Discontinued Operations (Tables)

6 Months Ended

Sep. 30, 2023

Discontinued Operations [Abstract]

Schedule of Gain Resulting from the above-Mentioned Dispositions

The Company calculated a gain resulting from the above-mentioned dispositions as follows:

	For the six months ended September 30, 2023
Consideration	$	11,656,321
Cash and cash equivalents		408,239
Accounts receivable, net		4,016,356
Prepaid expenses and other current assets		4,098,502
Property, plant and equipment, net		6,203,413
Intangible assets, net		6,749,192
Goodwill		1,227,292
Other assets		3,047,886
Accounts payable		(16,619,622	)
Other payables and accrued liabilities		(16,436,012	)
Income tax payable		(28,571
Short-term bank borrowings		(2,162,739	)
Deferred tax liability		(1,330,061	)
Net assets of discontinued business		(10,826,125	)
Non-controlling interest of discontinued business	$	(991,112	)
Less: net assets of discontinued business contributable to the Company		(11,817,237
Gain on disposal of discontinued business	$	23,473,558

Schedule of Assets and Liabilities for Discontinued Operations

The assets and liabilities for discontinued operations comprised the following items as of March 31, 2023:

	March 31, 2023
Current assets for discontinued operations
Cash and cash equivalents	$	1,156,793
Accounts receivable, net		1,706,279
Inventories		335,019
Prepaid expenses and other current assets		1,314,523
Total	$	4,512,614
Non-current assets for discontinued operations
Property, plant and equipment, net	$	8,456,802
Intangible assets, net		7,577,922
Goodwill		1,271,746
Other assets		2,181,678
Total	$	19,488,148
Current liabilities for discontinued operations
Accounts payable	$	13,462,008
Other payables and accrued liabilities		5,106,634
Income tax payable		134,373
Short-term bank borrowings		2,241,076
Total	$	20,944,091
Non-current liabilities for discontinued operations
Deferred tax liability	$	1,514,060
Total	$	1,514,060

Schedule of Operating Results from Discontinued Operations

The operating results from discontinued operations included in the Company’s consolidated statements of comprehensive loss were as follows for the six months ended September 30, 2023 and 2022.

	For the six months ended September 30,
	2023			2022
Major classes of line items constituting pre-tax profit of discontinued operations
Revenues	$	19,849,634		$	36,109,692
Cost of revenues		(18,600,263	)		(33,971,110	)
Selling and marketing		(745,828	)		(16,189,636	)
General and administrative		(1,931,914	)		(3,073,560	)
Research and development		(190,581	)		(396,803	)
Other expense that are not major		(28,352	)		(232,129	)
Loss from discontinued operations, before income tax		(1,647,304	)		(17,753,546	)
Income tax benefit (expense)		95,564			(2,852,148	)
Loss from discontinued operations, net of income tax		(1,551,740	)		(20,605,694	)
Gain on deconsolidation of the subsidiary, net of income tax		23,473,558			-
Net gain (loss) from discontinued operations, net of income tax		21,921,818			(20,605,694	)