Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 90

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 90
---
 issued and outstanding at March 31, 2025 and 2024, respectively)                                         -                         -  
  Additional paid-in capital                                                                                                                                                                                                     28,976,144                28,903,950  
  Retained earnings                                                                                                                                                                                                               5,744,465                11,713,813  
  Accumulated other comprehensive income (loss)                                                                                                                                                                                     127,649                 ( 123,875  
  Total shareholders’ equity                                                                                                                                                                                                     34,885,304                40,530,905  
  Total liabilities and shareholders’ equity                                                                                                                                                                $                    46,799,758      $         57,642,843  

The
accompanying notes are an integral part of these consolidated financial statements.

F-3

TOP
Financial Group Limited

Consolidated
Statements of Operations and Comprehensive (Loss) Income

(Expressed
in U. S. dollar, except for the number of shares)

                                                                         For the Years Ended March 31,                                                                       
                                                                         2025                                                2024                      2023                  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                                                                                                                                                                   
  Futures brokerage commissions                                          $                                    1,830,241      $          3,392,853      $          4,312,075  
  Trading solution service revenues                                                                             805,833                 2,728,732                 4,396,207  
  Trading gains from over-the-counter (“ OTC”) derivatives business                                             145,579                   118,974                         -  
  Interest income from loan business                                                                            832,724                   236,556                         -  
  Other service revenues                                                                                        231,356                   278,883                   294,083  
  Trading gains (losses)                                                                                    ( 1,419,741                   121,964                   193,926  
  Interest income and other                                                                                     903,264                 1,159,143                   499,111  
  Total revenues                                                                                              3,329,256                 8,037,105                 9,695,402  
  Expenses                                                                                                                                                                   
  Commission expenses                                                                                         1,336,262                 2,324,277                 2,818,124  
  Compensation and benefits                                                                                   1,746,767                 1,361,327                 1,010,460  
  Communications and technology                                                                                 644,656