company incorporated in the British Virgin Islands with limited liability on June 25, 2010 under the original name of “IAM Group Inc.”, which name was changed to “Waton Financial Limited” on July 5, 2023, and conducts its business mainly through its subsidiaries in Hong Kong (hereafter, the “Group”), namely Waton Securities International Limited (“WSI”). WSI principally engaged in the provision of (i) securities brokerage and distribution services, margin financing services and other ancillary services; and (ii) software licensing and related support services, including licensing and Software-as-a-Service (“SaaS”) based delivery of trading platform applications, upgrades and enhancements, maintenance and other related services to securities brokers and financial institutions. Since September 2023, Waton Technology International Limited (“WTI”) has engaged in the provision of software licensing and related support services, including licensing of trading platform applications, upgrades and enhancements, maintenance and other related services to securities brokers and financial institutions.

As of September 30, 2025, the Company’s operating subsidiaries are as follows:

Entity

Date of

Incorporation

Place of

Incorporation

% of

Ownership

Major business

activities

Waton Securities

International Limited (“WSI”)

April 28, 1989

Hong Kong

100%

Broker services and software licensing and related support services

Waton Technology

International Limited (“WTI”)

February 24, 2023

Hong Kong

100%

Software licensing and related support services

Waton Sponsor Limited

September 7, 2023

British Virgin Islands(“BVI”)

100%

Sponsor of a special purpose acquisition company

Love & Health Limited*

October 3, 2023

Cayman Islands

100%

Special Purpose Acquisition Company

Descart Limited

February 23, 2024

United States

100%

General holding

*	As of September 30, 2025, Love & Health Limited has not completed its initial public offering with Nasdaq.

On April 2, 2025, the Company closed its initial public offering (“IPO”) of 4,375,000 ordinary shares and the sale of an additional 656,250 ordinary shares (the “Over-allotment”), pursuant to the full exercise of the over-allotment option granted to the underwriters in connection with the IPO. The offering price was $4.00 per share. The aggregate gross proceeds of the IPO and Over-allotment were $20,125,000 before deducting underwriting discounts and offering expenses. The ordinary shares of the Company were approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “WTF” on April 1, 2025.

Going concern and liquidity

The Company’s unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

The Company reported a net loss of $8,366,642 for the six months ended September 30, 2025 and had an accumulated deficit of $17,473,787 as of September 30, 2025. The Company had positive working capital of $23,616,959 and cash and cash equivalents of $14,347,536 as of September 30, 2025. The Company’s unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

ORGANIZATION AND DESCRIPTION OF BUSINESS, Subsidiaries Information (Details)

6 Months Ended

Sep. 30, 2025

Waton Securities International Limited ("WSI") [Member]

Subsidiaries Information [Abstract]

Date of incorporation

Apr. 28, 1989

Place of incorporation

% of ownership

100.00%

Major business activities

Broker services and software licensing and related support services

Waton Technology International Limited ("WTI") [Member]

Subsidiaries Information [Abstract]

Date of incorporation

Feb. 24, 2023

Place of incorporation

% of ownership

100.00%

Major business activities

Software licensing and related support services

Waton Sponsor Limited [Member]

Subsidiaries Information [Abstract]

Date of incorporation

Sep. 07, 2023

Place of incorporation

% of ownership

100.00%

Major business activities

Sponsor of a special purpose acquisition company

Love & Health Limited [Member]

Subsidiaries Information [Abstract]

Date of incorporation

Oct. 03, 2023

^[1]

Place of incorporation

^[1]

% of ownership

100.00%

^[1]

Major business activities

Special Purpose Acquisition Company

^[1]

Descart Limited [Member]

Subsidiaries Information [Abstract]

Date of incorporation

Feb. 23, 2024

Place of incorporation

% of ownership

100.00%

Major business activities

General holding

[1]	As of September 30, 2025, Love & Health Limited has not completed its initial public offering with Nasdaq.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Equity Method Investments (Details) - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Equity Method Investments [Abstract]
Loss on share of equity method investment	$ (31,603)	$ (341,428)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning balance at Mar. 31, 2024	$ 0	$ 7,908,000	$ 2,860,360	$ (26,307)	$ 10,742,053
Beginning balance (in shares) at Mar. 31, 2024	40,980,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 0	0	(1,148,255)	0	(1,148,255)
Foreign currency translation adjustment	0	0	0	68,477	68,477
Ending balance at Sep. 30, 2024	$ 0	7,908,000	1,712,105	42,170	9,662,275
Ending balance (in shares) at Sep. 30, 2024	40,980,000
Beginning balance at Mar. 31, 2025	$ 0	21,817,729	(9,107,145)	57,159	12,767,743
Beginning balance (in shares) at Mar. 31, 2025	43,206,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares in connection with initial public offering, net of underwriting discounts and offering costs	$ 0	17,175,447	0	0	17,175,447
Issuance of ordinary shares in connection with initial public offering, net of underwriting discounts and offering costs (in shares)	5,031,250
Share-based compensation	$ 0	6,104,672	0	0	6,104,672
Net loss	0	0	(8,366,642)	0	(8,366,642)
Foreign currency translation adjustment	0	0	0	9,914	9,914
Ending balance at Sep. 30, 2025	$ 0	$ 45,097,848	$ (17,473,787)	$ 67,073	$ 27,691,134
Ending balance (in shares) at Sep. 30, 2025	48,237,472

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

COLLATERALIZED TRANSACTIONS (Tables)

6 Months Ended

Sep. 30, 2025

COLLATERALIZED TRANSACTIONS [Abstract]

Margin Loans and Clients Collaterals Received and Repledged

The following table summarizes the amounts of margin loans and clients’ collaterals received and repledged by the Group as of September 30, 2025 and March 31, 2025:


	As of
	September 30, 2025	March 31, 2025
Margin loan extended to margin clients*	$12,716,345	$4,364,851
Total value of securities held by margin clients	$171,210,761	$133,458,270
Margin loan received from financial institutions**	$11,504,379	$7,234,684
Total value of securities repledged to financial institutions	$17,120,792	$10,179,699

*	The amount includes margin loan receivables from WGI totaling nil million and $3.5 million, net of client payables to WGI amounting to nil and $0.2 million, as of September 30, 2025 and March 31, 2025, respectively.

**	Recorded in Payable to Brokers and Clearing Organizations.

COLLATERALIZED TRANSACTIONS

6 Months Ended

Sep. 30, 2025

COLLATERALIZED TRANSACTIONS [Abstract]

COLLATERALIZED TRANSACTIONS

11.	COLLATERALIZED TRANSACTIONS

WSI engages in margin financing transactions with its clients. Margin loans generated from margin lending activity for securities traded in the secondary market are collateralized by client-owned securities. WSI monitors the required margin and collateral level on a daily basis in compliance with regulatory and internal guidelines. Under applicable agreements, clients are required to deposit additional collateral or reduce holding positions, when necessary to avoid forced liquidation of their positions. Pursuant to the authorization obtained from margin clients, the Company further repledges the collaterals to financial institutions to obtain the funding for the margin or other businesses.

The following table summarizes the amounts of margin loans and clients’ collaterals received and repledged by the Group as of September 30, 2025 and March 31, 2025:


	As of
	September 30, 2025	March 31, 2025
Margin loan extended to margin clients*	$12,716,345	$4,364,851
Total value of securities held by margin clients	$171,210,761	$133,458,270
Margin loan received from financial institutions**	$11,504,379	$7,234,684
Total value of securities repledged to financial institutions	$17,120,792	$10,179,699

*	The amount includes margin loan receivables from WGI totaling nil million and $3.5 million, net of client payables to WGI amounting to nil and $0.2 million, as of September 30, 2025 and March 31, 2025, respectively.

