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Discontinued Operations | 12 Months Ended
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Mar. 31, 2025
Discontinued Operations [Abstract] |
DISCONTINUED OPERATIONS | NOTE 4 - DISCONTINUED OPERATIONS Pursuant to that certain Equity Exchange Agreement with Renovation, Mr. Lei Liu, Ms. Li Qi, and Oakview, dated January 31, 2025, Renovation transferred all equity in Jiuxin Investment to Oakview, in exchange for irrevocable surrender for no consideration by Mr. Liu, Ms. Qi, Oakview and their affiliates in total 2,548,353 ordinary shares back to the Company. On February 28, 2025, the Divestiture Transaction was consummated. In accordance with ASC Topic 205, Presentation of Financial Statements (“ASC 205”), Subtopic 20 - Discontinued Operations, the Company determined that Jiuxin Investment’s business line met the conditions for a discontinued operation and is recorded as such in the Consolidated Financial Statements. The Company reports financial results for discontinued operations separately from continuing operations in order to distinguish the financial impact of the disposal transaction from ongoing operations. The following table summarizes the financial results from discontinued operations of Jiuxin Investment:
|  | For the eleven months ended February 28, 2025 |  |  | For the year ended March 31, 2024 |  |  | For the year ended March 31, 2023 |
REVENUES, NET |  | $ | 93,447,763 |  |  | $ | 107,536,353 |  |  | $ | 115,736,856 |
COST OF GOODS SOLD |  |  | 69,024,370 |  |  |  | 81,306,222 |  |  |  | 85,057,834 |
GROSS PROFIT |  |  | 24,423,393 |  |  |  | 26,230,131 |  |  |  | 30,679,022 |
SELLING EXPENSES |  |  | 25,303,379 |  |  |  | 26,451,364 |  |  |  | 27,911,138 |
GENERAL AND ADMINISTRATIVE EXPENSES |  |  | 2,970,154 |  |  |  | 3,909,412 |  |  |  | 10,530,943 |
TOTAL OPERATING EXPENSES |  |  | 28,273,533 |  |  |  | 30,360,776 |  |  |  | 38,442,081 |
LOSS FROM DISCONTINUED OPERATIONS |  |  | (3,850,140 | ) |  |  | (4,130,645 | ) |  |  | (7,763,059 | )
OTHER INCOME (EXPENSES): |  |  |  |  |  |  |  |  |  |  |  |
INTEREST INCOME |  |  | 421,839 |  |  |  | 318,874 |  |  |  | 852,326 |
INTEREST EXPENSE |  |  | (6,291 | ) |  |  | (13,604 | ) |  |  | (65,854 | )
INVESTMENT LOSS |  |  | - |  |  |  | - |  |  |  | 85,382 |
OTHER INCOME (EXPENSES) |  |  | (561,791 | ) |  |  | 481,064 |  |  |  | 1,587,729 |
LOSS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES |  |  | (3,996,383 | ) |  |  | (3,344,311 | ) |  |  | (5,303,476 | )
PROVISION FOR INCOME TAXES |  |  | 107,335 |  |  |  | 104,225 |  |  |  | - |
NET LOSS FROM DISCONTINUED OPERATIONS |  |  | (4,103,718 | ) |  |  | (3,448,536 | ) |  |  | (5,303,476 | )
LESS: NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO NONCONTROLLING INTEREST |  |  | 5,384 |  |  |  | (14 | ) |  |  | (252 | )
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO JIUXIN INVESTMENT |  |  | (4,109,102 | ) |  |  | (3,448,522 | ) |  |  | (5,303,224 | )
The following table summarizes the assets and liabilities from discontinued operations of Jiuxin Investment:
|  | As of February 28, |
|  | 2025 |
Cash and cash equivalents |  | $ | 12,942,759 |
Restricted cash |  |  | 9,410,491 |
Trade accounts receivables |  |  | 7,627,735 |
Inventories |  |  | 7,886,336 |
Other receivables, net |  |  | 12,272,723 |
Advances to suppliers |  |  | 587,731 |
Due from related parties |  |  | - |
Other current assets |  |  | 1,565,261 |
Total current assets of discontinued operations |  |  | 52,293,036 |
Property and equipment, net |  |  | 4,430,211 |
Long-term investment |  |  | 1,184,984 |
Farmland assets |  |  | 628,710 |
Long-term deposits |  |  | 1,087,447 |
Intangible assets, net |  |  | 1,684,251 |
Operating lease right-of-use assets |  |  | 8,876,245 |
Other noncurrent assets |  |  | 661,329 |
Total non-current assets of discontinued operations |  |  | 18,553,177 |
Accounts payable |  | $ | 22,018,532 |
Notes payable |  |  | 20,955,354 |
Other payables |  |  | 28,734,698 |
Due to related parties |  |  | 342,196 |
Customer deposits |  |  | 89,324 |
Taxes payable |  |  | 392,801 |
Accrued liabilities |  |  | 187,423 |
Current portion of operating lease liabilities |  |  | 2,704,581 |
Total current liabilities of discontinued operations |  |  | 75,424,909 |
Long-term operating lease liabilities |  |  | 3,871,823 |
Total non-current liabilities of discontinued operations |  |  | 3,871,823 |
The following table summarizes gain of divestiture of Jiuxin Investment:
Total considerations for divestiture of Jiuxin Investment |  | $ | 4,102,848 |
Less: Net asset of Jiuxin Investment |  |  | (8,450,519 | )
Add: Noncontrolling interests |  |  | (1,341,489 | )
Add: Additional paid-in capital |  |  | 796,422 |
Add: Statutory reserve |  |  | 1,309,109 |
Add: Accumulated other comprehensive income |  |  | 2,440,344 |
Gain on divestiture of Jiuxin Investment |  | $ | 15,757,753 |
The following table summarizes cash flows related to discontinued operations for the period from March 31, 2024 through February 28, 2025：
|  | Period from March 31, 2024 through February 28, 2025 |
Operating activities of discontinued operations |  |  | (97,503 | )
Investing activities of discontinued operations |  |  | (615,267 | )
Financing activities of discontinued operations |  |  | (5,334,555 | )
As of March 31, 2025, Cash and cash equivalents balance from discontinued operations was nil.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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