Cover
Cover - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-56157 | |
Entity Registrant Name | Antiaging Quantum Living Inc. | |
Entity Central Index Key | 0001672571 | |
Entity Tax Identification Number | 47-2643986 | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Address Line One | 133-27 39th Ave | |
Entity Address, Address Line Two | Ths #PH2A | |
Entity Address, City or Town | Flushing | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11354 | |
City Area Code | 917 | |
Local Phone Number | 470-5393 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Public Float | $ 858,000 | |
Entity Common Stock, Shares Outstanding | 29,995,000 | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Firm ID | 2485 | |
Auditor Name | PWN LLP | |
Auditor Location | North Carolina |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 166,552 | $ 354 |
Accounts receivable, net | 2,001 | |
Advances to suppliers | 27,000 | |
Other receivables and current assets | 28,668 | |
Total Current Assets | 224,221 | 354 |
Non-Current Assets | ||
Property, plant and equipment, net | 215,770 | 540 |
Other non-current assets | 32,473 | |
Operating lease right of use asset, net | 539,946 | |
Total Non-Current Assets | 788,189 | 540 |
Total Assets | 1,012,410 | 894 |
Current Liabilities | ||
Accounts payable and accrued expenses | 64,842 | 901 |
Other payables | 7,422 | |
Taxes payable | 1,124 | |
Contract liabilities | 2,800 | |
Operating lease liabilities - current | 179,872 | |
Total Current Liabilities | 871,448 | 87,001 |
Non-Current Liabilities | ||
Other long-term liabilities | 419,229 | |
Operating lease liabilities - non-current | 134,903 | |
Total Non-Current Liabilities | 554,132 | |
Total Liabilities | 1,425,580 | 87,001 |
Shareholders’ Equity | ||
Class A Common stock, $0.001 par value; 30,000,000 shares authorized, 29,995,000 shares issued and outstanding | 29,995 | 29,995 |
Additional paid-in capital | 243,530 | 160,230 |
Accumulated deficit | (689,303) | (276,332) |
Accumulated other comprehensive income | 2,608 | |
Total Shareholders’ Deficit | (413,170) | (86,107) |
Total Liabilities and Shareholders’ Deficit | 1,012,410 | 894 |
Related Party [Member] | ||
Current Liabilities | ||
Advances from customers | 613,843 | 83,300 |
Customer [Member] | ||
Current Liabilities | ||
Advances from customers | $ 4,345 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Class A common stock, par value | $ 0.001 | $ 0.001 |
Class A common stock, shares authorized | 30,000,000 | 30,000,000 |
Class A common stock, shares issued | 29,995,000 | 29,995,000 |
Class A common stock, shares outstanding | 29,995,000 | 29,995,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues, net | $ 7,499 | $ 13,600 |
Cost of revenues | 771 | |
Gross profit | 6,728 | 13,600 |
Operating expenses | ||
Selling and marketing expense | 71,236 | |
General and administrative expenses | 348,509 | 50,230 |
Total Operating expenses | 419,745 | 50,230 |
Loss from operations | (413,017) | (36,630) |
Other income (expense) | ||
Interest income | 45 | |
Other income, net | 1 | |
Total other income, net | 46 | |
Loss before income tax | (412,971) | (36,630) |
Net loss | $ (412,971) | $ (36,630) |
Weighted average shares outstanding | ||
Basic | 29,995,000 | 29,995,000 |
Diluted | 29,995,000 | 29,995,000 |
Earnings (Loss) per share | ||
Basic | $ (0.01) | |
Diluted | $ (0.01) | |
Other comprehensive income (loss): | ||
Net loss | $ (412,971) | $ (36,630) |
Foreign currency translation income | 2,608 | |
Total comprehensive loss | $ (410,363) | $ (36,630) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit - USD ($) | Common Stock [Member] Common Class A [Member] | Additional Paid-in Capital [Member] | Statutory Reserve [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Mar. 31, 2022 | $ 29,995 | $ 160,230 | $ (239,702) | $ (49,477) | ||
Balance, shares at Mar. 31, 2022 | 29,995,000 | |||||
Net loss | (36,630) | (36,630) | ||||
Balance at Mar. 31, 2023 | $ 29,995 | 160,230 | (276,332) | (86,107) | ||
Balance, shares at Mar. 31, 2023 | 29,995,000 | |||||
Net loss | (412,971) | (412,971) | ||||
Shareholder loan cancellation | 83,300 | 83,300 | ||||
Foreign currency translation adjustment | 2,608 | 2,608 | ||||
Balance at Mar. 31, 2024 | $ 29,995 | $ 243,530 | $ (689,303) | $ 2,608 | $ (413,170) | |
Balance, shares at Mar. 31, 2024 | 29,995,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ (412,971) | $ (36,630) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation and amortization expense | 6,986 | 314 |
Amortization of operating lease ROU assets | 126,302 | |
Changes in assets and liabilities | ||
Increase in accounts receivable | (2,001) | |
Increase in advances to suppliers | (27,000) | |
Increase in prepaid expenses | (27,377) | |
Increase in other current assets | (1,519) | |
Increase in other non-current assets | (32,781) | |
Increase in accrued and other liabilities | 61,869 | |
Decrease in account payable | 6,879 | 901 |
Increase in other payable | 8,610 | |
Decrease in contract liability | (2,800) | (2,800) |
Decrease in operating lease liabilities | (353,610) | |
Net cash used in operating activities | (649,413) | (38,215) |
Cash flows from investing activities | ||
Purchase of fixed assets | (224,248) | |
Net cash used in investing activities | (224,248) | |
Cash flows from financing activities | ||
Proceeds from borrowings | 423,209 | 24,300 |
Repayment to related party payables | 616,866 | |
Net cash used in financing activities | 1,040,075 | 24,300 |
