Borrowings (Tables)

12 Months Ended

Mar. 31, 2024

Borrowings [Abstract]

Schedule of Short-Term Borrowings

Short-term borrowings consisted of the following:

	Maturity	Interest Rate	March 31, 2024		March 31, 2023
Syndicated Loans (1)	December, 2024	TIBOR^(3M)+0.70% - TIBOR (1M)+1.20%	$	51,912,050	$	60,636,412
Resona Bank (2)	December, 2024	1.725%		1,322,600		-
Total short-term borrowings			$	53,234,650	$	60,636,412

(1) On September 27, 2022, the Company entered into a one-year syndicated loan agreement, which was effective from September 30, 2022, with a consortium of banks, with an aggregate credit line of ¥8.15 billion (approximately $61.3 million), and the interest rate was adjusted to TIBOR (3M)+0.70%. As of March 31, 2023, the Company borrowed an aggregated of ¥8.15 billion (approximately $61.3 million) under the agreement, and the net outstanding balance of this loan was approximately ¥8.1 billion (approximately $60.6 million), net off the unamortized loan service cost of ¥85.6 million ($643,438). On September 22, 2023, the Company extended the loan on a three-month basis for an additional six months with a maturity date on March 29, 2024, and the interest rate was adjusted to TIBOR (1M)+1.20%. In March 2024, the Company repaid ¥300.0 million, and the Company extended the loan for additional three months with a maturity date on June 28, 2024, subsequently, extended the loan for additional six months with a maturity date on December 30, 2024, and the interest rate remained at TIBOR (1M)+1.20%. As of March 31, 2024, the total outstanding balance of this loan was approximately ¥7.85 billion (approximately $51.9 million). The syndicated loan is guaranteed by Mr. Kanayama.

(2) The loan is guaranteed by Mr. Kanayama. The Company extended the loan for additional six months with a maturity date on December 30, 2024.

Schedule of Long-Term Borrowings

Long-term borrowings consisted of the following:

	Maturity	Interest Rate		March 31, 2024		March 31, 2023
Toei Shinkin Bank (1)	December 2053		1.10%	$	-	$	1,981,520
Japan Finance Corporation (2)	December 2024 - April 2025		0.71% - 4.25%		1,247,735		1,665,007
BOT Lease Co., Ltd. (3)	March 2028		TIBOR (3M) + 6.0%		1,322,600		1,503,800
MUFG Bank (4)	August 2026		TIBOR (3M) + 0.8%		4,166,190		5,210,667
Tokyo Higashi Shinkin Bank	July 2026		2.0%		-		100,153
The Hongkong and Shanghai Banking Corporation Limited (5)	June 2023 – February 2033		2.750% - 3.625%		424,126		619,032
DFL-Shutoken Leasing (Hong Kong) Company Limited	March 2024 – October 2025		2.990%		207,105		518,731
Resona Merchant Bank Asia Limited (6)	No maturity date		1.2%		-		1,510,934
Total long-term borrowings				$	7,367,756	$	13,109,844
Current portion of long-term borrowings				$	1,730,796	$	2,783,445
Non-current portion of long-term borrowings				$	5,636,960	$	10,326,399

(1) Guaranteed by Mr. Kanayama. The loan was fully repaid during the fiscal year ended March 31, 2024 before maturity.

(2) The Company extended the loan for additional six months with a maturity date on December 31, 2024.

(3) The loan bears an interest rate of TIBOR (3M)+6.0% (in the case EBITDA exceeds ¥0) or TIBOR (3M)+0.7% (in the case EBITDA is ¥0 or less).

(4) In connection with the Company’s bank borrowings from MUFG Bank, the Company pledged a piece of land of 16,165 square feet with a carrying value of ¥340.1 million (approximately $2.2 million) as of March 31, 2024 as collateral to safeguard the loan.

(5) Guaranteed by Mr. Kanayama.

(6) On September 27, 2022, TLS entered into a revolving credit facility agreement with Resona Merchant Bank Asia Limited for an aggregated credit line of ¥200 million, with no specific maturity date. The loan was fully repaid during the fiscal year ended March 31, 2024.

Schedule of Future Maturities of Long-Term Borrowings

The future maturities of long-term borrowings as of March 31, 2024 were as follows:

12 months ending March 31,
2025	$	1,730,796
2026		676,336
2027		3,372,731
2028		1,363,742
2029		42,552
Thereafter		181,599
Total long-term borrowings	$	7,367,756