v3.26.1
Discontinued Operations (Tables)
 12 Months Ended
Mar. 31, 2026
Discontinued Operations [Abstract]  
Schedule of Discontinued 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 )