Net increase (decrease) of cash and cash equivalents | 166,414 | (13,915) |
Effect of foreign currency translation on cash and cash equivalents | (216) | |
Cash and cash equivalents – beginning of period | 354 | 14,269 |
Cash and cash equivalents – end of period | 166,552 | 354 |
Non-cash financing and investing activities: | ||
Repayment of related party debt | 83,300 | |
Recognized ROU assets through lease liabilities | $ 671,373 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES Antiaging Quantum Living Inc. (FKA: Achison Inc.) (the “Company”, “us”, “we” or “our”) was incorporated under the laws of the State of New York December 29, 2014 On July 1, 2019, Lansdale Inc, the principal stockholder of the Company (“Seller”) an entity controlled by the Company’s former President, Mr. Wanjun Xie, entered into a Stock Purchase Agreement (the “Agreement”) with Dazhong 368 Inc, (the “Buyer”), pursuant to which, a total of 9,000,000 90 On April 10, 2023, Mr. Barry Wan acquired control of 29,215,000 97 400,000.00 97 29,995,000 In connection with the transaction, on April 10, 2023, Mr. Dingshan Zhang resigned from all positions he held with the Company. On April 10, 2023, Ms. Jing Wan was appointed by our majority shareholder as our Chief Executive Officer, Chief Financial Officer, President and Director. On June 16, 2023, Mr. Barry Wan consented to act as the new CEO and CFO after Ms. Jing Wan resigned. The Company was renamed as Antiaging Quantum Living Inc on June 14, 2023 by the new management. The Company is an investment holding company; its primary business operations are conducted through its subsidiaries as described below. AAQL Inc. (“BVI Holding”) was incorporated under the Laws of the British Virgin Islands to function as a holding company responsible for managing all business operations outside of the United States. AAQL HK Limited (“Hong Kong Holding”) was incorporated under the Laws of Hong Kong as a wholly-owned subsidiary of the BVI Holding. Hong Kong Holding’s primary role is to act as a holding company overseeing business activities exclusively within the Asia-Pacific markets. Antiaging Doctor Hangzhou Holding LTD (“Dao Ling Doctor Hangzhou”) was incorporated as a wholly-owned subsidiary of Hong Kong Holding on November 13, 2023 under the laws of the People’s Republic of China, with its principal place of business situated in Xiaoshan District, Hangzhou, Zhejiang Province. Its primary business is to provide development, operation, and management services to domestic e-commerce platform companies, offering personalized marketing plans, promotional strategies, and charging brand usage fees for the “Dao Ling Doctor” brand. Dao Ling Doctor (Zhejiang) Health Management Limited (“Dao Ling Doctor Zhejiang”) was incorporated as a wholly-owned subsidiary of Dao Ling Doctor Hangzhou on November 30, 2023 under the laws of the People’s Republic of China, with its principal place of business situated in Hangzhou, Zhejiang Province. Its primary business involves providing professional technical development and maintenance services to distributors of the “Dao Ling Doctor” brand, and collecting technical service fees. Dao Ling Doctor (Huzhou) Health Management Limited (“Dao Ling Doctor Huzhou”) was incorporated as a wholly-owned subsidiary of Dao Ling Doctor Hangzhou on December 6, 2023 under the laws of the People’s Republic of China, with its principal place of business situated in Huzhou, Zhejiang Province. Its primary business involves providing health consulting services (excluding diagnosis and treatment services), network and information security software development and big data services, and other services. Antiaging Quantum Living Inc. and its subsidiaries are collectively referred to as the “Company”. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. In the opinion of management, the financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. However, the results of operations included in such financial statements may not necessary be indicative of annual results. Use of Estimates The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions. Functional and presentation currency The functional currency of the Company is the currency of the primary economic environment in which the Company operates which is Chinese Yuan (“RMB”). The RMB is not freely convertible into the US dollar and may be subject to PRC currency restrictions for payments, including the distributions of dividends or retained earnings to the Company by its subsidiaries or its variable interest entities. Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end are included in income statement of the period. For the purpose of presenting these financial statements, the Company’s assets and liabilities are expressed in US$ at the exchange rate on the balance sheet date, stockholder’s equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income (loss) in the stockholder’s equity (deficits) section of the balance sheets. Exchange rate used for the translation as follows: SCHEDULE OF EXCHANGE RATE US$ to RMB Period End Average March 31, 2024 7.2212 7.1533 March 31, 2023 6.8691 6.8528 Cash and Cash Equivalents Cash and cash equivalents include cash in banks, bank deposits, and highly liquid investments with maturities of three months or less at the date of origination. Advances to Suppliers The Company occasionally makes advances to suppliers to secure future deliveries of goods or services. These advances are recorded as assets on the balance sheet and are recognized as inventory when the related goods are received or as expenses when the related services are received. These advances primarily relate to the purchase of inventory goods to be sold. The Company periodically reviews the recoverability of advances to suppliers and establishes allowances for potential losses when necessary. Property and Equipment Property and equipment are carried at cost net of accumulated depreciation. