v3.22.2.2
Related party transactions
12 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related party transactions

Note 14 — Related party transactions

On December 31, 2020, the Company completed the acquisition of 100% equity interest in Dandong BF from Mr. Yu Chang, the Company’s major shareholder and father of Ms. Ting-ting Chang, CEO and director of the Company, for a total consideration of $1,482,600 (or RMB10,500,000). Details are set out in note 1 under the heading “Acquisition of Dandong BF by BF Beijing”.

 

During the year ended March 31, 2022, the Company provided technical supporting services to Beijing Guo Bao Feng Bio-technology Co. Ltd. and Zhong Yuan Bo Rui Bio-technology (Zhuhai Hengqin) Co. Ltd., both of which Mr. Yu Chang, the Company’s major shareholder and father of Ms. Ting-ting Chang, CEO and director of the Company, has interests and/or is a director, and generated service income of $44,094 and $38,215, respectively.

 

During the year ended March 31, 2022, the following related companies provided the research and development services to the Company:

 

                       

 

Name

 

Description of

R&D project

 

Contract

sum

  

% of

Completion

   Recognized as R&D expenses   Outstanding contract sum 
       $         $    $ 
Dunhua Acer Truncatum
Seedling Planting Co. Ltd.
  Seedling analysis   109,060    70%   65,436    43,624 
Zhong Yuan Nervonic Acid
Bio-technology Co. Ltd.
  Nervonic acid
analysis
   155,800    75%   116,850    38,950 
Zhong Yuan Nervonic Acid
Bio-technology Co. Ltd.
  Nervonic acid
analysis
   67,306    100%   67,306       
Ai Rui Tai Ke Fertilizer Co. Ltd.  Chemical elements, lignin, cellulose
testing
   94,337    80%   75,470    18,867 
Ai Rui Tai Ke Fertilizer Co. Ltd.  Chemical elements, lignin, cellulose
testing
   124,640    75%   93,480    31,160 
Zhong Yuan Bo Rui
Bio-technology (Zhuhai
Hengqin) Co. Ltd.
  Metabolomics testing and analysis   272,650    70%   190,855    81,795 
                        
  Total      823,793         609,397    214,396