**	Recorded in Payable to Brokers and Clearing Organizations.

RELATED PARTY TRANSACTIONS, Transactions with WGI (Details)

6 Months Ended

12 Months Ended

Sep. 30, 2025

USD ($)

Shareholder

Sep. 30, 2024

USD ($)

Mar. 31, 2025

USD ($)

Mar. 31, 2024

USD ($)

Transactions with Related Parties [Abstract]

Contract assets

$ 630,845

$ 1,200,000

$ 0

Payables - Broker-dealer

^[1]

123,137

$ 600,000

Revenues [Abstract]

Total revenues

6,102,900

$ 2,958,263

Software licensing and related support services revenue

$ (569,155)

1,200,000

Wealth Guardian Investment Limited [Member]

Transactions with Related Parties [Abstract]

Number of shareholders | Shareholder

Aggregate ownership percentage

10.00%

Receivables - software licensing (including subscription based) and related support services

$ 1,800,000

600,000

Receivables - Total

^[2]

1,800,349

5,426,387

Contract assets

400,000

1,200,000

Payables - Brokerage services

40,745

1,417,153

Payables - Broker-dealer

75,136

Payables - Total

40,745

1,492,289

Revenues [Abstract]

Revenues - brokerage commission and handling charge income

1,388,432

892,837

Revenues - interest income

446,360

520,183

Revenues - software licensing (including subscription based) and related support services

400,000

600,000

Total revenues

2,234,792

2,013,020

Software licensing and related support services revenue

400,000

600,000

Wealth Guardian Investment Limited [Member] | Unsettled Trade [Member]

Transactions with Related Parties [Abstract]

Receivables from clients

1,549,709

Wealth Guardian Investment Limited [Member] | Margin Loan [Member]

Transactions with Related Parties [Abstract]

Receivables from clients

^[3],[4]

349

3,276,678

Payables - Brokerage services

200,000

Proceeds from lines of credit

$ 4,300,000

Margin loan receivables

$ 0

$ 3,500,000

Waton Trust Limited [Member]

Transactions with Related Parties [Abstract]

Aggregate ownership percentage

20.00%

WIG SPC [Member]

Transactions with Related Parties [Abstract]

Aggregate ownership percentage

100.00%

Management income incurred

$ 0

[1]	Contract liabilities were included within the accrued expenses and other current liabilities.
[2]	As of September 30, 2025 and March 31, 2025, receivables from this customer, including margin loan receivables, have been either fully collateralized by the client-owned securities held in the customer’s account or fully collected.
[3]	As of September 30, 2025 and March 31, 2025, the amounts consisted of margin loan receivables of nil and $3.5 million, net of client payables of nil and $0.2 million, respectively.
[4]	WSI extended a credit line of nil and $4.3 million to WGI for margin transactions during the six months ended September 30, 2025 and 2024.

DISAGGREGATED REVENUE, Disaggregation of Revenue From Contracts with Customers (Details) - USD ($)

6 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Brokerage and Commission Income [Abstract]

Bond distribution commission income

$ 65,534

$ 328,659

Other Sources of Revenue [Abstract]

Principal transactions & proprietary trading

315,337

Total revenues

6,102,900

2,958,263

Nonrelated Party [Member]

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

^[1]

2,709,354

67,888

Margin Financing Services [Abstract]

Interest income

507,872

2,562

Margin Financing Services [Abstract]

Interest income

61,498

500,000

Margin Financing Services [Abstract]

Interest income

200,000

46,134

Related Party [Member]

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

^[1]

1,390,497

892,837

Margin Financing Services [Abstract]

Interest income

452,808

520,183

Margin Financing Services [Abstract]

Interest income

400,000

600,000

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

2,206,955

16,558

Point in Time [Member]

Brokerage and Commission Income [Abstract]

Bond distribution commission income

65,534

328,659

Other Sources of Revenue [Abstract]

Principal transactions & proprietary trading

Total revenues

4,165,385

1,789,384

Point in Time [Member] | Nonrelated Party [Member]

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

^[1]

2,709,354

67,888

Margin Financing Services [Abstract]

Interest income

Point in Time [Member] | Nonrelated Party [Member] | Software License [Member]

Margin Financing Services [Abstract]

Interest income

500,000

Point in Time [Member] | Nonrelated Party [Member] | Maintenance and Support [Member]

Margin Financing Services [Abstract]

Interest income

Point in Time [Member] | Related Party [Member]

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

^[1]

1,390,497

892,837

Margin Financing Services [Abstract]

Interest income

Point in Time [Member] | Related Party [Member] | Maintenance and Support [Member]

Margin Financing Services [Abstract]

Interest income

Over Time [Member]

Brokerage and Commission Income [Abstract]

Bond distribution commission income

Other Sources of Revenue [Abstract]

Principal transactions & proprietary trading

315,337

Total revenues

1,937,515

1,168,879

Over Time [Member] | Nonrelated Party [Member]

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

^[1]

Margin Financing Services [Abstract]

Interest income

507,872

2,562

Over Time [Member] | Nonrelated Party [Member] | Software License [Member]

Margin Financing Services [Abstract]

Interest income

61,498

Over Time [Member] | Nonrelated Party [Member] | Maintenance and Support [Member]

Margin Financing Services [Abstract]

Interest income

200,000

46,134

Over Time [Member] | Related Party [Member]

Brokerage and Commission Income [Abstract]

Brokerage commission and handling charge income

^[1]

Margin Financing Services [Abstract]

Interest income

452,808

520,183

Over Time [Member] | Related Party [Member] | Maintenance and Support [Member]

Margin Financing Services [Abstract]

Interest income

$ 400,000

$ 600,000

[1]	Total handling charge income, including amounts from a related party, was $2,206,955 and $16,558 for the six months ended September 30, 2025 and 2024, respectively.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2025	Mar. 31, 2025
Shareholders' equity:
Ordinary shares, authorized	Unlimited	Unlimited
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, issued (in shares)	48,237,472	43,206,222
Ordinary shares, outstanding (in shares)	48,237,472	43,206,222

REGULATORY CAPITAL REQUIREMENTS

6 Months Ended

Sep. 30, 2025

REGULATORY CAPITAL REQUIREMENTS [Abstract]

REGULATORY CAPITAL REQUIREMENTS

12.	REGULATORY CAPITAL REQUIREMENTS

The Group’s broker-dealer subsidiary, WSI, which is located in Hong Kong, is subject to capital requirements determined by its respective regulator, the Securities and Futures (Financial Resources) Rules and the Securities and Future Ordinance. Regulatory capital requirements could restrict the operating subsidiary from expanding its business and declaring dividends if its required capital does not meet regulatory requirements. As of September 30, 2025 and March 31, 2025, WSI is required to maintain minimum liquid capital of $385,609 (HK$3.0 million) and was in compliance with its regulatory capital requirements.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Sep. 30, 2025

Transactions with Related Parties

The Group conducts material transactions with WGI through WSI and/or WTI, which entities are service providers for WGI. These transactions and related balances are as follows:


	As of
	September 30, 2025	March 31, 2025
Receivables – clients – unsettled trade	$—	$1,549,709
Receivables – clients – margin loan (net)^(i)(ii)	349	3,276,678
Receivables – software licensing (including subscription based) and related support services	1,800,000	600,000


	As of
	September 30, 2025	March 31, 2025
Receivables – Total⁽ⁱⁱⁱ⁾	$1,800,349	$5,426,387
Contract assets	400,000	1,200,000
Payables – brokerage services	$40,745	$1,417,153
Payables – Broker-dealer	—	75,136
Payables – Total	$40,745	$1,492,289

(i)	WSI extended a credit line of nil and $4.3 million to WGI for margin transactions during the six months ended September 30, 2025 and 2024.

