XML 53 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 967,249 $ (3,572,108) $ (56,474)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,409,762 1,361,211 494,729
Gain recognized on government subsidy 0 0 22,883
Gain on disposal of tangible assets (8,614,079) 0 0
Amortization on finance fee on bank loan 332,333 173,180 0
Amortization of intangible assets 32,630 33,285 0
Change in fair value of warrant liability (1,536,494) 1,565,570 0
Loss on disposal of subsidiaries 163,405 0 0
Change in fair value of convertible debenture (367,663) 157,010 0
Stock based compensation 1,954,880 0 0
Deferred income tax recovery 574,209 (797,096) 0
Accretion cost 285,625 320,497 (0)
Impairment loss on tangible assets 49,784 0 0
Impairment loss on intangible assets and goodwill 0 0 379,165
Changes in operating assets and liabilities:      
Accounts receivable 69,019 (89,812) 202,741
Accounts receivable from related party 0 113,504 167,550
Inventories 0 0 842,346
Prepayments and other current assets (854,197) (368,129) (97,322)
Due from related party 115,095 99,334 2,114,745
Accounts payables 162,663 787,029 227,370
Accrued liabilities 951,340 50,206 854,071
Other tax payable (316,940) (401,894) 406,999
Deferred revenue (353,892) 849,778 329,113
Taxes payable (128,405) 54,354 473,607
Net cash (used in) provided by operating activities (4,103,676) 335,919 6,361,523
Cash flows from investing activities:      
Acquisition of business 0 0 (471,550)
Acquisition deposit 0 0 (17,016,884)
Purchase of property, plant and equipment (1,310,842) (62,701,573) 0
Proceeds from disposal of property, plant and equipment 13,925,765 0 0
Purchase additional shares from NCI 0 (75,650) 0
Loan advance to related parties 0 0 425,770
Refund of land deposit 0 0 52,668
Short-term investment 51,912 0 (55,860)
Loan advance from (to) unrelated parties 0 123,864 (2,979)
Refund from (payment to) acquisition deposits 411,479 (760,000) (7,215,396)
Net cash provided by (used in) investing activities 13,078,314 (63,413,359) (24,284,231)
Cash flows from financing activities:      
Proceeds from bank loan 0 22,506 85,909
Proceeds from mortgage 815,760 45,390,000 12,768,000
Finance costs on mortgage (74,160) (445,665) (49,928)
Proceed from private mortgage 0 6,808,500 0
Repayment of other loan (469,687) (231,820) 0
Proceed (repayment) from issue of convertible notes (1,500,000) 1,115,000 0
Proceeds from initial public offering, net of share issuance costs 0 14,380,467 0
Proceeds from share issuance for convertible note 1,658,637 0 0
Deferred offering costs 0 0 (451,049)
Proceeds from an employee loan 324,079 0 0
Repayment of mortgage principal (6,057,252) (721,261) (469,921)
Proceeds (repayment) of shareholder advance (4,175,967) (2,446,085) 5,652,248
Net cash (used in) provided by financing activities (9,478,590) 63,871,642 17,535,259
Effect of exchange rate changes on cash (14,585) (312,010) 6,522
Net (decrease) increase in cash (518,537) 482,192 (380,927)
Cash and restricted cash, beginning of the year 1,291,881 809,689 1,190,616
Cash and restricted cash, end of the year 773,344 1,291,881 809,689
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid for income tax 128,405 28,753 0
Cash paid for interest 5,835,450 2,538,486 906,398
NON-CASH ITEMS      
Disposal of subsidiaries $ 74,160 $ 0 $ 0