XML 44 R29.htm IDEA: XBRL DOCUMENT
v3.25.2

Discontinued Operations (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2025
Discontinued Operations [Abstract] |
Schedule of Discontinued 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 | )

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information 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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration