Property and Equipment

6 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Note 7 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	September 30, 2020			March 31, 2020
Building	$	6,129,801		$	5,880,627
Leasehold improvements		9,426,295			9,209,136
Farmland development cost		1,757,887			1,686,430
Office equipment and furniture		5,762,776			5,632,955
Motor vehicles		363,866			504,327
Total		23,440,625			22,913,475
Less: Accumulated depreciation		(14,358,203	)		(13,059,852	)
Impairment*		(2,313,944	)		(2,219,883	)
Property and equipment, net	$	6,768,478		$	7,633,740

* The variance of impairment from March 31, 2020 to September 30, 2020 is solely caused by exchange rate variance.

Depreciation expenses for property and equipment totaled $413,008 and $497,430 for the three months ended September 30, 2020 and 2019, respectively. Depreciation expenses for property and equipment totaled $1,108,159 and $938,989 for the six months ended September 30, 2020 and 2019, respectively. There were no fixed assets impaired in the six months ended September 30, 2020 and September 30, 2019.