(ii)	As of September 30, 2025 and March 31, 2025, the amounts consisted of margin loan receivables of nil and $3.5 million, net of client payables of nil and $0.2 million, respectively.

(iii)

As of September 30, 2025 and March 31, 2025, receivables from this customer, including margin loan receivables, have been either fully collateralized by the client-owned securities held in the customer’s account or fully collected.

	For the six months ended September 30,
	2025	2024
Revenues – brokerage commission and handling charge income	$1,388,432	$892,837
Revenues – interest income	446,360	520,183
Revenues – software licensing (including subscription based) and related support services	400,000	600,000
Total	$2,234,792	$2,013,020

The Group conducts transactions with Zhou Kai through WSI. These transactions and related balance are as follows:


	For the six months ended September 30,
	2025	2024
Revenues – brokerage commission and handling charge income	$2,065	$—
Revenues – interest income	6,448	—
Total	$8,513	$—


	As of
	September 30, 2025	March 31, 2025
Zhou Kai⁽ⁱ⁾	$12,505	$31,682
Shenzhen Jinhui⁽ⁱⁱ⁾	2,528,305	1,766,092
Due to related parties	$2,540,810	$1,797,774

(i)

The balance represents borrowings from Zhou Kai for the Group’s daily operational purposes. The borrowings are interest-free, unsecured and due on demand. During the six months ended September 30, 2025 and 2024, there was no advances from Zhou Kai. During the six months ended September 30, 2025 and 2024, the Group repaid borrowings from Zhou Kai of nil and $1.8 million, respectively.

(ii)

The balance represents unpaid service fees to Shenzhen Jinhui, a service provider and sub-contractor of the Group’s project management services. Based on the services agreement, Shenzhen Jinhui charges the Group certain percents of markup above its costs relating to service provided to the Group. During the six months ended September 30, 2025 and 2024, the Group purchased outsourcing and related support services of approximately $0.7 million and $0.5 million, respectively, from Shenzhen Jinhui which were recorded as software licensing and related support outsourcing costs.

INCOME TAXES

6 Months Ended

Sep. 30, 2025

INCOME TAXES [Abstract]

INCOME TAXES

6.	INCOME TAXES

The income tax provision consisted of the following components:


	For the six months ended September 30,
	2025	2024
Current income tax expense	$—	$—
Deferred income tax benefit	—	77,138
Total income tax benefit	$—	$77,138

For the six months ended September 30, 2024, as a result of the Company’s inability to establish a reliable estimate for the annual effective tax rate, the Company calculated income tax expense using the actual effective tax rate year to date, as opposed to the estimated annual effective tax rate. A reconciliation between the Group’s effective income tax rate and the provision under Hong Kong statutory tax rate is as follows:


	For the six months ended September 30,
	2025	2024
Loss before income tax benefit	$8,366,642	$1,225,393
Tax at applicable income tax rate (16.5%)	1,380,496	202,190
Tax effect of different tax rates in other jurisdictions	(376,714)	(120,430)
Tax effect on non-taxable income	315	26
Tax effect on non-deductible expenses	(142,672)	(4,648)
Tax effect on tax losses not recognized	(976)	—
Tax effect on change in valuation allowance	(860,449)	—
Income tax benefit	$—	$77,138

As of September 30, 2025 and March 31, 2025, the significant components of the deferred tax assets were summarized below:


	As of
	September 30, 2025	March 31, 2025
Net operating loss carried forward	$1,239,510	$614,768
Temporary difference from share-based compensation expenses	1,233,828	848,574
Unrealized loss from the equity method investment	122,819	—
Others	2,635	19,236
Subtotal	2,598,792	1,482,578
Less: valuation allowance	(2,598,792)	(1,482,578)
Total deferred tax assets	$—	$—

The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Group regularly assesses the ability to realize its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. The Group weighs all available positive and negative evidence, including its earnings history and results of recent operations, projected future taxable income, and tax planning strategies.

As of September 30, 2025 and March 31, 2025, the Group had accumulated net operating loss carryforwards of $7.5 million and $3.7 million, respectively. For entities incorporated in Hong Kong, net loss can be carried forward indefinitely. As of September 30, 2025, the Company continues to maintain a full valuation allowance against the deferred tax assets due to significant negative evidence, the Company’s assessment that it is not more likely than not that the deferred tax assets will be realized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of presentation

(a)	Basis of presentation

Principles of consolidation

(b)	Principles of consolidation

Use of estimates

(c)	Use of estimates

Receivables from and payables to clients

(d)	Receivables from and payables to clients

As of September 30, 2025 and March 31, 2025, the Group had no credit losses reserve to its receivables from clients.

Receivables from and payables to broker-dealers and clearing organization

(e)	Receivables from and payables to broker-dealers and clearing organization

As of September 30, 2025 and March 31, 2025, the Group had no credit losses reserve to its receivables from broker-dealers and clearing organization.

Payables to broker-dealers represent margin loan that WSI borrowed from broker-dealers by repledging or sell-and-repurchase the securities that pledged by its margin clients.

Receivables from software licensing and related support services

(f)	Receivables from software licensing (including subscription based) and related support services

Deferred offering costs

(g)	Deferred offering costs

Investment in equity securities

(h)	Investment in equity securities

Equity method investments

(i)	Equity method investments

Fair value measurement

(j)	Fair value measurement

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•	Level 1 - Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

•	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly.

•	Level 3 - Unobservable inputs which are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Contract assets and liabilities

(k)	Contract assets and liabilities


	Contract assets	Contract liabilities^*
Balance as of April 1, 2024	$—	$600,000
Net change to contract balance recognized since beginning of period due to recognition of revenue and amounts billed	1,200,000	(476,863)
Balance as of March 31, 2025	1,200,000	123,137
Net change to contract balance recognized since beginning of the period due to recognition of revenue and amounts billed	(569,155)	—
Balance as of September 30, 2025	$630,845	$123,137

*	Contract liabilities were included within the accrued expenses and other current liabilities.

No expected credit loss recognized for the six months ended September 30, 2025 and 2024 for contract assets.

Concentration and credit risk

(l)	Concentration and credit risk

The Group is exposed to concentration risks with specific counterparties.

(i)	Major customers

(ii)	Major supplier

Risks and uncertainties

(m)	Risks and uncertainties

Recent accounting pronouncements

(n)	Recent accounting pronouncements

Recently issued accounting pronouncements not yet adopted -

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	May 07, 2024 USD ($)	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	May 07, 2024 HKD ($)	Mar. 31, 2024 USD ($)
Short-Term Debt [Abstract]
Bank overdrafts limit		$ 1,580,583	$ 0
Waton Securities International Limited ("WSI") [Member] \| HONG CONG Financial Institution [Member]
Short-Term Debt [Abstract]
Bank overdraft utilized		$ 1.6			$ 0
Waton Securities International Limited ("WSI") [Member] \| HONG CONG Financial Institution [Member] \| Maximum [Member]
Short-Term Debt [Abstract]
Bank overdrafts limit	$ 2,600,000			$ 20.0
Lending rate	2.50%

Equity Incentive Plan

6 Months Ended

Sep. 30, 2025

Equity Incentive Plan [Abstract]

Equity Incentive Plan

9.	Equity Incentive Plan

2024 Global Equity Incentive Plan

In November 2024, the Company adopted the 2024 Global Equity Incentive Plan (the “2024 Plan”), which provides for the grant of share options, share appreciation rights, restricted share units, restricted shares or other share-based awards with a life of ten years from the date of its adoption on November 18, 2024. The initial maximum number of ordinary shares may be granted and issuable pursuant to the 2024 Plan is 10,245,000 ordinary shares.

