v3.26.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Mar. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 17,905,262 $ 12,779,781
Restricted cash 8,519 5,761,294
Trade accounts receivables 32,466,688 27,811,813
Inventories 8,259,002 9,758,071
Other receivables, net 5,196,109 2,419,671
Advances to suppliers 98,359 433,140
Other current assets 292,995 745,477
Total current assets 64,556,192 59,709,247
NON-CURRENT ASSETS    
Property and equipment, net 5,723 8,931
Intangible assets, net 3,002,053 3,302,961
Goodwill 1,463,733 1,463,733
Total non-current assets 4,471,509 4,775,625
Total assets 69,027,701 64,484,872
CURRENT LIABILITIES    
Accounts payable 22,757,939 19,666,664
Notes payable [1] 22,669 10,386,612
Other payables 2,752,548 2,319,139
Customer deposits 364,150 264,068
Taxes payable 1,790,902 1,521,546
Accrued liabilities 206,502 196,210
Total current liabilities 27,894,710 34,356,369
NON-CURRENT LIABILITIES    
Deferred tax liabilities 356,353 492,121
Total non-current liabilities 356,353 492,121
Total liabilities 28,251,063 34,848,490
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY    
Ordinary shares; $0.15 par value; 240,000,000 shares authorized; 887,271 and 39,033 shares issued and outstanding as of March 31, 2026 and 2025, respectively [2] 133,091 5,855
Preferred shares; $0.001 par value; 10,000,000 shares authorized; nil issued and outstanding as of March 31, 2026 and 2025
Additional paid-in capital 103,898,531 93,142,510
Statutory reserves
Accumulated deficit (64,563,201) (63,312,779)
Accumulated other comprehensive income 1,308,217 (199,204)
Total shareholders’ equity 40,776,638 29,636,382
Total liabilities and shareholders’ equity 69,027,701 64,484,872
Related Party    
CURRENT ASSETS    
Due from related parties 329,258
CURRENT LIABILITIES    
Due to related parties $ 2,130
[1] As of March 31, 2025, the Company had $10,386,612 (RMB75,372,524) of notes payable from HUB. The Company is required to hold restricted cash in the amount of $5,761,294 (RMB41,807,982 ) with HUB as collateral against these bank notes. Included in the restricted cash is a total of $3,775,821 three-year deposit (RMB27,400,000) deposited into HUB as a collateral for current and future notes payable from HUB.
[2] All share numbers and share amounts presented have been retroactively adjusted to reflect the 1-for-150 reverse share split effective April 7, 2026.