Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 31

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 31
---
 under the HK Financial Resources Rules
that are applicable to ZYSL and ZYCL:

  Company      Type of regulated                Minimum      Required liquid                      
               activities governed            amount of      capital                              
               by the HKSFC             paid-up capital                                           
 ──────────────────────────────────────────────────────────────────────────────────────────────────
  ZYSL         Type 1 and 2                  $5,321,000      $                    385,609 or (i)  
  ZYCL         Type 4, 5 and 9                 $642,700      $                    385,609 or (i)  

  (i)      for                                                                                                                                          

As of March 31, 2025 and 2024, all of our operating
subsidiaries were in compliance with their respective regulatory capital requirements.

Cash Flows

                                                                              For the Years Ended March 31,                                                                       
                                                                              2025                                                2024                      2023                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash (used in) provided by operating activities                         $                                  (14,471,221      $         17,758,444      $         (6,031,451  
  Net cash used in investing activities                                                                           (9,361,665                (1,280,187                (6,542,863  
  Net cash provided by financing activities                                                                                -                 4,389,992                22,500,871  
  Net change in cash, cash equivalents and restricted cash                                                       (23,832,886                20,868,249                 9,926,557  
  Effect of exchange rates on cash, cash equivalents and restricted cash                                             310,729                   (17,049                   (37,423  
  Cash, cash equivalents and restricted cash, beginning of year                                                   38,697,093                17,845,893                 7,956,759  
  Cash, cash equivalents and restricted cash, end of year                     $                                   15,174,936      $         38,697,093      $         17,845,893  

Operating activities

Net cash used in operating activities in the year
ended March 31, 2025 was US$14.5 million, as compared to the net loss of US$6.0 million. The difference was primarily attributable to
non-cash item of provision of expected credit losses