Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Nov. 17, 2023 | Sep. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | ORGANIC AGRICULTURAL COMPANY LIMITED | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 93,726,994 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001749849 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 0-56168 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 82-5442097 | ||
Entity Address, Address Line One | Room G510 | ||
Entity Address, Address Line Two | Building No. 3, Kejichuangxincheng Chuangxinchuangye Plaza | ||
Entity Address, Address Line Three | High and New Technology Industrial Development District | ||
Entity Address, City or Town | Harbin City | ||
Entity Address, Country | CN | ||
Entity Address, Postal Zip Code | 150090 | ||
City Area Code | +86 (0451) | ||
Local Phone Number | 5152-7001 | ||
Title of 12(g) Security | Common Stock, $0.001 par value. | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Wei, Wei & Co., LLP | ||
Auditor Location | New York | ||
Auditor Firm ID | 2388 | ||
No Trading Symbol Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | |
Current assets: | |||
Cash | $ 49,862 | $ 402,449 | |
Accounts receivable | 14,357 | 2,532 | |
Due from related parties | 324 | 17,373 | |
Prepaid expenses | 756 | 36,330 | |
Inventories | 149,757 | 205,873 | |
Other receivables | 22,533 | 32,071 | |
Current assets, discontinued operations | 69,075 | ||
Total current assets | 237,589 | 765,703 | |
Total assets | 237,589 | 765,703 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 61,469 | 64,347 | |
Customer deposits | 151,435 | 164,804 | |
Due to related parties | 726 | 21,148 | |
Other payables | 733 | 925 | |
Current liabilities, discontinued operations | 210,604 | ||
Total current liabilities | 214,363 | 461,828 | |
Total liabilities | 214,363 | 461,828 | |
SHAREHOLDERS’ EQUITY (DEFICIT): | |||
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2023 and 2022 | |||
Common stock; $0.001 par value, 274,000,000 shares authorized; 93,726,994 and 83,536,994 shares issued and outstanding at March 31, 2023 and 2022 respectively | [1] | 93,727 | 83,537 |
Additional paid-in capital | 5,153,407 | 4,266,611 | |
Subscription receivable | (838,095) | ||
(Deficit) | (4,359,869) | (3,803,720) | |
Other comprehensive (loss) | (25,944) | (173,204) | |
Total shareholders’ equity of the Company | 23,226 | 373,224 | |
Non-controlling interest | (69,349) | ||
Total shareholders’ equity | 23,226 | 303,875 | |
Total liabilities and shareholders’ equity | 237,589 | 765,703 | |
Related Party | |||
Current assets: | |||
Due from related parties | $ 324 | $ 17,373 | |
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, par value (in Dollars per share) | [1] | $ 0.001 | $ 0.001 |
Common stock, shares authorized | [1] | 274,000,000 | 274,000,000 |
Common stock, shares issued | [1] | 93,726,994 | 83,536,994 |
Common stock, shares outstanding | [1] | 93,726,994 | 83,536,994 |
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Income Statement [Abstract] | |||
Revenue | $ 223,037 | $ 310,648 | |
Cost of sales | 184,296 | 219,092 | |
Gross profit | 38,741 | 91,556 | |
Selling, general and administrative expenses | 668,686 | 1,141,718 | |
Operating (loss) | (629,945) | (1,050,162) | |
Other income | 2,461 | 1,989 | |
(Loss) before provision for income taxes | (627,484) | (1,048,173) | |
Provision for income taxes | |||
Net (loss) from continuing operations | (627,484) | (1,048,173) | |
Income on the sale of discontinued operations, net of income taxes | 68,359 | ||
(Loss) from discontinued operations, net of income taxes (Note 3) | (1) | (139,871) | |
Net income (loss) from discontinued operations | 68,358 | (139,871) | |
Net (loss) | (559,126) | (1,188,044) | |
Less: net (loss) from discontinued operations attributable to non-controlling interests | (68,537) | ||
Net (loss) attributable to common shareholders | (559,126) | (1,119,507) | |
Amounts attributable to common shareholders: | |||
Net (loss) from continuing operations | (627,484) | (1,048,173) | |
Net income (loss) from discontinued operations | 68,358 | (71,334) | |
Net (loss) attributable to common shareholders | $ (559,126) | $ (1,119,507) | |
(Loss) per share continuing operations – basic (in Dollars per share) | $ (0.01) | $ (0.01) | |
(Loss) per share discontinued operations – basic (in Dollars per share) | |||
Basic (loss) per share (in Dollars per share) | $ (0.01) | $ (0.01) | |
Weighted average number of shares outstanding- basic (in Shares) | [1] | 87,033,587 | 81,439,270 |
Other comprehensive (loss): | |||
Net (loss) | $ (559,126) | $ (1,188,044) | |
Foreign currency translation adjustment | 153,909 | (60,273) | |
Comprehensive (loss) | (405,217) | (1,248,317) | |
Less: comprehensive income (loss) attributable to non-controlling interests | 3,672 | (69,349) | |
Comprehensive (loss) attributable to the common shareholders | $ (408,889) | $ (1,178,968) | |
