| Schedule of discontinued operations |
Schedule
of discontinued operations
| | |
As
of March 17, | | |
As
of March 31, | |
| | |
2025 | | |
2024 | |
| ASSETS | |
| | | |
| | |
| Current
assets: | |
| | | |
| | |
| Cash and cash
equivalents | |
$ | 15,554,868 | | |
$ | 17,087,419 | |
| Accounts receivable, net | |
| 15,170 | | |
| 7,343 | |
| Prepayments and other current
assets | |
| 5,286 | | |
| 2,819 | |
| Deferred expenses | |
| 204,322 | | |
| 878,654 | |
| Amounts due from related parties | |
| — | | |
| 939,450 | |
| Total current
assets | |
| 15,779,646 | | |
| 18,915,685 | |
| Non-current
assets: | |
| | | |
| | |
| Long-term investment | |
| 16,630,239 | | |
| 15,552,775 | |
| Property and equipment, net | |
| 489 | | |
| 495 | |
| Total non-current
assets | |
| 16,630,728 | | |
| 15,553,270 | |
| TOTAL ASSETS | |
$ | 32,410,374 | | |
$ | 34,468,955 | |
| Current
liabilities: | |
| | | |
| | |
| Taxes payable | |
| 1,492 | | |
| 1,082 | |
| Employee benefits payable | |
| 26,096 | | |
| 45,984 | |
| Deferred revenue-current | |
| — | | |
| 111,630 | |
| Other payables | |
| 243,692 | | |
| 162,090 | |
| Interest payable | |
| 1,734,270 | | |
| 992,701 | |
| Total current
liabilities: | |
| 2,005,550 | | |
| 1,313,487 | |
| Non-current
liabilities: | |
| | | |
| | |
| Long-term loans | |
| 13,096,934 | | |
| 13,250,516 | |
| Total non-current
liabilities | |
| 13,096,934 | | |
| 13,250,516 | |
| TOTAL LIABILITIES | |
$ | 15,102,484 | | |
$ | 14,564,003 | |
| | |
to March 17, 2025 | | |
2024 | | |
2023 | |
| | |
From April 1, 2024 | | |
For the years ended March 31, | |
| | |
to March 17, 2025 | | |
2024 | | |
2023 | |
| Revenue | |
$ | 130,615 | | |
$ | 1,999,056 | | |
$ | 10,250,708 | |
| Net profit (loss) | |
$ | (1,451,327 | ) | |
$ | 462,886 | | |
$ | (18,310,962 | ) |
| | |
to March 17, 2025 | | |
2024 | | |
2023 | |
| | |
From April 1, 2024 | | |
For the years ended March 31, | |
| | |
to March 17, 2025 | | |
2024 | | |
2023 | |
| Net cash provided by (used in) operating activities | |
$ | (3,182,287 | ) | |
$ | (1,500,154 | ) | |
$ | 148,162 | |
| Net cash provided by (used in) investing activities | |
| — | | |
| 4,788 | | |
| (529,511 | ) |
| Net cash provided by (used in) financing activities | |
| — | | |
| — | | |
| — | |
| Effects of exchange rate changes on cash | |
| 1,649,736 | | |
| (559,935 | ) | |
| (1,127,433 | ) |
| Net increase/(decrease) in cash and cash equivalents – Discontinued operations | |
$ | (1,532,551 | ) | |
$ | (2,055,301 | ) | |
$ | (1,508,782 | ) |
| | |
Upon disposal on March 17, 2025 | |
| | |
USD | |
| Net loss from Wuxi Wangdao at single entity level | |
$ | (1,451,327 | ) |
| Loss from VIE termination: | |
| | |
| Consideration received - RMB 10,700,000 loan repayment agreement | |
| 1,492,579 | |
| Fair value of 3% equity share of Fujian Fishery | |
| 13,159,074 | |
| Less: Carrying value of Wuxi Wangdao’s retained earnings | |
| 17,802,741 | |
| Loss due to VIE termination | |
| (3,151,088 | ) |
| Total Net loss from discontinued operation | |
$ | (4,602,415 | ) |
|