Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 92

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 92
---
 -                           -                                251,524            251,524  
  Balance as of March 31, 2025                                                                        37,044,475      37,046      $               28,976,144      5,744,465        127,649         34,885,304  

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

F-5

TOP
Financial Group Limited

Consolidated
Statements of Cash Flows

(Expressed
in U. S. dollar)

                                                                                                       For the Years Ended March 31,                                                                          
                                                                                                       2025                                                 2024                       2023                   
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash flows from operating activities:                                                                                                                                                                       
  Net income (loss)                                                                                    $                                   ( 5,969,348      $           1,051,539      $           3,397,743  
  Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                                                                                                 
  Depreciation                                                                                                                                  33,904                     28,518                     25,496  
  Amortization of right-of-use assets                                                                                                          141,986                    115,979                     95,449  
  Allowance for expected credit loss                                                                                                         2,839,907                    170,643                          -  
  Impairment of long-term investment                                                                                                           256,420                          -                          -  
  Share-based compensation                                                                                                                      72,223                     48,603                     50,137  
  Unrealized gain from foreign exchange forward contract                                                                                             -                  ( 468,919                          -  
  Interest income from loan business                                                                                                         ( 832,724                  ( 236,556                          -  
  Unrealized gain from available-for-sale investments                                                                                           23,464                      8,138                          -  
  Change in operating assets and liabilities:                                                                                                                                                                 
  Receivables from customers                                                                                                                   434,315                    263,840                ( 2,550,987  
  Loans receivable from customers                                                                                                             ( 99,054                  3,348,289                ( 3,855,220  
  Receivables from customers – related party                                                                                                 1,554,623                  ( 179,562                ( 1,523,259  
  Rece