Prepaid Expenses and Other Current Assets

12 Months Ended

Mar. 31, 2022

Prepaid Expenses And Other Current Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 5 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of March 31, 2022 and 2021:

	As of March 31,		As of March 31,
	2022		2021
Prepayments to suppliers	$	4,177,537	$	9,334,225
Loans receivables (a)		727,765		-
Deposit		691,070		12,174
Prepayments to technical provider		669,481		646,752
VAT-in		560,155		-
Prepayment to Weilan (b)		448,946		-
Receivable from disposal of subsidiaries		408,106		-
Deposit for the acquisition of Shennong (Note 14)		-		9,130,613
Other current assets		226,173		3,065,980
Total	$	7,909,233	$	22,189,744

(a) Loans receivables to third parties mainly represent loan agreements entered with certain third-party companies to support their daily operation or bridge loan of mortgage with maturity from six to nine months and the interest rate from 0.03% to 0.5% per day.

(b) In the year ended March 31, 2022, the Company signed a cooperation agreement with a third party to invest in Hangzhou Weilan Automobile Co., Ltd. (“Weilan”) and paid $448,946 to the shareholders of Weilan. In June 2022, both parties agreed to terminate the cooperation agreement and the Company collected the full prepayment.