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive (Loss) (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Income Statement [Abstract] | |||
(Loss) per share – continuing operations – diluted | $ (0.01) | $ (0.01) | |
(Loss) per share discontinued operations – diluted | |||
Diluted (loss) per share | $ (0.01) | $ (0.01) | |
Weighted average number of shares outstanding - diluted (in Shares) | [1] | 87,033,587 | 81,439,270 |
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ (Deficit) Equity - USD ($) | Common stock | Additional Paid-in Capital | Subscription Receivable | (Deficit) | Other Comprehensive Income (Loss) | Total Shareholders’ Equity (Deficit) | Non- controlling Interest | Total | ||
Balance at Mar. 31, 2021 | $ 60,500 | [1] | $ 2,610,648 | $ (2,684,213) | $ (113,743) | $ (126,808) | $ (126,808) | |||
Balance (in Shares) at Mar. 31, 2021 | [1] | 60,500,174 | ||||||||
Net (loss) | (1,119,507) | (1,119,507) | (68,537) | (1,188,044) | ||||||
Sale of common shares | $ 21,257 | [1] | 898,743 | 920,000 | 920,000 | |||||
Sale of common shares (in Shares) | [1] | 21,256,620 | ||||||||
Shares issued as compensation | $ 1,780 | [1] | 757,220 | 759,000 | 759,000 | |||||
Shares issued as compensation (in Shares) | [1] | 1,780,200 | ||||||||
Foreign currency translation adjustment | (59,461) | (59,461) | (812) | (60,273) | ||||||
Balance at Mar. 31, 2022 | $ 83,537 | [1] | 4,266,611 | (3,803,720) | (173,204) | 373,224 | (69,349) | 303,875 | ||
Balance (in Shares) at Mar. 31, 2022 | [1] | 83,536,994 | ||||||||
Net (loss) | (559,126) | (559,126) | (559,126) | |||||||
Divestment of Tianci Wanguan | 2,977 | (2,977) | 65,677 | 65,677 | ||||||
Sale of common shares | $ 10,000 | [1] | 870,000 | (838,095) | 41,905 | 41,905 | ||||
Sale of common shares (in Shares) | [1] | 10,000,000 | ||||||||
Shares issued as compensation | $ 190 | [1] | 16,796 | 16,986 | 16,986 | |||||
Shares issued as compensation (in Shares) | [1] | 190,000 | ||||||||
Foreign currency translation adjustment | 150,237 | 150,237 | 3,672 | 153,909 | ||||||
Balance at Mar. 31, 2023 | $ 93,727 | [1] | $ 5,153,407 | $ (838,095) | $ (4,359,869) | $ (25,944) | $ 23,226 | $ 23,226 | ||
Balance (in Shares) at Mar. 31, 2023 | [1] | 93,726,994 | ||||||||
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net (loss) from continuing operations | $ (627,484) | $ (1,048,173) |
Net income (loss) from discontinued operations | 68,358 | (139,871) |
Depreciation and amortization | 178 | |
Shares issued as compensation | 16,986 | 759,000 |
Amortization of ROU | 18,930 | |
Exchange loss | 181,128 | (76,631) |
Divestments of Tianci Wanguan | (68,359) | |
Changes in operating assets and liabilities, discontinued operations | (5,381) | 146,003 |
Changes in operating assets and liabilities, continuing operations: | ||
Accounts receivable | (12,046) | 734 |
Prepaid expenses | 32,871 | (24,762) |
Inventories | 40,471 | (79,114) |
Other receivables | 7,103 | (23,097) |
Accounts payable and accrued expenses | (1,043) | (2,900) |
Customer deposits | (774) | (4,934) |
Due from/to related parties | (4,231) | (132,841) |
Lease liability | (38,204) | |
Other payables | (121) | |
Net cash (used in) operating activities | (372,522) | (645,682) |
Cash Flows from Investing Activities: | ||
Cash disbursed on divestment of Tianci Wanguan | (288) | |
Net cash (used in) investing activities | (288) | |
Cash Flows from Financing Activities: | ||
Proceeds from sale of common stock | 41,905 | 920,000 |
Net cash provided by financing activities | 41,905 | 920,000 |
Effect of exchange rate fluctuations on cash | (27,696) | 63,639 |
Net (decrease) increase in cash | (358,601) | 337,957 |
Cash, beginning of year-continuing operations | 402,449 | 68,967 |
Cash, beginning of year-discontinued operations | 6,014 | 1,539 |
Cash, beginning of year | 408,463 | 70,506 |
Cash, end of year-continuing operations | 49,862 | 402,449 |
Cash, end of year-discontinued operations | 6,014 | |
Cash, end of year | 49,862 | 408,463 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
Supplemental disclosure of non-cash activities: | ||
(Loss) on sale of discontinued operations | 68,359 | |
Shares issued for compensation | 16,986 | 759,000 |
Issuance of common stock as cash was not received | $ 838,095 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Mar. 31, 2023 | |
