v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:      
Net Income (loss) $ 6,638,488 $ 7,478,936 $ (8,048,822)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 952,126 1,232,611 1,226,496
Loss (gain) from disposal of property and equipment (178,152) (712,685) 329,580
Impairment of property and equipment 143,621
Loss (gain) from unrealized foreign currency translation (13,986) (412,728) 282,131
Provision for (reversal of) credit losses (220,368) (2,043,939) 3,471,953
Addition (reversal) of merchandise inventories written down 61,935 (68,361) 150,382
Amortization of operating lease right-of-use assets 2,049,635 1,711,978 1,784,754
Deferred tax provision (benefit) (955,082) (1,778,277) 4,849,771
Change in fair value of warrants liabilities 2,050,211 (109,173) (139,615)
Investment loss (income) from equity method investment 20,049 69,444 (14,554)
Gain from disposal of equity method investment (190,571)
Accrued interest expense 100,416
Changes in operating assets and liabilities:      
Accounts receivable (1,073,737) (24,747,655) (53,824,026)
Accounts receivable - related parties 25,698 277,005 (323,212)
Merchandise inventories (13,596) 2,355,034 21,285,866
Compensation receivable for consumption tax 696,224 11,284,665 (23,212,327)
Prepaid expenses and other current assets (10,772,468) 949,043 5,597,781
Long term prepaid expenses and other non-current assets 501,659 315,809 2,183,108
Accounts payable 567,502 13,816,414 5,280,797
Accounts payable - related parties 2,372,722 299,591 (119,081)
Deferred revenue 8,006,135 35,027 49,715
Taxes payable (8,943,973) (6,977,961) 17,268,372
Other payables and other current liabilities (281,729) 1,078,396 (1,590,907)
Operating lease liabilities (2,040,884) (1,711,398) (1,807,376)
Other non-current liabilities (291,185) (239,250) (419,200)
Net cash (used in) provided by operating activities (598,739) 1,911,955 (25,738,414)
Cash flows from investing activities:      
Purchase of property and equipment (992,068) (929,308) (934,960)
Proceeds from disposal of property and equipment 39,367 3,104,387 2,961
Investment in an equity method investment (20,049)
Proceeds from disposal of equity method investment 276,800
Proceeds from disposal of a subsidiary 34,600
Disposal of a subsidiary, net of cash (171,788)
Collection of amount due from related parties 8,557 399,223 188,728
Net cash (used in) provided by investing activities (964,193) 2,713,914 (743,271)
Cash flows from financing activities:      
Capital contribution 23
Proceeds from issuance of ordinary shares for warrants redemption 29,482
Proceeds from issuance of ordinary shares, net of issuance costs 3,747,282
Cash consideration paid for business combination under common control (2,842,173)
Proceeds from short-term borrowings 5,781,612 1,384,000 78,831,300
Repayments of short-term borrowings (1,446,786) (2,076,000) (55,515,000)
Proceeds from long-term borrowings 2,160,161
Repayments of long-term borrowings (204,024) (4,186,712) (9,798,554)
Payments made to related parties (15,346) (228,966) 104,482
Repayment of obligations under finance leases (177,320) (420,910) (194,421)
Net cash provided by (used in) financing activities 3,967,618 (1,781,306) 12,745,818
Effect of exchange rate fluctuation on cash (60,585) (2,135,466) (2,763,692)
Net increase (decrease) in cash 2,344,101 709,097 (16,499,559)
Cash at beginning of year 2,475,538 1,766,441 18,266,000
Cash at end of year 4,819,639 2,475,538 1,766,441
Supplemental cash flow information      
Cash paid for income taxes 4,207,552 880,308 433,899
Cash paid for interest 1,072,273 798,353 1,108,863
Supplemental non-cash operating activities      
Purchase of property and financed under long-term payment 831,746
Purchase of property and equipment financed under finance leases 210,666
Right of use assets obtained in exchange for operating lease liabilities $ 3,118,676 $ 542,231