According to the 2024 Plan, the Company has granted 4,884,030 restricted shares in total to certain of the directors, employees and a consultant of the Company, of which 909,204 ordinary shares were immediately vested, exercised and issued on November 18, 2024.

During the six months ended September 30, 2025 and 2024, the Company recorded $6.1 million and nil share-based compensation expenses, respectively, which is included in the operating costs and expenses in the unaudited condensed consolidated statements of operations and comprehensive loss. WSI did not recognize any income tax benefits from stock-based compensation arrangements during the six months ended September 30, 2025 and 2024 as it is not deductible for income tax purpose in WSI.

As of September 30, 2025, total unrecognized compensation remaining to be recognized in future period for the 2024 Plan totaled $1.5 million, which is expected to be recognized over the weighted average period of 1.2 years.

A summary of the activities of the 2024 Plan as of September 30, 2025 and March 31, 2025 is as follows:


	As of September 30, 2025
	Number of restricted shares	Weighted average grant date fair value	Weighted average remaining life (in years)	Aggregate intrinsic value
Outstanding, beginning of period	3,974,826	$3.23	0.88	$9,894,439
Granted	—	$—
Vested	(2,696,442)	$3.20
Outstanding, end of period	1,278,384	$3.27	0.63	$3,220,027
Exercisable or convertible, end of period	—	$—

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Sep. 30, 2025 USD ($) Segment	Sep. 30, 2024 USD ($)
SEGMENT INFORMATION [Abstract]
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Performance and Making Key Decisions of Reviews Several Key Metrics [Abstract]
Principal transactions and proprietary trading	$ 315,337	$ 0
Total revenues	6,102,900	2,958,263
Commissions and brokerage fees	(1,639,072)	(172,712)
Interest expenses	(353,587)	(85,657)
Share-based compensation expenses	(6,104,672)	0
Research and development expenses	(387,425)	0
Operating loss	(7,710,156)	(922,254)
Other income (loss), net	(656,486)	(303,139)
Loss before income tax expenses	(8,366,642)	(1,225,393)
Income tax benefit	0	77,138
Net loss	(8,366,642)	(1,148,255)
Operating and Reportable Segments [Member]
Performance and Making Key Decisions of Reviews Several Key Metrics [Abstract]
Brokerage and commission income	4,165,385	1,289,384
Principal transactions and proprietary trading	315,337	0
Interest income	960,680	522,745
Software licensing and related support services income	661,498	1,146,134
Commissions and brokerage fees	(1,639,072)	(172,712)
Software licensing (including subscription based) and related support outsourcing cost	(487,860)	(507,822)
Interest expenses	(353,587)	(85,657)
Share-based compensation expenses	(6,104,672)	0
Research and development expenses	(387,425)	0
Other operating costs and expenses	(4,840,440)	(3,114,326)
Other income (loss), net	$ (656,486)	$ (303,139)

SEGMENT INFORMATION

6 Months Ended

Sep. 30, 2025

SEGMENT INFORMATION [Abstract]

SEGMENT INFORMATION

10.	SEGMENT INFORMATION

The Company operates and manages its business as one reportable and operating segment concentrating on the provisions of securities brokerage services and financial technology services. The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company derives revenue primarily in Hong Kong and manages its business activities on a consolidated basis.

The Company’s CODM is a management committee that consists of Chief Executive Officer, Chief Technology Officer, and a number of other senior officers of the Company, by whom review financial information presented on a consolidated basis and decides how to allocate resources based on net income (loss). Consolidated net income (loss) is used for evaluating financial performance.

When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:


	For the six months ended September 30,
	2025	2024
Brokerage and commission income	$4,165,385	$1,289,384
Principal transactions and proprietary trading	315,337	—
Interest income	960,680	522,745
Software licensing (including subscription based) and related support services income	661,498	1,146,134
Total revenues	6,102,900	2,958,263
Commissions and brokerage fees	(1,639,072)	(172,712)
Software licensing (including subscription based) and related support outsourcing cost	(487,860)	(507,822)
Interest expenses	(353,587)	(85,657)
Share-based compensation expenses	(6,104,672)	—
Research and development expenses	(387,425)	—
Other operating costs and expenses	(4,840,440)	(3,114,326)
Operating loss	(7,710,156)	(922,254)
Other income (loss), net	(656,486)	(303,139)
Loss before income tax expense	(8,366,642)	(1,225,393)
Income tax benefit	—	77,138
Net loss	$(8,366,642)	$(1,148,255)

As of September 30, 2025 and March 31, 2025, all long-lived assets and all of the revenues generated are attributed to the Group’s operations in Hong Kong.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

LEASES, Future Maturity of Lease Liabilities (Details)	Sep. 30, 2025 USD ($)
Future Maturity of Lease Liabilities [Abstract]
Remainder of fiscal year ending March 31, 2026	$ 214,809
Less: interest	(3,623)
Present value of lease liabilities	$ 211,186

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Sep. 30, 2025

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

13.	COMMITMENTS AND CONTINGENCIES

From time to time, the Group may be a party to various legal actions arising in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. The Group accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

On May 7, 2024, WSI obtained a bank overdrafts limit of approximately $2.6 million (equivalent to HK$20.0 million) from a financial institution in Hong Kong. When WSI utilizes the bank overdraft, interest will be charged at the bank’s best lending rate plus 2.5% per annum. As of September 30, 2025 and March 31, 2025, the Company utilized $1.6 million and nil bank overdraft limit, respectively.

For the six months ended September 30, 2025 and 2024, except for the matters mentioned above, the Group is not aware of any material legal claims or litigation that, individually or in the aggregate, could have a material adverse impact on the Group’s unaudited condensed consolidated financial position, results of operations, and cash flows.

LEASES (Tables)

6 Months Ended

Sep. 30, 2025

LEASES [Abstract]

Components of Lease Costs

The components of lease costs are as follows:

Supplemental Information Related to Group's Leases

The following table presents supplemental information related to the Group’s leases:


	For the six months ended September 30,
	2025	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$290,920	$252,730
Lease term and discount rate
Weighted average remaining lease term (years)
Operating leases	0.50	1.34
Weighted average discount rate
Operating leases	5.13%	5.13%

Future Maturity of Lease Liabilities

As of September 30, 2025, the future maturity of lease liabilities is as follows:


			Operating lease
Remainder of fiscal year ending March 31, 2026			$214,809
Less: interest			(3,623)
Present value of lease liabilities			$211,186

DISAGGREGATED REVENUE (Tables)

6 Months Ended

Sep. 30, 2025

DISAGGREGATED REVENUE [Abstract]

Disaggregation of Revenue from Contracts with Customers

In addition to the information shown in the above disclosures, the revenue from contracts with customers within FASB ASC 606 and other sources of revenue is disaggregated as follow:


	For the six months ended September 30,
	2025			2024
	Point in time	Over time	Total	Point in time	Over time	Total
Revenue from contracts with customers
Brokerage and commission income
Brokerage commission and handling charge income*	$2,709,354	$—	$2,709,354	$67,888	$—	$67,888
Brokerage commission and handling charge income – related party*	1,390,497	—	1,390,497	892,837	—	892,837
Bond distribution commission income	65,534	—	65,534	328,659	—	328,659
Margin financing services
Interest income	—	507,872	507,872	—	2,562	2,562
Interest income – related party	—	452,808	452,808	—	520,183	520,183
Software licensing (including subscription based) and related support services
Software license	—	61,498	61,498	500,000	—	500,000
M&S	—	200,000	200,000	—	46,134	46,134
M&S – related party	—	400,000	400,000	—	600,000	600,000
Other sources of revenue
Principal transactions & proprietary trading	—	315,337	315,337	—	—	—
Total revenues	$4,165,385	$1,937,515	$6,102,900	$1,789,384	$1,168,879	$2,958,263

*	Total handling charge income, including amounts from a related party, was $2,206,955 and $16,558 for the six months ended September 30, 2025 and 2024, respectively.

