Intangible Assets, Net

12 Months Ended

Mar. 31, 2023

Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS, NET

NOTE 7 – INTANGIBLE ASSETS, NET

	As of March 31,			As of March 31,
	2023			2022
Land use right, cost	$	841,421		$	910,808
Customer relationship (Note 15)		8,149,366			8,822,973
Proprietary technology		1,900,000
Trademark		10,187			11,027
Software, cost		1,041,799			1,127,710
Total		11,942,773			10,872,518
Less: accumulated amortization		(2,496,518	)		(771,113	)
Intangible assets, net	$	9,446,255		$	10,101,405

As of March 31, 2023 and 2022, the Company pledged its land use right on its land with a carrying value of $83,520 (12,120 square meters) and $93,140 (12,120 square meters), respectively, as the collateral for a short-term bank loan (see Note 10). Additions to intangible assets for the year ended March 31, 2023 amounting to $1,900,000 were acquired from issuing ordinary shares with non-cash transactions.

Amortization expense was $1,763,779, $633,807 and $31,425 for the years ended March 31, 2023, 2022 and 2021, respectively.

Estimated future amortization expense is as follows as of March 31, 2023: 

Years ending March 31,	Amortization expense
2024	$	2,132,482
2025		2,132,482
2026		2,132,482
2027		2,132,482
2028		916,327
Thereafter		-
	$	9,446,255