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RELATED PARTY TRANSACTIONS
 9 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 

4. RELATED PARTY TRANSACTIONS

 

Name of Related Parties   Relationship with the Company
Zhida Hong   President, CEO, and a director of the Company
Zhongpeng Chen   A legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
Bihua Yang   A legal representative of XKJ
Zhiyong Zhou   General Manager of XKJ
Dewu Huang   A legal representative of YBY
Jinlong Huang   A spouse of legal representative of HSW

 

The Company leases Shenzhen XKJ office rent-free from Bihua Yang.

 

The Company had the following related party balances as of December 31, 2021 and March 31, 2021:

 

Amount due from related party  December 31, 2021   March 31, 2021 
Hongye Financial Consulting (Shenzhen) Co., Ltd.  $154,210   $84,838 
Zhiyong Zhou (1)   17,154    - 
   $171,364   $84,838 

 

Related party borrowings  December 31, 2021   March 31, 2021 
Zhida Hong (2)  $3,208,463   $3,727,371 
Bihua Yang (3)   -    370,523 
Dewu Huang (4)   177,755    712,064 
Jinlong Huang   150,397    104,006 
   $3,536,615   $4,913,964 

 

  (1) Being cash advance to Zhiyong Zhou to pay for daily operating expenditures of XKJ.
     
  (2) The decrease was due to net repayment of debt due to Zhida Hong. During the three and nine months ended December 31, 2021, the Company received financial support of $0.03 million and 0.27 million from Zhida Hong and repaid $0.3 million and $0.9 million of debts due to him.
     
  (3) Being financial support from Bihua Yang for XKJ’s daily operation.
     
  (4) The decrease was due to net repayment of debt due to Dewu Huang. During the nine months ended December 31, 2021, the company received interest free advanced loan as financial support of approximately $1.5 million from Dewu Huang and repaid approximately $2.0 million of debts due to him. The related party debt was additional financial support provided by Dewu Huang for YBY’s daily operation.

 

The borrowing balances with related parties are unsecured, non-interest bearing and repayable on demand.