Nature of Operations and Basis of Presentation [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organic Agricultural Company Limited (“Organic Agricultural”, the “Company”, “we” or “us”) was incorporated in the State of Nevada on April 17, 2018. The Company, through its subsidiaries with headquarters in Harbin, China, sells selenium-enriched products and other agricultural products. At March 31, 2023, the Company’s subsidiaries are as follows: ● Organic Agricultural (Samoa) Co., Ltd. (“Organic Agricultural Samoa”), a limited company incorporated in Samoa on December 15, 2017, is wholly owned by Organic Agricultural. Organic Agricultural Samoa owns all of the outstanding shares of capital stock of Organic Agricultural Company Limited (Hong Kong). ● Organic Agricultural Company Limited (Hong Kong) (“Organic Agricultural HK”), which was established on December 6, 2017 under the laws of Hong Kong, is wholly owned by Organic Agricultural Samoa. Organic Agricultural HK owns all of the registered equity of Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited. ● Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited. (“Tianci Liangtian”), a company incorporated in Heilongjiang, China on November 2, 2017, is wholly owned by Organic Agricultural HK. Tianci Liangtian owns all of the registered equity of Heilongjiang Yuxinqi Agricultural Technology Development Company Limited. ● Heilongjiang Yuxinqi Agricultural Technology Development Company Limited (“Yuxinqi”), a company incorporated in Heilongjiang, China on February 5, 2018, is wholly owned by Tianci Liangtian. Yuxinqi sells agricultural products, including paddy and other crops, to customers. Divestment of Tianci Wanguan On November 6, 2020 Organic Agricultural entered into a Cooperation Agreement with Unbounded IOT Block Chain Limited (“Unbounded”). The purpose of the Cooperation Agreement was to promote the use of blockchain technology in agriculture, specifically the development of tracing systems for agricultural products, the development of a blockchain-based shopping mall for agricultural products, and related improvements to the agricultural sector of the economy. To accomplish those purposes, Tianci Wanguan (Xiamen) Digital Technology Co., Ltd. (“Tianci Wanguan”) was incorporated on November 5, 2020. Tianci Wanguan was 51% owned by Organic Agricultural HK and 49% owned by Chen Zewu on behalf of Unbounded. On July 19, 2021 the parties executed a Supplementary Agreement to the Cooperation Agreement. The Supplementary Agreement set forth performance criteria for Unbounded’s management of Tianci Wanguan: specifically that within 12 months after the shares mentioned below are issued to Unbounded, Tianci Wanguan must generate a profit of five million Renminbi (approximately US$774,000) from the business described in the Cooperation Agreement or any other business approved by Organic Agricultural. On November 23, 2021, Organic Agricultural issued 10 million shares of its common stock to Chen Zewu, who held them as agent for Unbounded. If Unbounded failed to satisfy the criteria described above, the 10 million shares must be returned to Organic Agricultural. If Unbounded did satisfy the criteria, then it would have unrestricted ownership of the 10 million shares, and Organic Agricultural would issue an additional 10 million shares to Unbounded. According to FASB ASC 505-50-S99-1 and 2, as the 10,000,000 shares issued on November 23, 2021 were unvested and forfeitable, these shares were treated as unissued until they vest when the target described above was met. The share-based compensation was measured at grant date, based on the fair value of the award and would be recognized over its vesting period if it was determined that the target would more likely than not be met. After the criteria described above was satisfied, the Company would grant to Unbounded a total of 20,000,000 shares, including the 10,000,000 shares issued on November 23, 2021, with a fair value on the grant date, which is July 19, 2021, of $0.0969 per share. If the performance condition described above was satisfied, $1,938,000 in compensation expense would have been recognized under the provisions of ASC 718. As of June 30, 2022, the Company had suspended the operations of Tianci Wanguan and on August 19, 2022, completed the divestment of its subsidiary. On August 19, 2022, the Company and Unbounded entered into an Agreement on Termination of Joint Operation. The parties agreed that Organic Agricultural would surrender to Unbounded its 51% interest in Tianci Wanguan, and Unbounded would return the 10 million shares to Organic Agricultural. The 10,000,000 shares previously issued on November 23, 2021 were returned and cancelled with no compensation expense recognized. In accordance with U.S. GAAP, the financial position and results of operations of Tianci Wanguan are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The restated historical financial statements reflecting the divestment are unaudited. The cash flows and comprehensive income related to Tianci Wanguan have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. With the exception of Note 3, the Notes to the Unaudited Condensed Consolidated Financial Statements reflect the continuing operations of the Company. See Note 3 - Discontinued Operations below for additional information regarding discontinued operations. Certain amounts in the prior year’s condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current year presentation as a result of the divestment of Tianci Wanguan. