| Schedule of Subsidiaries of the Company |
Details of the subsidiaries
of the Company as of March 31, 2026 were set out below:
| |
|
Date of |
|
Place of |
|
% of |
|
|
| Name of Entity |
|
Incorporation |
|
Incorporation |
|
Ownership |
|
Principal Activities |
| Eshallgo Inc |
|
June 16, 2021 |
|
Cayman Islands |
|
Parent, 100% |
|
Investment holding |
| |
|
|
|
|
|
|
|
|
| Junzhang Monarch Limited |
|
June 30, 2021 |
|
Hong Kong |
|
100% |
|
Investment holding |
| |
|
|
|
|
|
|
|
|
| ESHALLGO USA, INC. |
|
April 1, 2025 |
|
The United States |
|
100% |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai Eshallgo Enterprise Development (Group) Co., Ltd. |
|
July 22, 2021 |
|
Shanghai, PRC |
|
100% |
|
WFOE, Investment holding
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang Digital Technology (Shanghai) Co., Ltd. |
|
April 23, 2015 |
|
Shanghai, PRC |
|
VIE |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang Digital Technology (Beijing) Co., Ltd. |
|
June 9, 2021 |
|
Beijing, PRC |
|
VIE |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai Lixin Office Equipment Co., Ltd. (“Lixin”) |
|
September 5, 2008 |
|
Shanghai, PRC |
|
100% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| ESHALLGO Office Supplies (Shanghai) Co., Ltd. (“Shanghai”) |
|
October 30, 2015 |
|
Shanghai, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Changchun ESHALLGO Information Technology Co, Ltd. (“Changchun”) |
|
March 10, 2016 |
|
Changchun, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
Date of |
|
Place of |
|
% of |
|
|
| Name of Entity |
|
Incorporation |
|
Incorporation |
|
Ownership |
|
Principal Activities |
| |
|
|
|
|
|
|
|
|
| Shijiazhuang ESHALLGO Information Technology Co, Ltd. (“Shijiazhuang”) |
|
February 26, 2016 |
|
Shijiazhuang, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Guangzhou ESHALLGO Office Equipment Leasing Co., Ltd. (“Guangzhou”) |
|
July 12, 2016 |
|
Guangzhou, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Tianjin ESHALLGO Office Equipment Leasing Co., Ltd. (“Tianjin”) |
|
December 6, 2016 |
|
Tianjin, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Ningbo Haishu ESHALLGO Junzhang Digital Technology Co., Ltd. (“Ningbo”) |
|
October 19, 2016 |
|
Ningbo, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Zhengzhou Junzhang Office Equipment Co., Ltd. (“Zhengzhou”) |
|
October 30, 2017 |
|
Zhengzhou, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Chengdu Junzhang digital Technology Co., Ltd. (“Chengdu”) |
|
August 15, 2016 |
|
Chengdu, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Hefei Junzhang EESHALLGO Digital Products Co., Ltd. (“Hefei”) |
|
July 27, 2017 |
|
Hefei, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Chongqing ESHALLGO Office Equipment Co., Ltd. (“Chongqing”) |
|
December 30, 2016 |
|
Chengdu, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Beijing ESHALLGO Technology Development Co., Ltd. (“Beijing”) |
|
March 28, 2016 |
|
Beijing, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Harbin ESHALLGO Information Technology Co., Ltd. (“Harbin”) |
|
April 5, 2016 |
|
Harbin, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Xi’an ESHALLGO Information Technology Co., Ltd. (“Xi’an”) |
|
March 22, 2017 |
|
Xi’an, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shenzhen ESHALLGO Information Technology Co., Ltd.(“Shenzhen”) |
|
August 19, 2016 |
|
Shenzhen, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Shanghai Changyun Industrial Development Co., Ltd. (“Changyun”) |
|
December 29, 2020 |
|
Shanghai, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Hangzhou ESHALLGO Information Technology Co., Ltd. (“Hangzhou”) |
|
January 22, 2016 |
|
Hangzhou, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Kunming ESHALLGO Information Technology Co., Ltd. (“Kunming”) |
|
January 12, 2017 |
|
Kunming, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Qingdao ESHALLGO Information Technology Co., Ltd. (“Qingdao”) |
|
March 29, 2016 |
|
Qingdao, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Qinghai ESHALLGO Information Technology Co., Ltd. (“Qinghai”) |
|
June 21, 2018 |
|
Qinghai, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang Digital Technology (Nanjing) Co., Ltd. (“Nanjing”)˄ |
|
May 12, 2021 |
|
Nanjing, PRC |
|
55% owned by Junzhang Shanghai |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang Digital Technology (Suzhou) Co., Ltd. (“Su Zhou”) |
