Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 117

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 117
---
 investment deposit of $ 500,000

10.
Share-based compensation

Effective
on May 31, 2022, the Company employed three non-executive directors. As part of compensation expenses, the Company agreed to issue ordinary
shares to the three directors. On quarterly basis, each director would receive ordinary shares with a fair value of $ 5,000

For
the year ended March 31, 2023, the Company issued an aggregation of 4,365 50,173

For
the year ended March 31, 2024, the Company issued an aggregation of 11,172 48,603

For
the year ended March 31, 2025, the Company issued an aggregation of 28,668 72,224

F-25

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

11.
Equity

Ordinary
shares

The
Company’s authorized share capital is 50,000,000 0.001 50,000,000

On
September 9, 2021, the sole shareholder of the Company surrendered 20,000,000 0.001 50,000 50,000,000 0.001 150,000 150,000,000 0.001

On
October 4, 2024, the Board of the Company approved the reclassification and redesignation of ordinary shares, and adoption of dual-class
share capital structure. The details are as follows:

  (i)      reclassify all ordinary shares of the Company issued and outstanding into class A ordinary shares of the Company with a par value of US$ 0.001 each (the “ Class A Ordinary Shares”) with one (1)...  

  (ii)      redesignate 10,000,000 authorized but unissued ordinary shares of the Company into 10,000,000 class B ordinary shares of the Company with a par value of US$ 0.001 each (the “ Class B Ordinary S...  

  (iii)      redesignate the remaining                                                                                    

On
June 24, 2025, the Board of the Company approved re-designate 90,000,000 0.001 90,000,000 0.001 1,000,000,000 990,000,000 10,000,000 1,