SHARE BASED COMPENSATION

6 Months Ended

Sep. 30, 2024

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

NOTE 9 – SHARE BASED COMPENSATION

2020 Equity incentive plan

In February 2022, the Company adopted the 2020 Equity incentive plan which allows the Company to offer incentive awards to employee, directors and consultants (collectively, “the Participants”). Under the 2020 Equity incentive plan, the Company may issue incentive awards to the Participants to purchase no more than 3,500,000 ordinary shares with no restrictive legend affixed.

Share-based compensation expense of $1,086,231 was immediately recognized in general and administrative expenses for the year ended March 31, 2022 with no vesting conditions. No share-based compensation expense was recognized in general and administrative expenses for the six months ended September 30, 2024 and 2023.

The fair values of share units are determined based on the fair value of the grant date of the Company’s ordinary shares.