Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 551,778	$ 493,201
Restricted cash	225,959	217,700
Accounts receivable	5,850,090	2,278,878
Other receivables	915,613	74,693
Inventories, net	49,536	36,206
Advances to suppliers		175,389
Other current assets	587,387	653,616
Total current assets	8,180,363	3,929,683
Non-current assets:
Property and equipment, net	27,862,228	27,139,534
Construction-in-progress	18,166,029	16,832,470
Intangible assets, net
Land use rights, net	4,079,607	3,998,567
Equity-method investments		527,684
Deferred offering cost	201,988
Deferred tax assets	124,295	104,217
Other non-current assets	7,268,692	7,005,938
Total non-current assets	57,702,839	55,608,410
Total assets	65,883,202	59,538,093
Current liabilities:
Long-term loans-current portion	267,492	378,026
Short-term loan	857,769
Accounts payable	3,773,190	2,263,805
Accounts payable - construction in progress	15,803	13,639
Advances from customers	266	256
Accrued expenses and other liabilities	929,979	841,789
Total current liabilities	9,679,701	6,447,590
Non-current liabilities
Deferred subsidies	1,983,019	1,935,462
Long term loans	6,866,971	6,556,390
Deferred tax liabilities	3,299	7,675
Total non-current liabilities	12,498,807	12,013,264
Total liabilities	22,178,508	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 December 31, 2025 and March 31, 2025, respectively)	518,831	518,831
Additional paid-in capital	39,905,228	39,905,228
Statutory reserves	1,197	1,197
Retained earnings (Accumulated deficit)	388,860	(31,672)
Accumulated other comprehensive income (loss)	1,479,748	(131,400)
Total Hongchang International Co., Ltd’s stockholders’ equity	42,293,864	40,262,184
Non-controlling interests	1,410,830	815,055
Total equity	43,704,694	41,077,239
Total liabilities and equity	65,883,202	59,538,093
Related Party
Current liabilities:
Amounts due to related parties-current portion	3,835,202	2,950,075
Non-current liabilities
Amounts due to related parties	$ 3,645,518	$ 3,513,737

Hongchang International Co., Ltd 10-Q