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Condensed financial information of the Company

12 Months Ended

Mar. 31, 2023

Condensed financial information of the Company

Condensed financial information of the Company

27. Condensed financial information of the Company

The following is the condensed financial information of the Company on a parent company only basis.

​

Condensed balance sheets

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​	​	​	​	​	​	​
​	​	As of March 31,
​		2023			2022
ASSETS		​			​
Current assets:		​			​
Cash and cash equivalents	​	$	1,198,204	​	$	2,622,624
Deferred expenses	​		46,500	​		48,624
Prepayment and other current assets	​		—	​		148,355
Amounts due from subsidiaries and VIE	​		3,766,314	​		—
Investment in subsidiaries and VIE	​		22,721,204	​		48,796,630
TOTAL ASSETS	​	$	27,732,222	​	$	51,616,233
LIABILITIES	​			​
Current liabilities:	​			​
Amounts due to related parties	​		2,107	​		2,443
Amounts due to subsidiaries and VIE	​		—	​		967,522
Other payables	​		775,873	​		382,983
TOTAL LIABILITIES	​	$	777,980	​	$	1,352,948
​	​	​	​	​	​	​
SHAREHOLDERS’ EQUITY:	​			​
Ordinary shares, par value $0.0002 per share, 500,000,000 shares authorized; 14,900,000 shares issued and outstanding as of March 31, 2023 and 2022, respectively	​		2,980	​		2,980
Additional paid-in capital	​		19,055,407	​		18,055,407
Statutory reserve	​		745,590	​		745,590
Accumulated Profits	​		8,111,900	​		29,018,885
Accumulated other comprehensive income/(loss)	​		(961,635)	​		2,440,423
TOTAL SHAREHOLDERS’ EQUITY	​	$	26,954,242	​	$	50,263,285

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Condensed statements of income

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​	​	​	​	​	​	​	​	​	​
​	​	For the years ended March 31,
​		2023			2022			2021
General and administrative expenses	​	$	(2,226,956)	​	$	(2,790,459)	​	$	(2,493,845)
Investment loss, net	​		—	​		—	​		(2,436,809)
Share of profit in subsidiaries and VIE	​		(18,678,368)	​		1,476,806	​		8,428,844
Others, net	​		(1,661)	​		(86,639)	​		(185)
Income before income tax provision	​		(20,906,985)	​		(1,400,292)	​		3,498,005
Provision for income tax	​		—	​		—	​		—
Net profit	​	$	(20,906,985)	​	$	(1,400,292)	​	$	3,498,005

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Condensed cash flow

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​	​	​	​	​	​	​	​	​	​
​	​	For the year ended March 31,
​		2023			2022			2021
Net cash used in operating activities	​	$	(1,779,420)	​	$	(3,157,114)	​	$	(2,506,846)
Net cash generated from (used in) investing activities	​		(645,000)	​		3,043,030	​		(8,000,000)
Net cash generated from financing activities	​		1,000,000	​		—	​		13,243,554
Net cash inflow(outflow)	​	$	(1,424,420)	​	$	(114,084)	​	$	2,736,708

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Condensed statements of comprehensive income

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​	​	​	​	​	​	​	​	​	​
​	​	For the years ended March 31,
​		2023			2022			2021
Net income (loss)	​	$	(20,906,985)	​	$	(1,400,292)	​	$	3,498,005
Other comprehensive income (loss)	​		(3,402,058)	​		1,458,405	​		2,388,306
Comprehensive income (loss)	​	$	(24,309,043)	​	$	58,113	​	$	5,886,311

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Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries and VIEs.

The parent company records its investment in its subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries and VIE” and their respective profit or loss as “Share of profit in subsidiaries and VIE” on the condensed statements of income. Equity method accounting ceases when the carrying amount of the investment, including any additional financial support, in subsidiaries and VIE is reduced to zero unless the parent company has guaranteed obligations of the subsidiary and VIE or is otherwise committed to provide further financial support. If the subsidiaries and VIE subsequently report net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net losses not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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