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Notes Payable
 12 Months Ended
Mar. 31, 2024
Notes Payable [Abstract]  
NOTES PAYABLE

Note 15 – NOTES PAYABLE

 

The Company has credit facilities with Hangzhou United Bank (“HUB”), Bank of Hangzhou (“BOH”), and China Merchant Bank (“CMB”) that provided working capital in the form of the following bank acceptance notes. Usually, the Company applies to issue a note, which is guaranteed by the bank, to its supplier to pay off its debt in a future date. Before the payment date, the bank will ask the Company to inject cash into the bank. On the payment date, the bank will pay the amount to whoever legally holds the note. As of at March 31, 2024 and March 31, 2023, the balances of notes payable are as follow:

 

      Origination  Maturity  March 31,   March 31, 
Beneficiary(1)  Endorser  date  date  2024   2023 
Jiuzhou Pharmacy  HUB  10/19/22  04/19/23  $
-
   $3,289,434 
Jiuzhou Pharmacy  HUB  10/20/22  04/19/23   
-
    36,403 
Jiuzhou Pharmacy  HUB  11/17/22  05/17/23   
-
    5,576,213 
Jiuzhou Pharmacy  HUB  12/16/22  06/16/23   
-
    1,207,565 
Jiuzhou Pharmacy  HUB  12/26/22  06/27/23   
-
    659,883 
Jiuzhou Pharmacy  HUB  12/28/22  06/29/23   
-
    2,654,696 
Jiuzhou Pharmacy  HUB  01/16/23  07/16/23   
-
    346,545 
Jiuzhou Pharmacy  HUB  02/27/23  08/27/23   
-
    3,242,559 
Jiuzhou Pharmacy  HUB  03/20/23  09/20/23   
-
    4,573,664 
Jiuzhou Pharmacy  HUB  03/23/23  09/23/23   
-
    440,391 
Jiuxin Medicine  HUB  11/17/22  05/17/23   
-
    1,303,221 
Jiuxin Medicine  HUB  12/16/22  06/16/23   
-
    3,704,790 
Jiuxin Medicine  HUB  12/21/22  06/21/23   
-
    200,741 
Jiuxin Medicine  HUB  12/29/22  06/29/23   
-
    1,215,854 
Jiuxin Medicine  HUB  03/20/23  09/20/23   
-
    803,817 
Jiuzhou Pharmacy  HUB  10/12/23  04/12/24   5,126,621    
-
 
Jiuzhou Pharmacy  HUB  11/21/23  05/21/24   5,703,704    
 
 
Jiuzhou Pharmacy  HUB  12/22/23  06/22/24   6,040,374    
-
 
Jiuzhou Pharmacy  HUB  12/27/23  06/27/24   274,683    
-
 
Jiuzhou Pharmacy  HUB  12/28/23  06/28/24   151,882    
-
 
Jiuzhou Pharmacy  HUB  01/03/24  07/03/24   102,713    
-
 
Jiuzhou Pharmacy  HUB  01/11/24  07/11/24   248,086    
-
 
Jiuzhou Pharmacy  HUB  02/06/24  08/06/24   3,189,602    
-
 
Jiuzhou Pharmacy  HUB  03/13/24  09/13/24   3,274,739    
-
 
Jiuzhou Pharmacy  HUB  03/14/24  09/14/24   969,489    
-
 
Jiuxin Medicine  HUB  12/27/23  06/27/24   415,495    
-
 
Jiuxin Medicine  HUB  12/28/23  06/28/24   1,689,726    
-
 
Jiuxin Medicine  HUB  01/11/24  07/11/24   3,234,494    
-
 
Jiuxin Medicine  HUB  02/06/24  08/06/24   186,973      
Jiuxin Medicine  HUB  03/15/24  09/15/24   415,495      
Jiuxin Medicine  HUB  03/28/24  09/28/24   293,080      
Jiuxin Medicine  HUB  03/29/24  09/29/24   359,179    
-
 
Total           $31,676,335   $29,255,776 

 

(1) As of March 31, 2024, the Company had $31,676,335 (RMB228,712,642) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $12,657,839 (RMB 91,393,395 ) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $4,501,198 three-year deposit (RMB32,500,000) deposited into HUB as a collateral for current and future notes payable from HUB. As of March 31, 2023, the Company had $29,255,776 (RMB 200,916,968) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $12,217,616 (RMB 83,905,700 ) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $4,732,366 three-year deposit (RMB32,500,000) deposited into HUB as a collateral for current and future notes payable from HUB.

 

As of March 31, 2024, the Company had a credit line of approximately $19.25 million in the aggregate from HUB. By putting up a three-year deposit of $4.50 million and the restricted cash of $8.16 million deposited in the banks, the total credit line was $31.91 million. As of March 31, 2024, the Company had approximately $31.68 million of bank notes payable and approximately $0.23 million bank credit line was still available for further borrowing. The bank notes are secured by three shops of Jiuzhou Pharmacy and guaranteed by the Company’s major shareholders.