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Condensed financial information of the Company (Tables)

12 Months Ended

Mar. 31, 2023

Condensed financial information of the Company

Summary of condensed financial information of the Company on a parent company only basis

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

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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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- References

No definition available.

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- Definition

Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph (a)
-Subsection 04

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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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