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Long-term investment | 12 Months Ended
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Mar. 31, 2023
Long-term investment |
Long-term investment |
9. | Long-term investment
Long-term investment consists of investment in privately held company. The following table sets forth the changes in the Group’s Long-term investment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Investment-1 |  | Investment-2 |  | Total
​ | ​ | USD | ​ | USD | ​ | USD
Balance as of March 31, 2022 |  | 282,545 |  | 14,673,898 |  | 14,956,443
Investments made |  | — |  | — |  | —
Share gain (loss) from equity investments |  | (14,899) |  | 739,327 |  | 724,428
Impairment | ​ | (246,092) | ​ | — | ​ | (246,092)
Foreign currency translation adjustments |  | (21,554) |  | (1,116,401) |  | (1,137,955)
Balance as of March 31, 2023 |  | — |  | 14,296,824 |  | 14,296,824
​ Investment-1: In August 2021, the Group entered an agreement with Fu Zhi Zhong He (Beijing) Health Technology Co., Ltd., Changsha Tangshi Yipai Medical Technology Co., Ltd., and Yaping Zhou to establish a joint venture of Hunan Medical Star Technology Co., Ltd. (“Medical Star”) in China to develop the learning platform of traditional Chinese medical science and cultivate a group of talents with integrated traditional Chinese and Western medicine knowledge. The Group invested in Medical Star through purchase of its ordinary shares, with a total cash consideration of $308,385 (RMB2,000,000) to obtain 20% shareholding interests. Medical Star has 7 directors on its board. According to the agreement, the Company has the right to appoint 3 directors on the board of Medical Star, thus it has 43% voting power in the investee and has a significant influence over the operating and financial policies of Medical Star. The Company incurred a loss of $14,899 from Medical Star for the year ended March 31, 2023, due to Medical Star had a net loss for the year ended March 31, 2023. Since the depression of the macroeconomy, the Company predicted that Medical Star would keep the status of loss and can’t seek any more financing for the next year. Thus, the company recognized the full impairment over Investment. Investment-2: In January 2022, the Group reached an agreement with China Agriculture Industry Development Foundation Co., Ltd., to purchase its 3% share of Fujian Pingtan Ocean Fishery Group Co., Ltd. (“Fujian Fishery”), with a total consideration of $14,809,302 (RMB94,012,410). Fujian Fishery has 5 directors on its board. According to the shareholders minute, the Company appointed 1 director to the board of Fujian Fishery, thus it has 20% voting power in the investee and has a significant influence over the operating and financial policies of Fujian Fishery. The Company incurred a gain of $739,327 from Fujian Fishery for the year ended March 31, 2023, due to Fujian Fisher had a net income for the year ended March 31, 2023. There’s no impairment indicator, thus the Company didn't recognize any impairment over Investment 2.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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- References No definition available. + Details
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