The decrease was mainly due to the decrease of our office expenses, travel expenses, commission expense and insurance, although there was an increase of $1.1 million on amortization (i) from two buildings transferred from assets held for sales to used property and equipment as we change in our future plans in fiscal 2024 and (ii) the full-year amortization of office building purchased in September 2022.

filing / Jan 28, 2026 / receipt

Our general and administrative expenses primarily include office expenses, travel expenses, commission expenses, insurance expenses, and depreciation and amortization expenses.

filing / Jan 28, 2026 / receipt

For the fiscal year ended March 31, 2025, revenue from leasing office space to third parties accounted for 55.4% of our revenue, compared with 85.5% for the fiscal year ended March 31, 2024, a decrease of 30.1% over the impact of fluctuations and uncertainties in the Toronto real estate market, we decided not to renew the lease and use the space for our own operations.

filing / Jan 28, 2026 / receipt