RELATED PARTY TRANSACTIONS, Due to Related Parties (Details) - USD ($)

6 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Mar. 31, 2025

Due to related parties

$ 2,540,810

$ 1,797,774

Related Party [Member]

Due to related parties

2,540,810

1,797,774

Zhou Kai [Member]

Due to related parties

^[1]

12,505

31,682

Advances from borrowings

$ 0

Repayment of borrowings

1,800,000

Shenzhen Jinhui [Member]

Due to related parties

^[2]

2,528,305

$ 1,766,092

Outsourcing and related support services cost

$ 700,000

$ 500,000

[1]

[2]

Offerings - Offering: 1

Mar. 02, 2026

USD ($)

$ / shares

Offering:

true

true

Equity

Ordinary shares, no par value per share

Amount Registered | shares

Proposed Maximum Offering Price per Unit | $ / shares

Maximum Aggregate Offering Price

$ 30,443,203.9

Fee Rate

0.01381%

Amount of Registration Fee

$ 4,204.3

Offering Note


(1)	Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the “Securities Act”).


(2)	In accordance with Rule 416, the Registrant is also registering an indeterminate number of additional ordinary shares that shall be issuable after the date hereof as a result of share splits, share dividends, or similar transactions.

INVESTMENT SECURITIES (Details) - USD ($)	1 Months Ended		6 Months Ended
INVESTMENT SECURITIES (Details) - USD ($)	Aug. 31, 2025	Jul. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Investment Securities, at NAV [Abstract]
Investment in membership interests	$ 1,000,000
Percentage of investment in outstanding membership interests	1.00%
Gain (loss) on investments			$ (741,482)	$ 0
Class VI Shares [Member]
Investment Securities, at NAV [Abstract]
Capital amount			2,000,000
Related Party [Member]
Investment Securities, at NAV [Abstract]
Investment securities, at NAV			$ 1,000,000		$ 0
WIG SPC [Member]
Investment Securities, at NAV [Abstract]
Ownership percentage			100.00%
Waton Securities International Limited ("WSI") [Member] \| Class VI Shares [Member]
Investment Securities, at NAV [Abstract]
Investment in membership interests		$ 1,000,000
Share price (in dollars per share)		$ 15
Waton Securities International Limited ("WSI") [Member] \| Class VI Shares [Member] \| Maximum [Member]
Investment Securities, at NAV [Abstract]
Exposure to loss			$ 1,000,000

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2025	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 14,347,536	$ 7,717,087
Cash segregated under regulatory requirements	15,535,468	6,183,232
Receivables from:
Broker-dealers and clearing organization	9,220,122	1,739,276
Contract assets	630,845	1,200,000
Due from ST MA Ltd	447,570	449,877
Prepaid expenses and other current assets	1,319,774	893,051
Total current assets	64,901,912	25,338,318
Property and equipment, net	330,162	123,297
Operating lease right-of-use assets	199,252	467,016
Investment, cost	2,878,575	2,878,575
Equity method investment	0	189,932
Other assets	666,186	1,726,837
TOTAL ASSETS	68,976,087	30,723,975
Payables to:
Broker-dealers and clearing organization	12,327,285	7,335,535
Bank overdrafts	1,580,583	0
Accrued expenses and other current liabilities	801,265	748,918
Amounts due to related parties	$ 2,540,810	$ 1,797,774
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Operating lease liabilities, current	$ 211,186	$ 463,120
Total current liabilities	41,284,953	17,925,671
Operating lease liabilities, non-current	0	30,561
TOTAL LIABILITIES	41,284,953	17,956,232
Commitments and Contingencies
Shareholders' equity:
Ordinary shares, unlimited shares authorized; no par value; 48,237,472 shares and 43,206,222 shares issued and outstanding as of September 30, 2025 and March 31, 2025, respectively	0	0
Additional paid-in capital	45,097,848	21,817,729
Accumulated deficit	(17,473,787)	(9,107,145)
Accumulated other comprehensive income	67,073	57,159
TOTAL SHAREHOLDERS' EQUITY	27,691,134	12,767,743
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	68,976,087	30,723,975
Nonrelated Party [Member]
Receivables from:
Clients	20,238,873	1,729,408
Contract assets	230,845	0
Investment securities, at NAV	358,536	0
Payables to:
Clients	23,783,079	6,163,171
Related Party [Member]
Receivables from:
Clients	3,188	4,826,387
Software licensing (including subscription based) and related support services - related party	1,800,000	600,000
Contract assets	400,000	1,200,000
Investment securities, at NAV	1,000,000	0
Payables to:
Clients	40,745	1,417,153
Amounts due to related parties	$ 2,540,810	$ 1,797,774

SEGMENT INFORMATION (Tables)

6 Months Ended

Sep. 30, 2025

SEGMENT INFORMATION [Abstract]

Performance and Several Key Metrics

When evaluating the Company’s performance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:


	For the six months ended September 30,
	2025	2024
Brokerage and commission income	$4,165,385	$1,289,384
Principal transactions and proprietary trading	315,337	—
Interest income	960,680	522,745
Software licensing (including subscription based) and related support services income	661,498	1,146,134
Total revenues	6,102,900	2,958,263
Commissions and brokerage fees	(1,639,072)	(172,712)
Software licensing (including subscription based) and related support outsourcing cost	(487,860)	(507,822)
Interest expenses	(353,587)	(85,657)
Share-based compensation expenses	(6,104,672)	—
Research and development expenses	(387,425)	—
Other operating costs and expenses	(4,840,440)	(3,114,326)
Operating loss	(7,710,156)	(922,254)
Other income (loss), net	(656,486)	(303,139)
Loss before income tax expense	(8,366,642)	(1,225,393)
Income tax benefit	—	77,138
Net loss	$(8,366,642)	$(1,148,255)

EQUITY METHOD INVESTMENT, NET

6 Months Ended

Sep. 30, 2025

EQUITY METHOD INVESTMENT, NET [Abstract]

EQUITY METHOD INVESTMENT, NET

4.	EQUITY METHOD INVESTMENT, NET

During the year ended March 31, 2024, WSI acquired a 55% interest in LeFeng Hainan Private Equity Fund Management Limited (“LeFeng”). WSI does not have the requisite voting power of two thirds or more to control LeFeng pursuant to its articles of association and cannot remove the existing sole director appointed by the other shareholder holding a 45% equity interest without cause. WSI’s obligation to absorb losses of, or the right to receive benefits from, the investee is limited to its capital investments or its rights to receive sharing of profit from the investee based on its proportionate share of the capital contributions. The Group determined it has ability to exercise significant influence over its financial and operating polices and therefore accounted for this investment under equity method.

During October 2024, WSI and the sole director of LeFeng (the “Purchaser”) entered into a shares transfer agreement, pursuant to which WSI agreed to sell and the Purchaser agreed to purchase the 55% equity interest in LeFeng with carrying amount of $0.77 million for a consideration of approximately $0.90 million (equivalent to HK$7,000,000) (the “Divestment”). The Divestment was completed during the six months ended September 30, 2025.

For the six months ended September 30, 2025 and 2024, the loss on share of equity method investment was $0.03 million and $0.34 million.

For the six months ended September 30, 2025, the Company recorded a gain on sale of equity method investment of $0.74 million and provided an allowance on expected credit loss of $0.74 million on the receivable of the Divestment, which is recorded in the “Prepaid expenses and other current assets”.