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Property and equipment are depreciated on a straight-line basis over the following periods: SCHEDULE OF PROPERTY AND EQUIPMENT DEPRECIATION Leasehold improvements 2 Office furniture and equipment 3 Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve breakeven operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. Impairment loss on property and equipment was $ nil nil Customer Advances The Company records customer advances as liabilities when consideration is received in advance of the transfer of goods. These advances are recognized as revenue when the performance obligations associated with the advance are satisfied. These advances relate to the advance payment for orders of goods placed by the customers. Lease The Company adopted FASB Accounting Standards Codification, Topic 842, Leases (“ASC 842”) using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. The new leasing standard requires recognition of leases on the balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the Company’s right to use underlying assets for the lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company’s future minimum based payments used to determine the Company’s lease liabilities mainly include minimum based rent payments. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company does not recognize any l eases with an initial term of 12 months or less on the balance sheets. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company determines revenue recognition by applying the following steps: 1) identification of the contract, or contracts, with a customer; 2) identification of the performance obligations in the contract; 3) determination of the transaction price; 4) allocation of the transaction price to the performance obligations in the contract; and 5) recognition of revenue when, or as, we satisfy a performance obligation. Online advertising The Company operates an online advertising platform that connects advertisers with publishers to display digital advertisements. For the Company, revenue recognition occurs upon the following events: when a customer places an order, payment is received, and the advertisement is delivered and viewable to the end-user with no other terms and conditions. Sales of goods The Company operates a mobile application (“App”) through which it sells health and beauty products to customers. For the Company, revenue recognition occurs upon the following events: when a customer places an order, payment is received, and the goods are delivered to or drop-shipped to and accepted by the customer. Provisions are made for estimated sales returns based on historical return rates and experience which are immaterial. The Company may record contract liabilities, such as customer advances, when payments are received from customers prior to delivery or acceptance of goods by customers. Selling, General and Administrative Expenses Selling, general, and administrative expenses primarily consist of costs related to sales and marketing activities, administrative functions, and certain start-up costs. Selling expenses include, but are not limited to, sales commissions, advertising costs, shipping and handling expenses, and costs associated with trade shows and promotional events. General and administrative expenses encompass salaries and benefits of employees not directly involved in production, rent, utilities, office supplies, legal and professional fees, other overhead costs, and certain start-up costs. Start-up costs represent expenses associated with the establishment of new operations, including activities such as market research, product development, and initial marketing efforts. The Company recognizes these expenses as incurred, consistently matching with the revenues generated. Income Taxes The Company records income tax expense using the asset-and-liability method of accounting for deferred income taxes. Under this method, deferred taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. When tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in general and administrative expenses in the statements of operations. Earnings Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. As of March 31, 2024 and 2023, the Company does not have any potentially dilutive instrument. Contingencies Certain conditions may exist as of the date the financial statements are issued, which could result in a loss to the Company which will be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies arising from legal proceedings pending against the Company or unasserted claims that may rise from such proceedings, the Company’s management evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable a material loss will be incurred and the amount of the loss can be reasonably estimated, then the estimated loss is accrued in the Company’s financial statements. If the assessment indicates a material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Fair Value Measurements Fair value accounting establishes a framework for measuring fair value and expands