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Notes Payable
 12 Months Ended
Mar. 31, 2025
Notes Payable [Abstract]  
NOTES PAYABLE

Note 12 - NOTES PAYABLE

 

The Company has credit facilities with Hangzhou United Bank (“HUB”) 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, 2025 and March 31, 2024, the balances of notes payable are as follow:

 

Beneficiary(1)  Endorser  Origination
date		  Maturity
date		  March 31,
2025		   March 31,
2024		 
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 
Allright  HUB  12/20/24  06/20/25   3,716,533    
-
 
Allright  HUB  01/02/25  07/02/25   551,215      
Allright  HUB  01/13/25  07/13/25   92,235    
-
 
Allright  HUB  01/14/25  07/14/25   51,835    
-
 
Allright  HUB  01/26/25  07/26/25   136,568    
-
 
Jiuxin Medicine  HUB  12/11/24  06/11/25   2,692,363      
Jiuxin Medicine  HUB  12/20/24  06/20/25   3,145,863    
-
 
Total           $10,386,612   $6,594,442 

 

(1) As of March 31, 2025, the Company had $10,386,612 (RMB75,372,524) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $5,761,294 (RMB41,807,982 ) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $3,775,821 three-year deposit (RMB27,400,000) deposited into HUB as a collateral for current and future notes payable from HUB. As of March 31, 2024, the Company had $6,594,442 (RMB47,613,849) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $1,978,333 (RMB 14,284,155 ) with HUB as collateral against these bank notes.

As of March 31, 2025, the Company had a credit line of approximately $5.51 million in the aggregate from HUB. By putting up a three-year deposit of $3.78 million and the restricted cash of $1.99 million deposited in the banks, the total credit line was $11.28 million. As of March 31, 2025, the Company had approximately $10.39 million of bank notes payable and approximately $0.89 million bank credit line was still available for further borrowing.