SUBSEQUENT EVENTS

6 Months Ended

Sep. 30, 2025

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

14.	SUBSEQUENT EVENTS

The Group has evaluated subsequent events through March 2, 2026 the date of issuance of the unaudited condensed consolidated financial statements.

In January 2026, WSI, a wholly-owned subsidiary entered into a facility letter agreement amendment (“facility letter”) with certain banking corporation in Hong Kong, to increase its existing banking facilities from HK$20 million to HK$40 million. The facilities are revolving in nature and intended to support WSI’s trading activities. This increase provides additional liquidity to WSI but does not impact the consolidated financial position as of September 30, 2025.

Except for the matters mentioned above and those disclosed elsewhere in the unaudited condensed consolidated financial statements, there were no other subsequent events occurred that would require recognition or disclosure in the Group’s unaudited condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration and Credit Risk (Details)			6 Months Ended		12 Months Ended
	Oct. 01, 2024 USD ($)	Oct. 01, 2024 HKD ($)	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Concentration and Credit Risk [Abstract]
Concentration risk, maximum coverage limit	$ 102,000	$ 800,000
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer A [Member] \| Related Party [Member]
Concentration and Credit Risk [Abstract]
Concentration risk, percentage			36.60%	68.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer B [Member] \| Related Party [Member]
Concentration and Credit Risk [Abstract]
Concentration risk, percentage			14.60%	0.00%
Operating Cost and Expenses [Member] \| Supplier Concentration Risk [Member] \| Supplier One [Member] \| Related Party [Member]
Concentration and Credit Risk [Abstract]
Concentration risk, percentage			5.40%	13.30%
Operating Cost and Expenses [Member] \| Supplier Concentration Risk [Member] \| Supplier A [Member] \| Related Party [Member]
Concentration and Credit Risk [Abstract]
Concentration risk, percentage			6.50%		5.40%
Receivable [Member] \| Customer Concentration Risk [Member] \| Customer A [Member] \| Related Party [Member]
Concentration and Credit Risk [Abstract]
Concentration risk, percentage			5.80%		61.00%
Receivable [Member] \| Customer Concentration Risk [Member] \| Customer B [Member] \| Related Party [Member]
Concentration and Credit Risk [Abstract]
Concentration risk, percentage			38.60%		0.00%

Equity Incentive Plan, Summary of Activity under 2024 Plan (Details) - Restricted Shares [Member] - 2024 Global Equity Incentive Plan [Member] - USD ($)		6 Months Ended	12 Months Ended
	Nov. 18, 2024	Sep. 30, 2025	Mar. 31, 2025
Number of restricted shares [Abstract]
Beginning balance (in shares)		3,974,826
Granted (in shares)	4,884,030	0
Vested (in shares)		(2,696,442)
Ending balance (in shares)		1,278,384	3,974,826
Exercisable or convertible, end of year (in shares)		0
Weighted average grant date fair value [Abstract]
Beginning balance (in dollars per share)		$ 3.23
Granted (in dollars per share)		0
Vested (in dollars per share)		3.2
Ending balance (in dollars per share)		3.27	$ 3.23
Exercisable or convertible, end of year (in dollars per share)		$ 0
Weighted average remaining life (in years) [Abstract]
Outstanding, weighted average remaining contractual life		7 months 17 days	10 months 17 days
Aggregate intrinsic value [Abstract]
Outstanding, aggregate intrinsic value		$ 3,220,027	$ 9,894,439

ORGANIZATION AND DESCRIPTION OF BUSINESS, Going Concern and Liquidity (Details) - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Going concern and liquidity [Abstract]
Net loss	$ (8,366,642)	$ (1,148,255)
Accumulated deficit	(17,473,787)		$ (9,107,145)
Working capital	23,616,959
Cash and cash equivalents	$ 14,347,536	$ 3,053,691	$ 7,717,087

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2025

RELATED PARTY TRANSACTIONS

8.	RELATED PARTY TRANSACTIONS

The table below sets forth major related parties of the Group and their relationships with the Group.


Names of related parties			Relationship
Zhou Kai			Principal shareholder, chief technology officer, chairman of the board

Shenzhen Jinhui Technology Co., Ltd. (“Shenzhen Jinhui”)			A company previously controlled by Zhou Kai, which ceased to be a related party in the fourth quarter in 2025.

Wealth Guardian Investment Limited (“WGI”)			The Group is able to exercise significant influence over WGI because two individuals, who are the senior management of WGI, are the shareholders of the Company holding more than or approximately 10% aggregate equity interests for the six months ended September 30, 2025. Effective October 2025, WGI has dissolved investment accounts in WSI, therefore, WGI is no longer a customer of WSI after October 2025.

Waton Trust Limited			An entity where Zhou Kai previously acted as a director. In the third quarter of 2025, Zhou Kai resigned from the directorship and remained as a 20% shareholder.

WIG SPC-SPs			An entity incorporated in the Cayman Islands, with 100% of its issued management shares owned by WSI, established for the purpose of holding investment segregated portfolios (each, an “SP” and collectively, the “SPs”). The SPs are each formed for the purpose of investing in securities and are owned by different investors. Effective December 2024, WSI serves as the investment manager of the WIG SPC series SPs. During the six months ended September 30, 2025, there was no management income incurred, and WSI was subsequently re-appointed as a coinvestment manager for Z Navigation Option.

Transactions with WGI

The Group conducts material transactions with WGI through WSI and/or WTI, which entities are service providers for WGI. These transactions and related balances are as follows:


	As of
	September 30, 2025	March 31, 2025
Receivables – clients – unsettled trade	$—	$1,549,709
Receivables – clients – margin loan (net)^(i)(ii)	349	3,276,678
Receivables – software licensing (including subscription based) and related support services	1,800,000	600,000


	As of
	September 30, 2025	March 31, 2025
Receivables – Total⁽ⁱⁱⁱ⁾	$1,800,349	$5,426,387
Contract assets	400,000	1,200,000
Payables – brokerage services	$40,745	$1,417,153
Payables – Broker-dealer	—	75,136
Payables – Total	$40,745	$1,492,289

(i)	WSI extended a credit line of nil and $4.3 million to WGI for margin transactions during the six months ended September 30, 2025 and 2024.

(ii)	As of September 30, 2025 and March 31, 2025, the amounts consisted of margin loan receivables of nil and $3.5 million, net of client payables of nil and $0.2 million, respectively.

(iii)

	For the six months ended September 30,
	2025	2024
Revenues – brokerage commission and handling charge income	$1,388,432	$892,837
Revenues – interest income	446,360	520,183
Revenues – software licensing (including subscription based) and related support services	400,000	600,000
Total	$2,234,792	$2,013,020

For the six months ended September 30, 2025 and 2024, the Group recognized software licensing and related support services revenue of $400,000 and $600,000, respectively, before invoicing to WGI. The amount was recorded under contract assets – related party in the unaudited condensed consolidated balance sheets.

Effective October 2025, WGI has dissolved investment accounts in the Group, therefore, WGI is no longer a customer of the Group after October 2025.