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going concern Management has determined there is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues and recurring losses. If we are unable to generate significant revenue or secure additional financing, we may be required to cease or curtail our operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s operations have been financed primarily by proceeds from the sale of shares. The Company received $920,000 in April 2021 from the sale of shares. The Company sold an additional 10 million shares of its common stock in November 2022 for a price of $880,000 USD, with $41,905 cash received as payment as of March 31, 2023. The two subscribers agreed to pay the remaining balance due of $838,095 on or before October 16, 2024, and $146,667 or RMB1,050,000 was paid by Heilongjiang Chuangyi as of the date of this report. In addition, the Company received an interest free loan from a related party of RMB200,000 or $29,120 in August 2023 (See Note 12). The Company will use these funds for working capital. The marketing personnel of the Company are developing new customers and hope to build a stable base of customers. In this manner, Management hopes to generate sufficient operating cash inflow to support its future operations and development of the Company in addition to capital raised from sales of shares and shareholders’ support based on need. Basis of presentation The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The consolidated financial statements include the assets, liabilities, and net income or loss of these subsidiaries. The Company’s subsidiaries as of March 31, 2023 are listed as follows: Name Place of Attributable Organic Agricultural (Samoa) Co., Ltd. Samoa 100 Organic Agricultural Company Limited (Hong Kong) Hong Kong 100 Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited China 100 Heilongjiang Yuxinqi Agricultural Technology Development Company Limited China 100 Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the inventory valuation allowance. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. Cash Cash consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. All highly liquid investments with original stated maturities of three months or less are classified as cash. The Company’s cash consist of cash on hand and cash in bank, as of March 31, 2023 and 2022. Revenue recognition The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities as described below. The Company sells paddy and selenium-enriched paddy products, rice and other agricultural products. All revenue is recognized when it is both earned and realized. The Company’s policy is to recognize the sale when the products and services, ownership and risk of loss have transferred to the purchasers, and collection of the sales proceeds, if not prepaid, is reasonably assured, all of which generally occur when the customer receives the products and services. Accordingly, revenue is recognized at the point in time when delivery is made and services are provided. Given the nature of this revenue generated by the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not include estimates that materially affect results of operations nor does the Company have any policy for return of products. Fair value measurements The Company applies the provisions of FASB ASC 820, Fair Value Measurements Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that are to be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices, other than those in Level 1, in markets that are not active or for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Financial assets and liabilities of the Company primarily consists of cash, accounts receivable, prepaid expenses, inventories, due from related parties, other receivables, accounts payable and accrued liabilities, customer deposits, due to related parties, and other payables. As at March 31, 2023 and 2022, the carrying values of these financial instruments approximated their fair values due to the short-term nature of these instruments. Functional currency and foreign currency translation An entity’s functional currency is the currency of the primary economic environment in which it operates. Normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. The functional currency of the Company is the Chinese Renminbi (“RMB’), except the functional currency of Organic Agricultural HK is the Hong Kong Dollar (“HKD”), and the functional currency of Organic Agricultural Samoa and Organic Agricultural is the United States dollar (“US Dollars” “USD” or “$”). The reporting currency of these consolidated financial statements is in US Dollars. The financial statements of the Company, which are prepared using the RMB and the HKD, are translated into the Company’s reporting currency, the US Dollar. Assets and liabilities are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income or loss. