What changed in this filing

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Item 1A. Risk Factors

2026-02-12 compared with 2025-11-13 · 32 added, 34 removed, 76 unchanged (46% of the section changed)

Factors that could cause our actual results to differ materially from those

in this Quarterly Report are any of the risks described below and those described in “Part I, Item 1A.

that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described below and

those described in “Part I, Item 1A.

Risk Factors” in the Form 10-K and “Part II, Item 1A.

Risk Factors” in the

Form 10-K and “Part II, Item 1A.

Risk Factors” in the Form 10-Q for the quarter ended June 30, 2025.

Any of these factors

could result in a significant or material adverse effect on our results of operations or financial condition.

Additional risk factors

not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

As of the date of

this Quarterly Report, other than as set forth below, there were no material changes to the risks and uncertainties described in the section

titled “Risk Factors” in Part I, Item 1A of the Form 10-K for our fiscal year ended March 31, 2025 and in Part II, Item 1A

of the Form 10-Q for our quarter ended June 30, 2025.

Form 10-Q for the quarter ended June 30, 2025.

Any of these factors could result in a significant or material adverse effect on our results

of operations or financial condition.

Additional risk factors not presently known to us or that we currently deem immaterial may also

impair our business or results of operations.

As of the date of this Quarterly Report, other than as set forth below, there were no material

changes to the risks and uncertainties described in the section titled “Risk Factors” in Part I, Item 1A of the Form 10-K

for our fiscal year ended March 31, 2025 and in Part II, Item 1A of the Form 10-Q for our quarters ended June 30, 2025 and September 30, 2025.

have a history of losses, expect to continue to incur losses in the near term and may not achieve or sustain profitability in the future,

1 unchanged sentence

as a going concern.

For six months ended September 30, 2025 and the years ended March 31, 2025 and 2024, our operating loss was $4,2

million, $13.8 million and $7.7 million, respectively.

We intend to rely on debt and equity financing for working capital until positive cash flows from operations

can be achieved, which may never occur.

intend to rely on debt and equity financing for working capital until positive cash flows from operations can be achieved, which may

These matters raise substantial doubt about our ability to continue as a going concern.

upon our current operating plan and assumptions, we expect that our existing cash balances and expected cash flows from operations, alongside

the continuance of our existing financing arrangements, will be sufficient to fund our operations for at least the next 12 months, excluding

financing to support production (i.e.

Based upon our current operating

plan and assumptions, we expect that our existing cash balances and expected cash flows from operations, alongside the continuance of

our existing financing arrangements, will be sufficient to fund our operations for at least the next 12 months, excluding financing to

support production (i.e.

timing of working capital).

However, our operating plan may change, and our assumptions may prove

to be wrong, as a result of many factors currently unknown to us, and we could use our available capital resources sooner than we expect.

We may need to seek additional funds sooner than planned, through public or private equity or debt financings or other third-party funding

or a combination of these approaches.

Even if we believe we have sufficient funds for our current or future operating plans, we may seek

additional capital if market conditions are favorable or based upon specific strategic considerations.

However, our operating plan may change, and our assumptions may prove to be wrong,

as a result of many factors currently unknown to us, and we could use our available capital resources sooner than we expect.

to seek additional funds sooner than planned, through public or private equity or debt financings or other third-party funding or a combination

of these approaches.

Even if we believe we have sufficient funds for our current or future operating plans, we may seek additional capital

if market conditions are favorable or based upon specific strategic considerations.

additional capital-raising efforts may divert our management’s attention from the operation of our business.

46 unchanged sentences

and products, and we compete with other companies for fabrics, other raw materials, and production.

During the six months ended September 30, 2025 and the year ended March

31, 2025, our largest single manufacturer, produced approximately 43% and 39% of our products, respectively, and majority of our products

were manufactured in China.

For the six months ended September 30, 2025 and the year ended March 31, 2025, the largest single supplier,

produced approximately 56% and 46% of the fabric for our products, respectively.

During the six months ended September 30, 2025 and the

year ended March 31, 2025, approximately 3% and 37% of our fabrics originated from Japan, respectively, and 84% and 62% from China, respectively.

We also source other raw materials which are used in our products, including items such as content labels, elastics, buttons, clasps and

drawcords from suppliers located predominantly in the Asia Pacific region.

the nine months ended December 31, 2025 and the year ended March 31, 2025, our largest single manufacturer, produced approximately 29%

and 39% of our products, respectively, and majority of our products were manufactured in China.

For the nine months ended December 31,

2025 and the year ended March 31, 2025, the largest single supplier, produced approximately 56% and 46% of the fabric for our products,

respectively.

During the nine months ended December 31, 2025 and the year ended March 31, 2025, approximately 3% and 37% of our fabrics

originated from Japan, respectively, and 84% and 62% from China, respectively.

We also source other raw materials which are used in

our products, including items such as content labels, elastics, buttons, clasps and drawcords from suppliers located predominantly in

the Asia Pacific region.

price of raw materials depends on a wide variety of factors largely beyond the control of the Company.

21 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors