Company: AOAO
Filing Date: 2025-02-24
Form Type: S-1/A
Source: 0001493152-25-008010
Chunk: 61

Company: Alpha One Inc.
Filing Date: 2025-02-24
Form: S-1/A
Chunk 61
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 $9,746,035, net prepayments and other receivables of $1,149,225, and due from related party of $310,010, compared to total current assets of $6,350,938 as of March 31, 2023 consisting of cash on hand and at banks of $329,994, of which $329,994 held in RMB. The increase was mainly due to the increase in accounts receivable, prepayments and other receivables in 2024. We had current liabilities of $9,070,491, mainly consisting of accounts payable of $1,513,854, accrued expenses and other payables of $4,153,740, current portion of bank and other borrowings of $1,351,345 (incurred by the PRC operating subsidiary, the aggregate outstanding principal balances was $1,489,843), current portion of operating lease liabilities of $11,066, income tax payable of $653,168 and due to related parties of $1,376,439 compared to total current liabilities of $5,363,972 as of March 31, 2023.

As a holding company with no material operations of our own, we conduct our operations primarily through our PRC subsidiaries in China. We are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries in China through capital contributions or loans, subject to the approval from governmental authorities and limitation of amount, or we may make additional capital contributions to our PRC subsidiaries in China. As of March 31, 2024, current portion of bank and other borrowings of $1,351,345 out of total balances $1,489,843 incurred by our PRC operating subsidiaries. These debt agreements may restrict the ability of our PRC subsidiaries to transfer their net assets to us through cash dividends which their assets are a security to bank borrowings. We may rely on dividends paid by our PRC subsidiaries to fund cash and financing requirements. Any limitation on the ability of our PRC subsidiaries to pay dividends to us could have a material adverse effect on our ability to conduct our business and to pay dividends to shareholders of our ordinary shares. The ability of our subsidiaries in China to make dividends or other cash payments to us is subject to various restrictions under PRC laws and regulations.

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Cash Flows

|                                                              |     | Years Ended March 31, |     2024 |   |     |   |       2023 |   |