XML 20 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 2,419,623 $ 7,919,600
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,430,692 2,149,419
Stock-based compensation expenses 413,900 947,079
Bad debt expense 221,584
Amortization of operating lease right-of-use assets 989,220 803,056
Changes in operating assets:    
Accounts receivable 8,808,532 762,614
Bills receivable (87,573)
Inventories (4,401,654) (3,219,213)
Prepaid expenses and other current assets 285,782 (904,305)
Advance to suppliers (248,490) 1,752,091
Deferred tax assets 198,717 (203,928)
Changes in operating liabilities:    
Accounts payable 942,345 (3,082,614)
Accrued expenses (185,421) 783,087
Other payables (801,574) 823,608
Deferred revenue 928,393
Operating lease liabilities (977,584) (759,919)
Income tax payable, net of recovery 92,226 971,386
Net cash provided by operating activities 10,807,134 8,963,545
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (722,770) (2,955,328)
Payments for construction of properties (5,084,044) (2,098,323)
Acquisition of MK Garments (2,700,000)
Acquisition of Ever Winland (5,100,000)
Acquisition deposit (2,200,000) (500,000)
Payment for long-term deposits (668,337) (419,597)
Net cash used in investing activities (13,775,151) (8,673,248)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividend payment (2,484,127) (2,366,796)
Share repurchase (1,169,046)
Repayment from short-term loan (7,197,995) (612,703)
Repayment to a related party (300,166) (1,763)
Proceeds from short-term loan 7,197,995
Net proceeds from issuance of common stock 6,270,000
Net cash (used in) provided by financing activities (3,953,339) 3,288,738
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND RESTRICTED CASH (250,529) 143,990
NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH (7,171,885) 3,723,025
CASH, AND RESTRICTED CASH, BEGINNING OF THE YEAR 26,583,488 22,860,463
CASH, AND RESTRICTED CASH, END OF THE YEAR 19,411,603 26,583,488
CASH, AND RESTRICTED CASH, END OF THE YEAR 19,411,603 26,583,488
LESS: NON-CURRENT RESTRICTED CASH 1,609,989 1,407,368
CASH, END OF THE YEAR 17,801,614 25,176,120
Supplemental disclosure information:    
Cash paid for interest 768,131 210,576
Income tax paid 1,747,635 1,762,254
Non-cash investing and financing activities    
Equipment obtained by utilizing long-term deposit 237,412 321,862
Acquisition of Kawbab Venus by utilizing long-term deposit 500,000  
Right of use assets obtained in exchange for operating lease obligations $ 190,654 $ 1,022,172