Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 103

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 103
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izes the trading solution services as satisfied over time.

Other
service revenues

The
Company also provides other financial services, including securities brokerage and currency exchange services, and earns securities brokerage
commissions and other revenues, which are recognized when the service is rendered according to the relevant contracts. The Company may
offer volume rebate as a trading incentive to certain customers. The Company will review the customer’s transaction volume monthly
and provide volume rebates on the securities brokerage charged to customers. The volume rebate offered to customers is accounted for
as a variable consideration and determined based on the most-likely amount method, which is recognized as a reduction of revenues.

For
the years ended March 31, 2025, 2024 and 2023, other revenues accounted for 6.9 3.5 3.0

F-15

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

2.
Summary of Significant Accounting Policies (Continued)

Revenue
Recognition (continued)

  Revenue from Contracts      

Sources
of revenue

The
Company has one revenue generating reportable geographic segment under ASC Topic 280 “ Segment Reporting” and derives its
revenues primarily from its futures brokerage service. The following table presents revenues from contracts with customers, in accordance
with ASC Topic 606, by major source:

                                                         For                                                                                         
                                                         the Years Ended March 31,                                                                   
                                                         2025                                          2024                     2023                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Futures brokerage commissions                                                                                                                      
  Commission                                             $                                286,507      $           683,186      $           718,166  
  Commission                                                                            1,543,734                2,709,667                3,593,909  
                                                                                        1,830,241                3,392,853                4,312,075  
  Trading solution service revenues                                                       805,833                2,728,732                4,396,207  
  Other                                                                                   231,356                  278,883                  294,083  
                                                         $                              2,867,430      $         6,400,468      $         9,002,365  

  Trading gains, interest  

Trading
gains and losses, interest income from loan business and other interest income fall within