disclosure about fair value measurements. Fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The Company’s financial instruments consisted of cash, accounts payable, contract liabilities and loan from shareholders. The estimated fair value of those balances approximates the carrying amount due to the short maturity of these instruments. Credit Losses on Financial Instruments The Company recognizes credit losses on financial instruments in accordance with Accounting Standards Codification (ASC) Topic 326, Financial Instruments – Credit Losses. The Company uses the Current Expected Credit Losses (CECL) model to estimate credit losses on financial assets measured at amortized cost, as well as certain off-balance sheet credit exposures. Under the CECL model, the estimation of credit losses involves significant judgment and estimation uncertainty. Management exercises its judgment based on historical loss experience, current economic conditions, and reasonable and supportable forecasts. Changes in these factors could have a material impact on the estimated credit losses. As of March 31, 2024, the Company does not have any financial instruments subject to credit loss evaluation. Income Taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, rather than the “incurred loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies (SRCs) as defined by the SEC. ASU No. 2016-13 is effective for SRCs for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on its financial position and results of operations as of April 1, 2023, with no material impact. There were other updates recently issued. The management does not believe that other than the disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position results of operations or cash flows. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Company had an accumulated deficit of $ 689,303 647,227 Management’s plan to alleviate the substantial doubt about the Company’s ability to continue as a going concern include attempting to improve its business profitability, its ability to generate sufficient cash flow from its operations to meet its operating needs on a timely basis, obtain additional working capital funds from the majority shareholder and President of the Company to eliminate inefficiencies in order to meet its anticipated cash requirements. However, there can be no assurance that these plans and arrangements will be sufficient to fund the Company’s ongoing capital expenditures and other requirements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, net comprised of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 March 31, 2023 At Cost: Leasehold improvements in progress 72,574 - Leasehold improvements 144,532 - Office furniture 5,997 950 Total cost 223,103 950 Less: Accumulated depreciation (7,333 ) (410 ) Total, net 215,770 540 Depreciation expenses was $ 6,986 314 |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | NOTE 5 – LOANS PAYABLE The Company has outstanding loans payable to unrelated third parties in the amount of $ 419,229 nil October 19, 2026 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Loan from shareholders In August 2019, the Company borrowed $ 71,000 from the former President of the Company, Mr. Dingshan Zhang, which bears no interest with a maturity in December 2021 . During the year ended March 31, 2022, the Company repaid $ 17,000 to Mr. Zhang. In May 2021 the Company borrowed an additional $ 5,000 from Mr. Zhang. On December 29, 2021, the Company and Mr. Zhang verbally amended the loan agreement and extended the maturity date to December 31, 2023 . During the year ended March 31, 2023, the Company received an additional loan in the total amount of $ 24,300 from, Mr. Zhang. Upon consummation of the change of control which resulted from that certain SPA entered into on April 10, 2023, the balance of the $ 83,300 shareholder loan was waived by Mr. Zhang in its entirety, which was recognized as an equity transaction with the shareholder. During the years ended March 31, 2024, the Company received advances in the total amount of $ 613,843 613,843 nil |
CONTRACT LIABILITIES
CONTRACT LIABILITIES | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
CONTRACT LIABILITIES | NOTE 7 – CONTRACT LIABILITIES Contract liabilities represent payments received in advance of performance under the contract for the unsatisfied performance obligation and are realized when the associated revenue is recognized under the advertising contracts. As of March 31, 2024 and 2023, contract liabilities were $ nil 2,800 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 8 – INCOME TAX The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. United States Net operation losses (“NOLs”) can carry forward indefinitely up to offset 80% of taxable income after CARES Act effect on December 31, 2017 97,000 69,000 Hong Kong Companies incorporated in Hong Kong are subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5 PRC Effective on January 1, 2008, the PRC Enterprise Income Tax Law, EIT Law, and Implementing Rules impose a unified enterprise income tax rate of 25 25 The deferred tax asset has been fully reserved for valuation allowance as the Company believes they will most-likely-than-not realize the benefits. The following table summarizes the taxable income (loss) before income taxes by jurisdiction: SCHEDULE OF TAXABLE INCOME (LOSS) BEFORE INCOME TAXES 2024 2023 Years ended March 31, 2024 2023 United States $ (135,502 ) $ (36,630 ) Hong Kong - - China (277,469 ) - Total $ (412,971 ) $ (36,630 ) The following table summarizes a reconciliation of income tax expense for operations, calculated at the statutory income tax rate SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE FOR OPERATIONS 2024 2023 Years ended March 31, 2024 2023 Income tax expense at federal statutory rate 21.0 % 21.0 % Income tax expense at state statutory rate 7.5 % 7.5 % Income tax expense at PRC statutory rate 25.0 % - % Increases (decreases) due to: Foreign tax rate differential - % - % Change in valuation allowance (53.5 )% (28.5 )% Effective tax rate - % - % |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 9 – SHAREHOLDERS’ EQUITY The Company is authorized to issued 30,000,000 On August 19, 2019, the Company amended its article with New York State to increase the authorized Class A common shares with a par value of $ 0.001 30,000,000 On October 11, 2021, the Company amended its article with New York State to change the authorized Class A common shares with a par value of $ 0.001 100,000,000 0.001 20,000,000 On March 28, 2023, the Company amended its article with New York State to change the authorized common shares with a par value of $ 0.001 30,000,000 no During the years ended March 31, 2024, a shareholder loan in the amount of $ 83,300 |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | NOTE 10 – LEASES The Company has two operating leases for its office space. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for each lease based primarily on its lease term in PRC which is approximately 4.75 Operating lease expenses were $ 132,517 nil The components of lease expense and supplemental cash flow information related to leases for the period are as follows: SCHEDULE OF LEASE EXPENSES AND SUPPLEMENTAL CASH FLOW INFORMATION Years ended March 31, 2024 2023 Lease cost Operating lease cost $ 132,517 $ - Other Information Cash paid for amounts included in the measurement of lease liabilities $ 356,441 $ - Weighted average remaining lease term – operating leases (in years) 1.75 - Average discount rate – operating lease 4.75 % - % The supplemental balance sheet information related to leases is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASE March 31, 2024 March 31, 2023 Operating leases Right-of-use assets $ 539,946 $ - Operating lease liabilities $ 314,775 $ - The undiscounted future minimum lease payment schedule as follows: SCHEDULE OF UNDISCOUNTED FUTURE MINIMUM LEASE PAYMENTS For the year ending March 31, 2025 - 2026 326,168 Thereafter - Total undiscounted lease payments 326,168 Less: interest (11,393 ) Total lease liabilities 314,775 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after March 31, 2024 through the date the financial statements were issued. During the period, the Company did not have any material recognizable subsequent events required to be disclosed or adjusted as of and for the years ended March 31, 2024. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the assets, liabilities, revenues, expenses and cash flows of all subsidiaries. All significant inter-company transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. In the opinion of management, the financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. However, the results of operations included in such financial statements may not necessary be indicative of annual results. |
Use of Estimates | Use of Estimates The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions. |
Functional and presentation currency | Functional and presentation currency The functional currency of the Company is the currency of the primary economic environment in which the Company operates which is Chinese Yuan (“RMB”). The RMB is not freely convertible into the US dollar and may be subject to PRC currency restrictions for payments, including the distributions of dividends or retained earnings to the Company by its subsidiaries or its variable interest entities. Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end are included in income statement of the period. For the purpose of presenting these financial statements, the Company’s assets and liabilities are expressed in US$ at the exchange rate on the balance sheet date, stockholder’s equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income (loss) in the stockholder’s equity (deficits) section of the balance sheets. Exchange rate used for the translation as follows: SCHEDULE OF EXCHANGE RATE US$ to RMB Period End Average March 31, 2024 7.2212 7.1533 March 31, 2023 6.8691 6.8528 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks, bank deposits, and highly liquid investments with maturities of three months or less at the date of origination. |
Advances to Suppliers | Advances to Suppliers The Company occasionally makes advances to suppliers to secure future deliveries of goods or services. These advances are recorded as assets on the balance sheet and are recognized as inventory when the related goods are received or as expenses when the related services are received. These advances primarily relate to the purchase of inventory goods to be sold. The Company periodically reviews the recoverability of advances to suppliers and establishes allowances for potential losses when necessary. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost net of accumulated depreciation. Expenditures that improve the functionality of the related asset or extend the useful life are capitalized. When property and equipment is retired or otherwise disposed of, the related gain or loss is included in operating income. Leasehold improvements are depreciated on the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Property and equipment are depreciated on a straight-line basis over the following periods: SCHEDULE OF PROPERTY AND EQUIPMENT DEPRECIATION Leasehold improvements 2 Office furniture and equipment 3 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve breakeven operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of be reported at the lower of the carrying amount or the fair value less costs to sell. Impairment loss on property and equipment was $ nil nil |
