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ACQUISITION OF HUNAN RUIXI AND ITS VIE (Tables)

9 Months Ended

Dec. 31, 2018

ACQUISITION OF HUNAN RUIXI AND ITS VIE [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the fair values for major classes of assets acquired and liabilities assumed at the date of acquisition:

		Fair value
Net assets acquired (i)		$	45,895
Gain from acquisition of Hunan Ruixi and its subsidiary			-
Noncontrolling interests (ii)			-
Total purchase consideration		$	-

(i) Net assets acquired primarily include cash and cash equivalents of $213,645, other current assets of $1,774,725, property and equipment of $36,384, other current liabilities of $607,558 and borrowings from third parties of $1,439,750.

(ii) Fair value of the noncontrolling interests is estimated with reference to the purchase price per share as of the acquisition date.

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- References

No definition available.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472

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