|
March 11, 2022 |
|
Jiangsu, PRC |
|
55% owned by WFOE |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Junzhang Digital Technology (Changzhou) Co., Ltd. (“Changzhou”) |
|
June 9, 2022 |
|
Jiangsu, PRC |
|
55% owned by WFOE |
|
Sale, leasing, and maintenance of office equipment |
| |
|
|
|
|
|
|
|
|
| Zibo ESHALLGO Information Technology Co., Ltd. (“Zibo”) |
|
July 25, 2022 |
|
Shandong, PRC |
|
55% owned by WFOE |
|
Sale, leasing, and maintenance of office equipment |
|
| Schedule of Amounts and balances of the VIEs |
The following financial statement amounts and
balances of the VIEs were included in the accompanying consolidated financial statements after elimination of intercompany transactions
and balances:
| | |
March 31, | | |
March 31, | |
| | |
2026 | | |
2025 | |
| ASSETS | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| |
| Cash and cash equivalents | |
$ | 3,525,903 | | |
$ | 3,745,251 | |
| Restricted cash | |
| 145 | | |
| 138 | |
| Short-term investments | |
| 1,311,939 | | |
| 3,093,976 | |
| Accounts receivable, net | |
| 3,975,778 | | |
| 3,809,698 | |
| Accounts receivable - related parties | |
| 24,124 | | |
| 245,492 | |
| Advance to vendors, net | |
| 2,272,753 | | |
| 1,289,198 | |
| Advance to vendors - related parties | |
| 121,513 | | |
| 50 | |
| Inventories, net | |
| 1,593,649 | | |
| 1,584,425 | |
| Due from related parties | |
| 1,005,624 | | |
| 1,240,828 | |
| Long-term accounts receivable, net - current portion | |
| - | | |
| 82,681 | |
| Long-term other receivable, net - current portion | |
| - | | |
| 89,050 | |
| Finance receivables, net | |
| 58,657 | | |
| 70,801 | |
| Prepaid expenses and other current assets, net | |
| 1,848,517 | | |
| 1,112,065 | |
| TOTAL CURRENT ASSETS | |
| 15,738,602 | | |
| 16,363,653 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 279,928 | | |
| 352,212 | |
| Right-of-use assets, net | |
| 78,250 | | |
| 104,390 | |
| Deferred tax assets, net | |
| 6,989 | | |
| 5,613 | |
| Long-term receivable - other receivable, net - non-current portion | |
| 375,228 | | |
| 591,803 | |
| Finance receivables, net | |
| 41,077 | | |
| 46,852 | |
| Other non-current assets, net | |
| - | | |
| 374,201 | |
| TOTAL NONCURRENT ASSETS | |
| 781,472 | | |
| 1,475,071 | |
| TOTAL ASSETS | |
$ | 16,520,074 | | |
$ | 17,838,724 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | |
| Short-term bank loan | |
$ | 179,611 | | |
$ | 137,781 | |
| Accounts payable | |
| 798,628 | | |
| 787,746 | |
| Accounts payable - related parties | |
| 79,938 | | |
| 140,261 | |
| Deferred revenue | |
| 1,072,663 | | |
| 876,905 | |
| Payroll payable | |
| 288,746 | | |
| 223,035 | |
| Taxes payable | |
| 260,600 | | |
| 251,185 | |
| Due to related parties | |
| 102,639 | | |
| 121,825 | |
| Accrued expenses and other current liabilities | |
| 109,460 | | |
| 90,676 | |
| Operating lease liabilities - current portion | |
| 187,325 | | |
| 150,615 | |
| TOTAL CURRENT LIABILITIES | |
| 3,079,610 | | |
| 2,780,029 | |
| | |
| | | |
| | |
| Deferred tax liabilities | |
| 5,971 | | |
| 6,413 | |
| Operating lease liabilities - non-current portion | |
| 27,222 | | |
| 64,797 | |
| TOTAL NONCURRENT LIABILITY | |
| 33,193 | | |
| 71,210 | |
| TOTAL LIABILITIES | |
$ | 3,112,803 | | |
$ | 2,851,239 | |
| | |
For the Years Ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| Net revenue | |
$ | 13,581,528 | | |
$ | 12,233,829 | | |
$ | 16,963,957 | |
| Net (loss) income | |
$ | (2,355,330 | ) | |
$ | (1,422,561 | ) | |
$ | 850,176 | |
| | |
For the Years Ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| Net cash (used in) provided by operating activities | |
$ | (2,315,443 | ) | |
$ | 1,501,559 | | |
$ | 2,225,194 | |
| Net cash provided by (used in) investing activities | |
| 1,567,096 | | |
| (3,345,406 | ) | |
| (1,563,434 | ) |
| Net cash provided by financing activities | |
| 348,083 | | |
| 273,659 | | |
| 36,924 | |
| Effect of exchange rate change on cash, cash equivalents and restricted cash | |
| 180,923 | | |
| 5,333 | | |
| (245,000 | ) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | |
| (219,341 | ) | |
| (1,564,855 | ) | |
| 453,684 | |
| Cash, cash equivalents and restricted cash, beginning of year | |
| 3,745,389 | | |
| 5,310,244 | | |
| 4,856,560 | |
| Cash, cash equivalents and restricted cash, end of year | |
$ | 3,526,048 | | |
$ | 3,745,389 | | |
$ | 5,310,244 | |
|