Customer Advances | Customer Advances The Company records customer advances as liabilities when consideration is received in advance of the transfer of goods. These advances are recognized as revenue when the performance obligations associated with the advance are satisfied. These advances relate to the advance payment for orders of goods placed by the customers. |
Lease | Lease The Company adopted FASB Accounting Standards Codification, Topic 842, Leases (“ASC 842”) using the modified retrospective approach, electing the practical expedient that allows the Company not to restate its comparative periods prior to the adoption of the standard on January 1, 2019. The new leasing standard requires recognition of leases on the balance sheets as right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the Company’s right to use underlying assets for the lease terms and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value and future minimum lease payments over the lease term at commencement date. The Company’s future minimum based payments used to determine the Company’s lease liabilities mainly include minimum based rent payments. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company does not recognize any l eases with an initial term of 12 months or less on the balance sheets. Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term. Variable lease payments for common area maintenance, property taxes and other operating expenses are recognized as expense in the period when the changes in facts and circumstances on which the variable lease payments are based occur. |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company determines revenue recognition by applying the following steps: 1) identification of the contract, or contracts, with a customer; 2) identification of the performance obligations in the contract; 3) determination of the transaction price; 4) allocation of the transaction price to the performance obligations in the contract; and 5) recognition of revenue when, or as, we satisfy a performance obligation. Online advertising The Company operates an online advertising platform that connects advertisers with publishers to display digital advertisements. For the Company, revenue recognition occurs upon the following events: when a customer places an order, payment is received, and the advertisement is delivered and viewable to the end-user with no other terms and conditions. Sales of goods The Company operates a mobile application (“App”) through which it sells health and beauty products to customers. For the Company, revenue recognition occurs upon the following events: when a customer places an order, payment is received, and the goods are delivered to or drop-shipped to and accepted by the customer. Provisions are made for estimated sales returns based on historical return rates and experience which are immaterial. The Company may record contract liabilities, such as customer advances, when payments are received from customers prior to delivery or acceptance of goods by customers. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general, and administrative expenses primarily consist of costs related to sales and marketing activities, administrative functions, and certain start-up costs. Selling expenses include, but are not limited to, sales commissions, advertising costs, shipping and handling expenses, and costs associated with trade shows and promotional events. General and administrative expenses encompass salaries and benefits of employees not directly involved in production, rent, utilities, office supplies, legal and professional fees, other overhead costs, and certain start-up costs. Start-up costs represent expenses associated with the establishment of new operations, including activities such as market research, product development, and initial marketing efforts. The Company recognizes these expenses as incurred, consistently matching with the revenues generated. |
Income Taxes | Income Taxes The Company records income tax expense using the asset-and-liability method of accounting for deferred income taxes. Under this method, deferred taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. When tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in general and administrative expenses in the statements of operations. |
Earnings Per Share | Earnings Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. As of March 31, 2024 and 2023, the Company does not have any potentially dilutive instrument. |
Contingencies | Contingencies Certain conditions may exist as of the date the financial statements are issued, which could result in a loss to the Company which will be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies arising from legal proceedings pending against the Company or unasserted claims that may rise from such proceedings, the Company’s management evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable a material loss will be incurred and the amount of the loss can be reasonably estimated, then the estimated loss is accrued in the Company’s financial statements. If the assessment indicates a material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. |
