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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Mar. 31, 2024
Current Assets    
Cash and cash equivalents $ 18,512,756 $ 12,070,345
Restricted cash 6,842
Accounts receivable, net 1,663,998 1,314,781
Inventories, net 867,233 794,855
Advance to suppliers 721,318 14,902
Prepayments, receivables and other current assets, net 223,007 31,634
Total Current Assets 21,988,312 14,233,359
Non-current Assets    
Property, plant and equipment, net 230,142 328,845
Intangible assets, net 15,898 19,101
Long-term deposit 8,549,932 8,309,904
Right-of-use assets – operating leases – related party 213,068 235,848
Total Non-current Assets 9,009,040 8,893,698
TOTAL ASSETS 30,997,352 23,127,057
Current Liabilities    
Short-term borrowings 827,918 493,054
Long-term borrowings – current 9,080 21,329
Short-term convertible notes 1,259,838 1,780,095
Accounts payable 1,662,730 1,279,516
Refund liabilities 219,740 213,571
Contract liabilities 190,340 187,665
Accrued expenses and other liabilities 2,922,626 2,768,413
Tax payable 1,094,635 1,052,441
Total Current Liabilities 15,664,385 8,901,944
Non-current Liabilities    
Long-term borrowings 115,344 117,129
Total Non-current Liabilities 298,011 294,667
TOTAL LIABILITIES 15,962,396 9,196,611
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Ordinary shares, unlimited shares authorized, $2 par value, 3,906,471 shares issued and outstanding as of September 30, 2024 (2,218,206 shares issued and outstanding as of March 31, 2024) 7,728,820 4,352,290
Additional paid-in capital 33,389,222 35,315,616
Accumulated deficits (25,514,233) (24,711,665)
Accumulated other comprehensive loss (568,853) (1,025,795)
Total Shareholders’ Equity 15,034,956 13,930,446
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 30,997,352 23,127,057
Related Party    
Current Liabilities    
Amounts due to related parties 7,447,077 1,047,550
Operating lease liabilities - current – related party 30,401 58,310
Non-current Liabilities    
Operating lease liabilities – non-current – related party $ 182,667 $ 177,538