Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 33

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 33
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 and disbursed
loans of US$7.0 million to customers which was a new business launched in the year of 2024.

Net cash used in investing activities in year
ended March 31, 2024 was US$1.3 million, which was comprised of purchase of property and equipment of US$6,063, investments of US$1.7
million in three privately held companies, investment of US$0.5 million to acquire Top 500, and disbursed loans of US$4.0 million to customers
which was a new business launched in the year of 2024, partially net off against collection of promissory notes of US$5.0 million.

Net cash used in investing activities in year
ended March 31, 2023 was US$10.4 million, which was comprised of purchase of property and equipment of US$86,443, investment in a limited
partnership of $0.3 million, deposits made for a long-term investment of US$0.2 million, investment in treasury bond of US$1.0 million
and loans of US$8.9 million made to third parties.

Financing activities

We did not report cash flow provided by or used
in financing activities for the year ended March 31, 2025.

Net cash provided by financing activities in the
year ended March 31, 2024 was US$4.4 million, which was provided by net proceeds of US$4.4 million raised in a registered direct offering.

Net cash provided by financing activities in the
year ended March 31, 2023 was US$22.5 million, which was provided by net proceeds of US$22.7 million raised in IPO, partially offset by
payments of US$0.2 million to cancel warrants with the underwriter.

Off-Balance Sheet Commitments and Arrangements

We have not entered into any derivative contracts
that are indexed to our shares and classified as shareholders’ equity or that are not reflected in our consolidated financial statements.
Moreover, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit,
liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing,
liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

5. C. Research and Development, Patent and Lic