Notes Payable

6 Months Ended

Sep. 30, 2020

Notes Payable [Abstract]

NOTES PAYABLE

Note 16 – 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 at September 30, 2020 and March 31, 2020:

		Origination	Maturity	September 30,		March 31,
Beneficiary(1)	Endorser	date	date	2020		2020
Jiuzhou Pharmacy	HUB	10/09/19	04/09/20		-		3,478,259
Jiuzhou Pharmacy	HUB	11/06/19	05/06/20		-		164,582
Jiuzhou Pharmacy	HUB	12/05/19	06/05/20		-		3,106,474
Jiuzhou Pharmacy	HUB	12/31/19	06/30/20		-		2,289,308
Jiuzhou Pharmacy	HUB	01/06/20	07/06/20		-		129,457
Jiuzhou Pharmacy	HUB	02/19/20	08/19/20		-		5,105,096
Jiuzhou Pharmacy	HUB	03/10/20	09/10/20		-		5,324,871
Jiuxin Medicine	HUB	12/26/19	06/26/20		-		1,371,992
Jiuxin Medicine	HUB	12/31/19	06/30/20		-		3,943,776
Jiuxin Medicine	HUB	03/31/20	09/30/20		-		1,692,156
Jiuzhou Pharmacy	HUB	04/10/20	10/10/20		3,085,420
Jiuzhou Pharmacy	HUB	04/29/20	10/29/20		568,293
Jiuzhou Pharmacy	HUB	05/09/20	11/09/20		3,952,523		-
Jiuzhou Pharmacy	HUB	06/24/20	12/24/20		1,461,063		-
Jiuzhou Pharmacy	HUB	06/30/20	12/30/20		926,024		-
Jiuzhou Pharmacy	HUB	11/08/20	02/11/21		4,185,848
Jiuzhou Pharmacy	HUB	08/31/20	03/01/21		455,663
Jiuzhou Pharmacy	HUB	09/08/20	03/08/21		3,695,447
Jiuxin Medicine	HUB	06/30/20	12/30/20		4,997,691		-
Total				$	23,327,972	$	26,605,971

(1) As of September 30, 2020, the Company had $23,327,972 (RMB 158,706,646) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $13,359,236 (RMB 90,886,577) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $8,326,870 three-year deposit (RMB 56,650,000) deposited into HUB as a collateral for current and future notes payable from HUB.  As of March 31, 2020, the Company had $26,605,971 (RMB 188,677,437) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $14,596,179 (RMB 103,509,456) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $8,763,958 three-year deposit (RMB 62,150,000) deposited into HUB as a collateral for current and future notes payable from HUB.

As of September 30, 2020, the Company had a credit line of approximately $13.08 million in the aggregate from HUB. By putting up a three-year deposit of $8.33 million and the additional short-term deposits of $5.03 million deposited in the banks, the total credit line was $26.44 million. As of September 30, 2020, the Company had approximately $23.33 million of bank notes payable and approximately $3.11 million bank credit line was still available for further borrowing. The bank notes are secured by three drugstores of Jiuzhou Pharmacy and guaranteed by the Company’s major shareholders.