Transactions with Zhou Kai

The Group conducts transactions with Zhou Kai through WSI. These transactions and related balance are as follows:


	For the six months ended September 30,
	2025	2024
Revenues – brokerage commission and handling charge income	$2,065	$—
Revenues – interest income	6,448	—
Total	$8,513	$—

Due to related parties


	As of
	September 30, 2025	March 31, 2025
Zhou Kai⁽ⁱ⁾	$12,505	$31,682
Shenzhen Jinhui⁽ⁱⁱ⁾	2,528,305	1,766,092
Due to related parties	$2,540,810	$1,797,774

(i)

(ii)

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fees Summary	Mar. 02, 2026 USD ($)
Fees Summary [Line Items]
Total Offering	$ 30,443,203.9
Previously Paid Amount	4,204.3
Total Fee Amount	4,204.3
Total Offset Amount	0
Net Fee	$ 0

INCOME TAXES, Reconciliation of Effective Income Tax Rate and Provision (Details) - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Reconciliation of Effective Income Tax Rate and Provision [Abstract]
Loss before income tax benefit	$ 8,366,642	$ 1,225,393
Tax at applicable income tax rate (16.5%)	1,380,496	202,190
Tax effect of different tax rates in other jurisdictions	(376,714)	(120,430)
Tax effect on non-taxable income	315	26
Tax effect on non-deductible expenses	(142,672)	(4,648)
Tax effect on tax losses not recognized	(976)	0
Tax effect on change in valuation allowance	(860,449)	0
Income tax benefit	$ 0	$ 77,138
Statutory tax rate	16.50%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Revenues
Principal transactions and proprietary trading	$ 315,337	$ 0
Total revenues	6,102,900	2,958,263
Operating costs and expenses
Commissions and brokerage fees	1,639,072	172,712
Interest expenses	353,587	85,657
Compensation and benefits	2,123,489	1,471,937
Share-based compensation expenses	6,104,672	0
Research and development expenses	387,425	0
Professional service fees	1,011,754	771,165
Market information	412,158	332,094
Lease costs	325,960	315,013
Other general and administrative expenses	967,079	224,117
Total operating costs and expenses	13,813,056	3,880,517
Operating loss	(7,710,156)	(922,254)
Other income (loss):
Income from foreign currency spread	180,236	28,340
Loss from equity method investment	(31,603)	(341,428)
Changes in NAV of investment securities	(741,482)	0
Others	(63,637)	9,949
Total other income (loss)	(656,486)	(303,139)
Loss before income tax expenses	(8,366,642)	(1,225,393)
Income tax benefit	0	77,138
Net loss	$ (8,366,642)	$ (1,148,255)
Net loss per ordinary share, Basic (in dollars per share)	$ (0.17)	$ (0.03)
Net loss per ordinary share, Diluted (in dollars per share)	$ (0.17)	$ (0.03)
Weighted average ordinary shares outstanding, Basic (in shares)	48,209,979	40,980,000
Weighted average ordinary shares outstanding, Diluted (in shares)	48,209,979	40,980,000
Net loss	$ (8,366,642)	$ (1,148,255)
Other comprehensive income, net of tax:
Foreign currency translation adjustment	9,914	68,477
Total comprehensive loss	(8,356,728)	(1,079,778)
Nonrelated Party [Member]
Revenues
Brokerage and commission income	2,774,888	396,547
Interest income	507,872	2,562
Software licensing and related support services income	261,498	546,134
Related Party [Member]
Revenues
Brokerage and commission income	1,390,497	892,837
Interest income	452,808	520,183
Software licensing and related support services income	400,000	600,000
Operating costs and expenses
Software licensing (including subscription based) and related support outsourcing cost - related party	$ 487,860	$ 507,822

INCOME TAXES, Income Tax Provision (Details) - USD ($)	6 Months Ended
INCOME TAXES, Income Tax Provision (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current income tax expense	$ 0	$ 0
Deferred income tax benefit	0	77,138
Income tax benefit	$ 0	$ 77,138

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

LEASES, Lease Costs (Details)	6 Months Ended
LEASES, Lease Costs (Details)	Sep. 30, 2025 USD ($) Agreement	Sep. 30, 2024 USD ($)
Operating Lease [Abstract]
Number of new lease agreements added \| Agreement	2
Components of Lease Costs [Abstract]
Operating lease costs \| $	$ 325,960	$ 315,013
Minimum [Member]
Operating Lease [Abstract]
Lease term	2 years
Maximum [Member]
Operating Lease [Abstract]
Lease term	3 years

Equity Incentive Plan, 2024 Global Equity Incentive Plan (Details) - USD ($) $ in Millions		6 Months Ended
	Nov. 18, 2024	Sep. 30, 2025	Sep. 30, 2024
WSI [Member]
2024 Global Equity Incentive Plan [Abstract]
Income tax benefit from stock-based compensation arrangements		$ 0.0	$ 0.0
2024 Global Equity Incentive Plan [Member]
2024 Global Equity Incentive Plan [Abstract]
Equity plan expiration period		10 years
Number of ordinary shares vested (in shares)	909,204
Number of ordinary shares issued (in shares)	909,204
Number of ordinary shares exercised (in shares)	909,204
Share-based compensation expense		$ 6.1	$ 0.0
Unrecognized employee stock-based compensation expense		$ 1.5
Weighted-average period over which unrecognized compensation is expected to be recognized		1 year 2 months 12 days
2024 Global Equity Incentive Plan [Member] \| Maximum [Member]
2024 Global Equity Incentive Plan [Abstract]
Number of shares available for grant (in shares)	10,245,000
Restricted Stock [Member] \| 2024 Global Equity Incentive Plan [Member]
2024 Global Equity Incentive Plan [Abstract]
Number of shares granted (in shares)	4,884,030	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Contract Assets and Liabilities (Details) - USD ($)

6 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Mar. 31, 2025

Contract asset [Abstract]

Beginning balance

$ 1,200,000

$ 0

Net change to contract balance recognized since beginning of period due to recognition of revenue and amounts billed

(569,155)

1,200,000

Ending balance

630,845

1,200,000

Contract liabilities [Abstract]

Beginning balance

^[1]

123,137

600,000

Net change to contract balance recognized since beginning of period due to recognition of revenue and amounts billed

^[1]

(476,863)

Ending balance

^[1]

123,137

$ 123,137

Expected credit losses recognized

$ 0

[1]	Contract liabilities were included within the accrued expenses and other current liabilities.

Equity Incentive Plan (Tables)

6 Months Ended

Sep. 30, 2025

Equity Incentive Plan [Abstract]

Summary of Activity under 2024 Plan

A summary of the activities of the 2024 Plan as of September 30, 2025 and March 31, 2025 is as follows:


	As of September 30, 2025
	Number of restricted shares	Weighted average grant date fair value	Weighted average remaining life (in years)	Aggregate intrinsic value
Outstanding, beginning of period	3,974,826	$3.23	0.88	$9,894,439
Granted	—	$—
Vested	(2,696,442)	$3.20
Outstanding, end of period	1,278,384	$3.27	0.63	$3,220,027
Exercisable or convertible, end of period	—	$—

INCOME TAXES (Tables)

6 Months Ended

Sep. 30, 2025

INCOME TAXES [Abstract]

Income Tax Provision

The income tax provision consisted of the following components:


	For the six months ended September 30,
	2025	2024
Current income tax expense	$—	$—
Deferred income tax benefit	—	77,138
Total income tax benefit	$—	$77,138

Reconciliation of Effective Income Tax Rate and Provision

A reconciliation between the Group’s effective income tax rate and the provision under Hong Kong statutory tax rate is as follows:


	For the six months ended September 30,
	2025	2024
Loss before income tax benefit	$8,366,642	$1,225,393
Tax at applicable income tax rate (16.5%)	1,380,496	202,190
Tax effect of different tax rates in other jurisdictions	(376,714)	(120,430)
Tax effect on non-taxable income	315	26
Tax effect on non-deductible expenses	(142,672)	(4,648)
Tax effect on tax losses not recognized	(976)	—
Tax effect on change in valuation allowance	(860,449)	—
Income tax benefit	$—	$77,138

Component of Deferred Tax Assets

As of September 30, 2025 and March 31, 2025, the significant components of the deferred tax assets were summarized below:


