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Noncontrolling Interest
3 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTEREST

NOTE 13 – NONCONTROLLING INTEREST

 

On March 20, 2023, Treasure Success and P.T. Eratex (Hong Kong) Limited entered into a Joint Venture and Shareholders’ Agreement, pursuant to which Treasure Success and P.T Eratex (Hong Kong) Limited acquired 51% and 49% of the equity interest in J&B, respectively, on April 11, 2023.

 

On October 10, 2023, Treasure Success and Newtech Textile (HK) Limited entered into a Joint Venture and Shareholders’ Agreement, pursuant to which Treasure Success and Newtech Textile (HK) Limited acquired 51% and 49% of the equity interest in Jerash Newtech, respectively, on November 3, 2023.

 

The net loss generated by J&B and Jerash Newtech was $43,485 and $354 for the three months ended June 30, 2024, respectively. The net loss generated by J&B was $2,880 for the three months ended June 30, 2023. Noncontrolling interest as of June 30, 2024 in J&B and Jerash Newtech was $(22,693) and $45,553, respectively.