Farmland Assets

6 Months Ended

Sep. 30, 2020

Farmland Assets [Abstract]

FARMLAND ASSETS

Note 11 – FARMLAND ASSETS

Farmland assets consist of ginkgo trees planted in 2012 and expected to be harvested and sold in several years. As of September 30, 2020 and March 31, 2020, farmland assets are valued as follows:

	September 30,			March 31,
	2020			2020
Farmland assets	$	2,285,712		$	2,177,606
Less: Impairment*		(1,496,074	)		(1,435,259	)
Farmland assets, net	$	789,638		$	742,347

* As of March 31, 2018, the book value of the Ginkgo trees planted in Qianhong Agriculture's farmland, including their cultivation cost and land lease amortization expense, was approximately $2,416,839. Based on an independent appraisal report, the value of the Ginkgo trees was approximately $796,286 as of March 31, 2018. As a result, the Company recorded an agricultural inventory impairment of $1,620,553 as of March 31, 2018. The difference between the recorded impairment loss and impairment balance in the above is primarily due to the exchange rate variance over years. There are no leasehold impairment expense in the six months ended September 30, 2020 and 2019.