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Organization and basis of financial statements (Tables) | 12 Months Ended
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Mar. 31, 2023
Organization and basis of financial statements |
Summary of the Company's subsidiaries and the VIE | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Percentage |  | ​
​ | ​ | ​ | ​ | ​ | ​ | of direct or | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | indirect | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ownership | ​ | ​
​ | ​ | Date of | ​ | Place of | ​ | by the | ​ | Principal
Name of Entity | ​ | incorporation | ​ | incorporation | ​ | Company | ​ | activities
Subsidiaries: |  |  |  |  |  | Direct |  |
Easy Skills Technology Limited (“Hong Kong ES”) |  | December 24, 2018 |  | HK |  | 100 | % | Holding company
Skillful Craftsman Network Technology (Wuxi) Co., Ltd. (“WOFE” or “Craftsman Wuxi”) |  | January 16, 2019 |  | PRC |  | 100 | % | Investment holding
Shenzhen Jisen Information Tech Limited (“Jisen Information”) | ​ | December 8, 2014 |  | PRC |  | 100 | % | Financial education and services
LE FIRST SKILLAND PTE. LTD. (“LFS”) | ​ | March 30, 2023 |  | Singapore |  | 75 | % | Vocational education
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
VIE: | ​ |  |  |  |  | Indirect |  |
Wuxi Kingway Technology Co., Ltd. (“Wuxi Wangdao”) | ​ | June 6, 2013 |  | PRC |  | 100 | % | Vocational online education and technology services
Summary of financial statement balances and amounts of the Company's VIE were included in the accompanying consolidated financial statements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31,
​ | ​ | 2023 | ​ | 2022
ASSETS |  | ​ |  |  | ​ |
Current assets: |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 19,142,721 | ​ | $ | 20,651,502
Accounts receivable, net | ​ |  | 8,572 | ​ |  | 252,215
Prepayments and other current assets | ​ |  | 129,148 | ​ |  | 466,846
Deferred expenses | ​ |  | 939,252 | ​ |  | 1,101,761
Amounts due from related parties | ​ |  | 958,634 | ​ |  | 1,589,182
Total current assets | ​ |  | 21,178,327 | ​ |  | 24,061,506
Non-current assets: | ​ |  |  | ​ |  |
Long-term investment | ​ |  | 14,296,824 | ​ |  | 14,673,898
Goodwill | ​ |  | — | ​ |  | 4,581,112
Property and equipment, net | ​ |  | 6,620 | ​ |  | 10,597,581
Intangible assets, net | ​ |  | — | ​ |  | 15,143,366
Total non-current assets | ​ |  | 14,303,444 | ​ |  | 44,995,957
TOTAL ASSETS | ​ | $ | 35,481,771 | ​ | $ | 69,057,463
Current liabilities: | ​ |  |  | ​ |  |
Accounts payable | ​ | $ | 21,894 | ​ | $ | 77,266
Taxes payable | ​ |  | 8,488 | ​ |  | 127,645
Employee benefits payable | ​ |  | 33,456 | ​ |  | 96,838
Deferred revenue-current | ​ |  | 1,357,236 | ​ |  | 6,864,731
Other payables | ​ |  | 104,738 | ​ |  | 5,104,380
Interest payable | ​ |  | 202,405 | ​ |  | —
Related party payables | ​ |  | ​ | ​ |  | 44,107
Deferred tax liabilities | ​ |  | — | ​ |  | 38,744
Total current liabilities: | ​ |  | 1,728,217 | ​ |  | 12,353,711
Non-current liabilities: | ​ |  |  | ​ |  |
Long-term loans | ​ |  | 13,681,099 | ​ |  | 14,809,302
Deferred revenue-noncurrent | ​ |  | — | ​ |  | 3,713
Total non-current liabilities | ​ |  | 13,681,099 | ​ |  | 14,813,015
TOTAL LIABILITIES | ​ | $ | 15,409,316 | ​ | $ | 27,166,726
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Revenue |  | $ | 10,250,708 |  | $ | 23,050,619 |  | $ | 29,168,546
Net profit | ​ | $ | (18,310,962) | ​ | $ | 1,750,836 | ​ | $ | 8,436,207
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Net cash provided by operating activities |  | $ | 148,162 |  | $ | 9,390,282 |  | $ | 13,927,170
Net cash used in investing activities | ​ |  | (529,511) | ​ |  | (18,530,989) | ​ |  | (12,864,697)
Net cash provided by financing activities | ​ |  | — | ​ |  | 14,809,302 | ​ |  | —
Effects of exchange rate changes on cash | ​ |  | (1,127,433) | ​ |  | 266,364 | ​ |  | 1,722,356
Net cash inflow | ​ | $ | (1,508,782) | ​ | $ | 5,934,959 | ​ | $ | 2,784,829

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685 + Details
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