Fair Value Measurements | Fair Value Measurements Fair value accounting establishes a framework for measuring fair value and expands disclosure about fair value measurements. Fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The Company’s financial instruments consisted of cash, accounts payable, contract liabilities and loan from shareholders. The estimated fair value of those balances approximates the carrying amount due to the short maturity of these instruments. |
Credit Losses on Financial Instruments | Credit Losses on Financial Instruments The Company recognizes credit losses on financial instruments in accordance with Accounting Standards Codification (ASC) Topic 326, Financial Instruments – Credit Losses. The Company uses the Current Expected Credit Losses (CECL) model to estimate credit losses on financial assets measured at amortized cost, as well as certain off-balance sheet credit exposures. Under the CECL model, the estimation of credit losses involves significant judgment and estimation uncertainty. Management exercises its judgment based on historical loss experience, current economic conditions, and reasonable and supportable forecasts. Changes in these factors could have a material impact on the estimated credit losses. As of March 31, 2024, the Company does not have any financial instruments subject to credit loss evaluation. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The evaluation of a tax position is a two-step process. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including the resolution of any related appeals or litigations based on the technical merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the year incurred. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, rather than the “incurred loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies (SRCs) as defined by the SEC. ASU No. 2016-13 is effective for SRCs for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on its financial position and results of operations as of April 1, 2023, with no material impact. There were other updates recently issued. The management does not believe that other than the disclosed above, accounting pronouncements the recently issued but not yet adopted will have a material impact on its financial position results of operations or cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF EXCHANGE RATE | SCHEDULE OF EXCHANGE RATE US$ to RMB Period End Average March 31, 2024 7.2212 7.1533 March 31, 2023 6.8691 6.8528 |
SCHEDULE OF PROPERTY AND EQUIPMENT DEPRECIATION | Property and equipment are depreciated on a straight-line basis over the following periods: SCHEDULE OF PROPERTY AND EQUIPMENT DEPRECIATION Leasehold improvements 2 Office furniture and equipment 3 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment, net comprised of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 March 31, 2023 At Cost: Leasehold improvements in progress 72,574 - Leasehold improvements 144,532 - Office furniture 5,997 950 Total cost 223,103 950 Less: Accumulated depreciation (7,333 ) (410 ) Total, net 215,770 540 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF TAXABLE INCOME (LOSS) BEFORE INCOME TAXES | The following table summarizes the taxable income (loss) before income taxes by jurisdiction: SCHEDULE OF TAXABLE INCOME (LOSS) BEFORE INCOME TAXES 2024 2023 Years ended March 31, 2024 2023 United States $ (135,502 ) $ (36,630 ) Hong Kong - - China (277,469 ) - Total $ (412,971 ) $ (36,630 ) |
SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE FOR OPERATIONS | The following table summarizes a reconciliation of income tax expense for operations, calculated at the statutory income tax rate SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE FOR OPERATIONS 2024 2023 Years ended March 31, 2024 2023 Income tax expense at federal statutory rate 21.0 % 21.0 % Income tax expense at state statutory rate 7.5 % 7.5 % Income tax expense at PRC statutory rate 25.0 % - % Increases (decreases) due to: Foreign tax rate differential - % - % Change in valuation allowance (53.5 )% (28.5 )% Effective tax rate - % - % |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
SCHEDULE OF LEASE EXPENSES AND SUPPLEMENTAL CASH FLOW INFORMATION | The components of lease expense and supplemental cash flow information related to leases for the period are as follows: SCHEDULE OF LEASE EXPENSES AND SUPPLEMENTAL CASH FLOW INFORMATION Years ended March 31, 2024 2023 Lease cost Operating lease cost $ 132,517 $ - Other Information Cash paid for amounts included in the measurement of lease liabilities $ 356,441 $ - Weighted average remaining lease term – operating leases (in years) 1.75 - Average discount rate – operating lease 4.75 % - % |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASE | The supplemental balance sheet information related to leases is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASE March 31, 2024 March 31, 2023 Operating leases Right-of-use assets $ 539,946 $ - Operating lease liabilities $ 314,775 $ - |
SCHEDULE OF UNDISCOUNTED FUTURE MINIMUM LEASE PAYMENTS | The undiscounted future minimum lease payment schedule as follows: SCHEDULE OF UNDISCOUNTED FUTURE MINIMUM LEASE PAYMENTS For the year ending March 31, 2025 - 2026 326,168 Thereafter - Total undiscounted lease payments 326,168 Less: interest (11,393 ) Total lease liabilities 314,775 |
