Company: YSXT
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001410578-25-001545
Chunk: 135

Company: YSX Tech Co., Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 5
Chunk 135
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 our accounts receivable balances from related party customers have been subsequently collected as of the date of this annual report.

As of March 31, 2024 and 2023, we had advances to vendors of $8,123,120 and $6,997,440, respectively. Advance to vendors represents the balance paid to various vendors for performing the car wash, car towing and car inspection services that the Company outsources to them, and such services have not been completed as of the balance sheet dates. These advances are interest free, unsecured and short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. As of March 31, 2024 and 2023, there was no allowance recorded, as the Company considers all of the advance to vendors balance fully realizable. The March 31, 2023 advance to vendors balance has been fully realized. The March 31, 2024 advance to vendors balance was fully realized by the end of September 2024 when the vendors rendered the value-added services for the Company.

As of March 31, 2024, we had outstanding accounts payable (“ AP”) of $1,525,192 representing a balance due to suppliers for outsourcing services. We also had outstanding debt of approximately $3.6 million borrowed from PRC financial institutions and a related party as working capital (including short-term loans of $1,563,452, current portion of long-term loans of $138,481, long-term loan from a related party of $1,384,811 and a long-term bank loan of $484,684). We expected that we will be able to renew all of our existing bank loans or loans payable upon their maturity based on past experience and our good credit history.

As of March 31, 2024, we had taxes payable of $2,579,976, due to our increased taxable income.

The balance due to a related party was $417,557 as of March 31, 2024, representing borrowing from our shareholders for working capital purposes during our normal course of business. Such advance was non-interest bearing and due on demand.

As of March 31, 2024, our working capital balance amounted to approximately $20.3 million.

Table of Contents

Comparison of Cash Flows for the Fiscal Year Ended March 31, 2025, 2024 and 2023

The following table sets forth summary of our cash flows for the periods indicated:

                                                           For the fiscal years ended March