Company: KMRK
Filing Date: 2025-01-02
Form Type: DRS
Source: 0001213900-25-000267
Chunk: 99

Company: K-TECH SOLUTIONS CO LTD
Filing Date: 2025-01-02
Form: DRS
Chunk 99
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76,516 |
|                                                |     |          1,239,981 |   |     | 1,263,208 |

Our general and administrative expenses remained stable at approximately US$1.24million and US$1.26million for the year ended March31, 2024 and 2023. We expect our overall general and administrative expense, including salaries and professional and transport, to increase in the foreseeable future, as we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and advisory services to increase when we become a public company upon the completion of this offering. Total other income , net Government subsidies The Government grants represented the anti -epidemicfunds received from the Hong Kong government under the Employment Support Scheme granted to companies in the toys industry in 2023 and absence of government grants during the year ended March 31, 2024. Net interest expenses The interest expenses represented the finance lease interest and bank loan interest. Other interest expenses increased by $8,646, from $46,904 for the year ended March 31, 2023, to $55,550 for the year ended March 31, 2024, primarily due to the increase of bank loan during the year ended March 31, 2024.

56

Income tax expense We are not subject to any income tax in the BVI pursuant to the rules and regulations in the BVI, but our subsidiary is subject to Hong Kong profits tax. Our income tax expense was US$144,647 for the year ended March 31, 2024, increasing from US$15,327 for the year ended March 31, 2023, due to the higher pre -taxprofit base in 2024. The effective tax rate for the year ended March 31, 2024, and 2023 was 13.5% and 5.8% respectively. The increase in our effective income tax rate was driven by the increase in assessable profit that the tax rate is 16.5% under the two -tieredprofits tax regime which income tax was charged at the rate of 8.25% on first US$255,630 (equivalent to HKD2 million) and at the rate of 16.5% thereafter. Net income As a result of the foregoing, we reported net income of approximately US$0.93 million for the year ended March 31, 202