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 loss from operations $ (3,303,652) $ (3,098,532) $ (5,934,772)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization expenses 82,297 203,247 250,162
Expected credit loss 263,972 283,234 2,875,694
Allowance for long-term deposit 1,006,052
Inventory impairment provision (22,863) (72,057)
Loss from disposal of property, plant and equipment 10,466
Property, plant and equipment impairment 401,995
Construction in progress impairment 20,929 349,390
Convertible notes - Accretion of financing cost 520,787 292,771 335,654
Share-based compensation 352,100 554,571
Non-cash operating lease expense 69,343 69,819 73,034
Changes in operating assets and liabilities:      
Accounts receivable (257,085) (321,422) 912,947
Note receivable 32,854
Inventory (14,530) (219,646) 408,951
Advance to suppliers (287,824) 29,356 138
Other receivables and other current assets (223,477) 143,175 50,313
Accounts payable (114,081) (29,254) 9,700
Refund liability (159,502) 107,883 (1,380)
Contract liabilities (128,813) 30,441 94,339
Tax payable (15,842) 1,562 27,055
Operating lease liability – related party lease (69,343) (69,819) (73,034)
Accrued expenses and other current liabilities 298,762 (53,835) (46,373)
Net cash used in operating activities (2,345,333) (1,928,053) (80,757)
Cash Flows from Investing Activities:      
Purchase of property, plant and equipment (2,023) (7,063) (70,684)
Cash received from disposal of property, plant and equipment 65,539
Collection of deposit - Huangshan Panjie 33,486 58,381
Net cash provided by (used in) investing activities 63,516 26,423 (12,303)
Cash Flows from Financing Activities:      
Proceeds from borrowings 258,003 433,927 309,417
Repayment of borrowings (78,118) (78,654) (26,106)
Repayment from (Advances to) related parties 5,839,277 (2,205,254) (628,911)
Repayment to related parties (1,727,418) (2,197,555)
Proceeds from convertible note 1,595,000 1,063,333 3,721,667
Repayment of convertible notes (1,840,000)
Payment of convertible note issuance cost (135,000) (110,362) (431,737)
Net proceeds from shares purchase agreements 2,759,991 2,194,827
Net cash provided by (used in) financing activities 8,399,153 (2,624,428) 2,941,602
Effect of exchange rate changes on cash and cash equivalents (65,091) (765,233) (1,049,683)
Net increase (decrease) in cash, cash equivalents and restricted cash 6,052,245 (5,291,291) 1,798,859
Cash, cash equivalents and restricted cash at the beginning of the year 12,077,187 17,368,478 15,569,619
Cash, cash equivalents and restricted cash at the end of the year 18,129,432 12,077,187 17,368,478
Supplemental disclosures of cash flows information:      
Cash paid for interest expense 21,239 24,533 13,047
Non-cash transactions:      
Issuance of shares for convertible note principal and interest partial settlement 2,102,704 2,813,807 2,947,293
Non-cash settlement between balances of accounts receivable and due to related parties   1,235,290 1,263,993
Non-cash settlement between balances of due from related parties and due to related parties 8,993,443 6,080,971 4,051,569
Non-cash settlement between balances of long-term deposit and due to related parties 7,267,770
Equity portion opening adjustment for adoption of ASU 2020-06 (341,619)
Right-of-use assets obtained in exchange for new operating lease liabilities 361,935
Disposal of property, plant and equipment $ 76,005