Discontinued Operations

12 Months Ended

Mar. 31, 2026

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 4 – DISCONTINUED OPERATIONS

Pursuant to that certain Equity Exchange Agreement with Renovation, Mr. Lei Liu, Ms. Li Qi, and Oakview, dated January 31, 2025, Renovation transferred all equity in Jiuxin Investment to Oakview, in exchange for irrevocable surrender for no consideration by Mr. Liu, Ms. Qi, Oakview and their affiliates in total 2,548,353 ordinary shares back to the Company. On February 28, 2025, the Divestiture Transaction was consummated. In accordance with ASC Topic 205, Presentation of Financial Statements (“ASC 205”), Subtopic 20 - Discontinued Operations, the Company determined that Jiuxin Investment’s business line met the conditions for a discontinued operation and is recorded as such in the Consolidated Financial Statements. The Company reports financial results for discontinued operations separately from continuing operations in order to distinguish the financial impact of the disposal transaction from ongoing operations.

The following table summarizes the financial results from discontinued operations of Jiuxin Investment:

		For the eleven months ended February 28, 2025				For the year ended March 31, 2024				For the year ended March 31, 2023
REVENUES, NET		$	93,447,763			$	107,536,353			$	115,736,856

COST OF GOODS SOLD			69,024,370				81,306,222				85,057,834

GROSS PROFIT			24,423,393				26,230,131				30,679,022

SELLING EXPENSES			25,303,379				26,451,364				27,911,138
GENERAL AND ADMINISTRATIVE EXPENSES			2,970,154				3,909,412				10,530,943
TOTAL OPERATING EXPENSES			28,273,533				30,360,776				38,442,081

LOSS FROM DISCONTINUED OPERATIONS			(3,850,140	)			(4,130,645	)			(7,763,059	)

OTHER INCOME (EXPENSES):
INTEREST INCOME			421,839				318,874				852,326
INTEREST EXPENSE			(6,291	)			(13,604	)			(65,854	)
INVESTMENT LOSS			-				-				85,382
OTHER INCOME (EXPENSES)			(561,791	)			481,064				1,587,729

LOSS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES			(3,996,383	)			(3,344,311	)			(5,303,476	)

PROVISION FOR INCOME TAXES			107,335				104,225				-

NET LOSS FROM DISCONTINUED OPERATIONS			(4,103,718	)			(3,448,536	)			(5,303,476	)
LESS: NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO NONCONTROLLING INTEREST			5,384				(14	)			(252	)
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO JIUXIN INVESTMENT			(4,109,102	)			(3,448,522	)			(5,303,224	)

The following table summarizes the assets and liabilities from discontinued operations of Jiuxin Investment:

		As of February 28,
		2025
Cash and cash equivalents		$	12,942,759
Restricted cash			9,410,491
Trade accounts receivables			7,627,735
Inventories			7,886,336
Other receivables, net			12,272,723
Advances to suppliers			587,731
Due from related parties			-
Other current assets			1,565,261
Total current assets of discontinued operations			52,293,036
Property and equipment, net			4,430,211
Long-term investment			1,184,984
Farmland assets			628,710
Long-term deposits			1,087,447
Intangible assets, net			1,684,251
Operating lease right-of-use assets			8,876,245
Other noncurrent assets			661,329
Total non-current assets of discontinued operations			18,553,177
Accounts payable		$	22,018,532
Notes payable			20,955,354
Other payables			28,734,698
Due to related parties			342,196
Customer deposits			89,324
Taxes payable			392,801
Accrued liabilities			187,423
Current portion of operating lease liabilities			2,704,581
Total current liabilities of discontinued operations			75,424,909
Long-term operating lease liabilities			3,871,823
Total non-current liabilities of discontinued operations			3,871,823

The following table summarizes gain of divestiture of Jiuxin Investment:

Total considerations for divestiture of Jiuxin Investment		$	4,102,848
Less: Net asset of Jiuxin Investment			(8,450,519	)
Add: Noncontrolling interests			(1,341,489	)
Add: Additional paid-in capital			796,422
Add: Statutory reserve			1,309,109
Add: Accumulated other comprehensive income			2,440,344
Gain on divestiture of Jiuxin Investment		$	15,757,753

The following table summarizes cash flows related to discontinued operations for the period from March 31, 2024 through February 28, 2025：

		Period from March 31, 2024 through February 28, 2025
Operating activities of discontinued operations			(97,503	)
Investing activities of discontinued operations			(615,267	)
Financing activities of discontinued operations			(5,334,555	)

As of March 31, 2025, Cash and cash equivalents balance from discontinued operations was nil.