Business Acquisition

6 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Business Acquisition

3. BUSINESS ACQUISITION

On December 10, 2016, the Company entered into an equity transfer agreement relating to the acquisition of 100% of the equity of Yingxi Industrial Chain Investment Co., Ltd (“Yingxi HK”) and subsidiaries. The acquisition was financed with proceeds from the

Company’s borrowings from the third party. The acquisition was closed on December 15, 2016. The results of operations of Yingxi HK are included in the Company’s consolidated financial statements beginning on December 15, 2016.

The following represents the purchase price allocation at the dates of the acquisition:
Cash and cash equivalents	$	230,390
Other current assets		6,373,688
Plant and equipment		710,829
Goodwill		929,662
Current liabilities		(5,174,094	)
Statutory reserves		(21,539	)
Total purchase price	$	3,048,936