Prepaid Assets

12 Months Ended

Mar. 31, 2022

Other Assets [Abstract]

PREPAID ASSETS

NOTE 9 – PREPAID ASSETS

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

	As of March 31,		As of March 31,
	2022		2021
Prepayments for advertising or marketing	$	5,485,325	$	4,909,840
Prepayment of celebrity endorsement fee		141,774		228,265
Total	$	5,627,099	$	5,138,105

Since October 1, 2018, the Company entered into agreements with exclusive distributors to provide subsidy of $152,177 to $913,062 (RMB 1.0 million to 6.0 million) to each exclusive distributor for advertising and marketing in the next 3 years when they open new stores. The Company provided $7.09 million and $2.95 million subsidy in the year ended March 31, 2022 and 2021. In November 2019, the Company also entered into a business development cooperation agreement with a service company located in the U.S, who provides market channel and advertisement supports to the Company, for a total of $1,600,000 over 3-year.

In October 2018, the Company paid a celebrity endorsement fee of $445,533 (RMB 3.0 million). The celebrity endorsement contract is for a period of 5 years.