SCHEDULE OF EXCHANGE RATE (Deta
SCHEDULE OF EXCHANGE RATE (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
Period End RMB [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange, rate | 7.2212 | 6.8691 |
Period End Period Average RMB [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange, rate | 7.1533 | 6.8528 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT DEPRECIATION (Details) | Mar. 31, 2024 |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment | 2 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment | 3 years |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 10, 2023 | Jul. 01, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Entity incorporation, state or country code | NY | |||
Date of incorporation | Dec. 29, 2014 | |||
Common stock outstanding | 29,995,000 | 29,995,000 | ||
Stock Purchase Agreement [Member] | Dazhong 368 Inc [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Shares transferred to buyer | 9,000,000 | |||
Equity ownership percentage | 90% | |||
Stock Purchase Agreement [Member] | MR Barry Wan [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Shares transferred to buyer | 29,215,000 | |||
Equity ownership percentage | 97% | |||
Stock purchase price | $ 400,000 | |||
Common stock outstanding | 29,995,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
Impairment long lived assets |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 689,303 | $ 276,332 |
Working capital | $ 647,227 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 223,103 | $ 950 |
Less: Accumulated depreciation | (7,333) | (410) |
Total, net | 215,770 | 540 |
Leasehold Improvements In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 72,574 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 144,532 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 5,997 | $ 950 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 6,986 | $ 314 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Loans payable | $ 419,229 | |
Debt maturity date | Oct. 19, 2026 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 10, 2023 | Dec. 29, 2021 | May 31, 2021 | Aug. 31, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from Issuance of Long-Term Debt | $ 83,300 | ||||||
Unsecured debt | $ 613,843 | ||||||
President [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from related party | $ 5,000 | $ 71,000 | $ 24,300 | ||||
Debt Instrument, Maturity Date, Description | December 31, 2023 | December 2021 | |||||
Repayments of Related Party Debt | $ 17,000 | ||||||
Mr. Wan [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from related party | $ 613,843 |
CONTRACT LIABILITIES (Details N
CONTRACT LIABILITIES (Details Narrative) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer liability current | $ 2,800 |
SCHEDULE OF TAXABLE INCOME (LOS
SCHEDULE OF TAXABLE INCOME (LOSS) BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total | $ (412,971) | $ (36,630) |
UNITED STATES | ||
Total | (135,502) | (36,630) |
HONG KONG | ||
Total | ||
CHINA | ||
Total | $ (277,469) |
SCHEDULE OF RECONCILIATION OF I
SCHEDULE OF RECONCILIATION OF INCOME TAX EXPENSE FOR OPERATIONS (Details) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense at federal statutory rate | 21% | 21% |
Income tax expense at state statutory rate | 7.50% | 7.50% |
Income tax expense at PRC statutory rate | 25% | |
Foreign tax rate differential | ||
Change in valuation allowance | (53.50%) | (28.50%) |
Effective tax rate |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 01, 2008 | Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
NOL carry forward description | Net operation losses (“NOLs”) can carry forward indefinitely up to offset 80% of taxable income after CARES Act effect on December 31, 2017 | ||
Deferred tax asset | $ 97,000 | $ 69,000 | |
Taxable income tax rate | 16.50% | ||
Income tax rate | 25% |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 28, 2023 | Oct. 11, 2021 | Aug. 19, 2019 |
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 30,000,000 | 30,000,000 | 30,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 0 | ||||
President [Member] | |||||
Class of Stock [Line Items] | |||||
Loans Payable | $ 83,300 | ||||
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, par value | $ 0.001 | ||||
Preferred stock, shares authorized | 20,000,000 | ||||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 30,000,000 | 100,000,000 | 30,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 |
SCHEDULE OF LEASE EXPENSES AND
SCHEDULE OF LEASE EXPENSES AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 132,517 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 356,441 | |
Weighted average remaining lease term - operating leases (in years) | 1 year 9 months | |
Average discount rate - operating lease | 4.75% |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASE (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
Right-of-use assets | $ 539,946 | |
Operating lease liabilities | $ 314,775 |
SCHEDULE OF UNDISCOUNTED FUTURE
SCHEDULE OF UNDISCOUNTED FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
2025 | ||
2026 | 326,168 | |
Thereafter | ||
Total undiscounted lease payments | 326,168 | |
Less: interest | (11,393) | |
Total lease liabilities | $ 314,775 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Lessee, operating lease, borrowing rate | 4.75% | |
Opeating lease expense | $ 132,517 |