	As of
	September 30, 2025	March 31, 2025
Net operating loss carried forward	$1,239,510	$614,768
Temporary difference from share-based compensation expenses	1,233,828	848,574
Unrealized loss from the equity method investment	122,819	—
Others	2,635	19,236
Subtotal	2,598,792	1,482,578
Less: valuation allowance	(2,598,792)	(1,482,578)
Total deferred tax assets	$—	$—

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (8,366,642)	$ (1,148,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expenses	73,184	55,067
Amortization of operating right-of-use assets	267,701	252,730
Share-based compensation	6,104,672	0
Changes in NAV of investment securities	741,482	0
Loss from equity method investment	31,603	341,428
Deferred income taxes	0	(77,138)
Changes in operating assets and liabilities:
Receivables from clients, including related parties	(13,686,266)	9,159,102
Receivables from broker-dealers and clearing organization	(7,480,846)	(1,004,214)
Receivables from software licensing and related support services	30,839	(260,370)
Receivables and contract assets from software licensing and related support services, including related parties	(661,684)	0
Prepaid expenses and other current assets	(266,110)	(901,037)
Other assets	29	217,523
Payables to clients, including related parties	16,243,500	(9,143,454)
Payables to broker-dealers and clearing organization	4,991,750	24,677
Accrued expenses and other current liabilities	52,348	(304,038)
Amounts due to related parties	762,213	507,822
Operating lease liabilities	(282,432)	(267,405)
Net cash used in operating activities	(1,444,659)	(2,547,562)
Cash flows from investing activities:
Purchase of property and equipment	(278,515)	(7,081)
Purchase of investment securities, at NAV, including related party	(2,100,000)	0
Net cash used in investing activities	(2,378,515)	(7,081)
Cash flows from financing activities:
Proceeds from bank overdrafts	1,580,583	0
Repayment of borrowings from a related party	(19,177)	(1,800,000)
Payment for deferred offering costs	(280,700)	(96,484)
Proceeds from initial public offering, net of underwriting discount	18,515,000	0
Principal payment for finance lease	(1,535)	(2,036)
Net cash provided by (used in) financing activities	19,794,171	(1,898,520)
Effect of exchange rate changes	11,688	48,549
Net increase (decrease) in cash, cash equivalents and cash segregated under regulatory requirements	15,982,685	(4,404,614)
Cash, cash equivalents and cash segregated under regulatory requirements at the beginning of the period	13,900,319	10,652,186
Cash, cash equivalents and cash segregated for regulatory requirements at the end of the period	29,883,004	6,247,572
Reconciliation of cash, cash equivalents and cash segregated under regulatory requirements
Cash and cash equivalents	14,347,536	3,053,691
Cash segregated under regulatory requirements	15,535,468	3,193,881
Cash, cash equivalents and cash segregated under regulatory requirements at the end of period	29,883,004	6,247,572
Supplemental disclosure of cash flow information:
Income taxes paid	0	0
Interest paid	332,373	60,051
Supplemental schedule of non-cash investing and financing activities
Non-cash deferred offering costs offset against accrued expenses	1,341,321	0
Other receivables from disposal of equity method investment	899,639	0
Obtaining operating right-of-use assets in exchange for operating lease liabilities	0	977,696
Non-cash settlement of receivable from software licensing and related support services - related party offset against payables to clients - related party	$ 0	$ 330,580

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Millions	Sep. 30, 2025 USD ($)	Sep. 30, 2025 HKD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 HKD ($)
WSI [Member]
Regulatory Capital Requirements [Abstract]
Regulatory capital requirements, minimum liquid capital required	$ 385,609	$ 3.0	$ 385,609	$ 3.0

ORGANIZATION AND DESCRIPTION OF BUSINESS, Summary (Details)	Apr. 02, 2025 USD ($) $ / shares shares
IPO [Member]
Subsidiaries Information [Abstract]
Issuance of ordinary shares (in shares)	4,375,000
Offering price per share (in dollars per share) \| $ / shares	$ 4
Aggregate gross proceeds \| $	$ 20,125,000
Over-Allotment [Member]
Subsidiaries Information [Abstract]
Issuance of ordinary shares (in shares)	656,250

Submission	Mar. 02, 2026
Submission [Line Items]
Central Index Key	0001987363
Registrant Name	Waton Financial Limited
Registration File Number	333-291557
Form Type	F-1
Submission Type	POS AM
Fee Exhibit Type	EX-FILING FEES
Offset Table N/A	N/A
Combined Prospectus Table N/A	N/A

Document and Entity Information	6 Months Ended
Document and Entity Information	Sep. 30, 2025
Cover [Abstract]
Document Type	POS AM
Amendment Flag	false
Entity Registrant Name	Waton Financial Ltd
Entity Central Index Key	0001987363
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

INVESTMENT SECURITIES

6 Months Ended

Sep. 30, 2025

INVESTMENTS SECURITIES [Abstract]

INVESTMENTS SECURITIES

3.	INVESTMENT SECURITIES

In August 2025, the Company invested $1,000,000 in membership interests of a certain investment fund, which is a limited liability company incorporated in the State of Delaware representing approximately 1% of the outstanding membership interests of the investment fund. The Company determined it does not have significant influence in the investment fund and the investment does not have readily determinable fair value, and is eligible to measure in accordance with NAV practical expedient.

The Company holds 100% of member interest in WIG SPC, an exempted segregated portfolio company. WIG SPC is the host legal entity of multiple segregated portfolios and does not have material assets, liabilities, or equity other than those solely attributable to the individual segregated portfolios. Each segregated portfolio (“SP”) holds specified assets and liabilities that are legally and economically segregated from the other SP and WIG SPC. Because the power to direct the activities that most significantly impact economic performance and

the related risks and rewards are isolated at the SP level, the equity interests of the individual SPs do not represent equity investment at risk of WIG SPC as a whole under ASC 810, Consolidation.

The Company determined that it is not the primary beneficiary of any of the segregated portfolios and, accordingly, does not consolidate the segregated portfolios in its consolidated financial statements.

During the six months ended September 30, 2025, WSI launched Z Navigation Option Hedge Fund S.P. (“SP4” or “Z Navigation”), a segregated portfolio within WIG SPC.

In July 2025, WSI subscribed for $1,000,000 Class VI Shares of Z Navigation at the subscription price of $15 per share. Z Navigation is a segregated portfolio fund under WIG SPC and invests in a private equity fund and certain listed equity securities. The fund is readily marketable and the Group is expected to realize it in a short-term period. As of September 30, 2025, the Company’s variable interest in Z Navigation is classified as Investment securities, at NAV – related party, with a carrying amount of $1,000,000. The Company’s maximum exposure to loss is limited to its subscription amount of $1 million, representing its junior tranche capital amongst $2 million total junior tranche capital paid up by junior tranche members. WSI co-manages the fund with another senior tranche investor pursuant to a supplemental fund management agreement during the six months ended September 30, 2025. The Company has no obligation to provide additional financial support, including liquidity facilities, guarantees, or asset purchase commitments. The senior tranche stop-loss protection is borne solely by senior investors.

During the six months ended September 30, 2025 and 2024, the Company recognized the changes in net asset value of investments of $0.74 million and nil, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Contract Assets and Liabilities

The following table summarized the opening and closing balances in contract assets and liabilities:


	Contract assets	Contract liabilities^*
Balance as of April 1, 2024	$—	$600,000
Net change to contract balance recognized since beginning of period due to recognition of revenue and amounts billed	1,200,000	(476,863)
Balance as of March 31, 2025	1,200,000	123,137
Net change to contract balance recognized since beginning of the period due to recognition of revenue and amounts billed	(569,155)	—
Balance as of September 30, 2025	$630,845	$123,137

*	Contract liabilities were included within the accrued expenses and other current liabilities.