Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2025	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 50,043	$ 493,201
Restricted cash	220,500	217,700
Accounts receivable	1,391,532	2,278,878
Other receivable	752,314	74,693
Inventories, net	29,364	36,206
Advance to suppliers	119,961	175,389
Other current assets	731,612	757,833
Total current assets	3,295,326	4,033,900
Non-current assets:
Property and equipment, net	27,321,360	27,139,534
Construction-in-progress	17,458,476	16,832,470
Intangible assets, net
Land use rights, net	4,026,608	3,998,567
Equity-method investments		527,684
Other non-current assets	6,835,336	7,005,938
Total non-current assets	55,641,780	55,504,193
Total assets	58,937,106	59,538,093
Current liabilities:
Long-term loans -current portion	421,516	378,026
Accounts payable	894,801	2,263,805
Accounts payable-construction in progress	19,650	13,639
Advances from customers	259	256
Accrued expenses and other liabilities	461,988	841,789
Total current liabilities	4,785,090	6,447,590
Non-current liabilities
Deferred subsidies	1,951,745	1,935,462
Long term loans	6,522,479	6,556,390
Deferred Tax Liability	3,275	7,675
Total non-current liabilities	12,035,582	12,013,264
Total liabilities	16,820,672	18,460,854
Commitments and contingencies
Stockholders’ equity:
Common stock (US$0.001 par value; 2,000,000,000 shares authorized; 518,831,367 and 518,831,367 issued and outstanding as of June 30, 2025 and March 31, 2025)	518,831	518,831
Additional paid-in capital	39,905,228	39,905,228
Statutory reserves	1,197	1,197
Accumulated surplus (deficit)	278,018	(31,672)
Accumulated other comprehensive income (loss)	406,053	(131,400)
Total Hongchang International Co., Ltd’s stockholders’ equity	41,109,327	40,262,184
Non-controlling interests	1,007,107	815,055
Total equity	42,116,434	41,077,239
Total liabilities and equity	58,937,106	59,538,093
Related Party
Current assets:
Amount due from a related party
Current liabilities:
Amounts due to related parties -current portion	2,986,876	2,950,075
Non-current liabilities
Amounts due to related parties	$ 3,558,083	$ 3,513,737

Hongchang International Co., Ltd 10-Q