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Foreign currency exchange gains and losses resulting from these transactions are included in operations. The exchange rates used for foreign currency translation are as follows: For the years ended 2023 2022 (USD to RMB/USD to HKD) (USD to RMB/USD to HKD) Assets and liabilities period end exchange rate 6.8680/7.8498 6.3431/7.8306 Revenue and expenses period average 6.8526/7.8387 6.4183/7.7844 Income taxes The Company follows FASB ASC Topic 740, Income Taxes ASC 740-10-30 requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under ASC 740-10-40, previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The application of tax laws and regulations is subject to legal and factual interpretations, judgments and uncertainties. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policies, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or the net deferred tax asset valuation allowance. China According to the “PRC Income Tax Law”, Tianci Liantian and Yuxinqi are subject to the 25% standard enterprise income tax rate in the PRC. United States The Company is subject to the U.S. corporation tax rate of 21%. Samoa Organic Agricultural (Samoa) Co., Ltd was incorporated in Samoa and, under the current laws of Samoa, it is not subject to income tax. Hong Kong Organic Agricultural Company Limited (Hong Kong) was incorporated in Hong Kong and is subject to Hong Kong profits tax. Organic Agricultural Company Limited (Hong Kong) is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong. The applicable statutory tax rate is 16.5%. Earnings (loss) per share The Company computes earnings (loss) Earnings Per Share Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the treasury stock method and the potential common shares associated with convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. Share-based compensation The Company follows the provisions of FASB ASC 718 requiring equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and recognized over its vesting period. During the 2023 fiscal year, specifically on July 1, 2022, the Company granted a total of 140,000 shares with a fair value on the grant date of $0.0899 per share to 11 individuals for a sales bonus on promotion services, and on November 29, 2022, the Company granted a total of 50,000 shares with a fair value on the grant date of $0.0880 per share for promotion services. A total of $16,986 in compensation expense was recognized under the provisions of ASC 718. During the 2022 fiscal year, specifically on April 12, 2021, the Company granted a total of 1,780,200 shares with a fair value on the grant date of $0.43 per share to 25 individuals for sales promotion services during the period from April 12, 2021 through December 31, 2021. $759,000 in compensation expense was recognized under the provisions of ASC 718. These shares were fully vested when issued. Segment information and geographic data The Company is operating in one segment in accordance with the accounting guidance in FASB ASC Topic 280, Segment Reporting Concentration of credit and customer risks The Company maintains cash balances in two banks in China. In China, the insurance coverage of each bank is RMB500,000 (approximately USD$79,000). As of March 31, 2023, the Company had no bank balance in excess of the insurance amounts. During fiscal year 2023, major customers Jiufu Zhenyuan, Chuangyi Agriculture and Wenlian Commercial generated 52%, 13% and 11% of revenue, respectively. During the fiscal year of 2022, Jiufu Zhenyuan generated 89% of revenue. Risks and uncertainties The COVID-19 pandemic has had a significant adverse impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing challenges in sales which has increased the Company’s financial uncertainty. Our future business outlook and expectations are very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the pandemic; the actions taken to contain the virus , including “lockdowns” of infected areas or treat its impact, including government actions to mitigate the economic impact of the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreak interrupts the economic recovery. Since December 2022, many of the restrictive measures previously adopted by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible measures. The revocation or replacement of the restrictive measures to contain the COVID-19 pandemic could have a positive impact on the Company’s normal operations. However, there has recently been and may continue to be an increase in COVID-19 cases in China, and as a result, we experienced temporary disruption to our operations where many employees were infected with COVID-19 in December 2022. The extent to which the COVID-19 pandemic impacts the Company’s business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and when and to what extent normal economic and operating activities can resume. With the uncertainties surrounding the COVID-19 outbreak, the threat to the Company’s business disruption and the related financial impact remains. Recently adopted accounting standards We do not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. Stock split On October 21, 2021, the Company implemented a 5.16-for-1 forward split of its outstanding common stock. The Distribution Date was November 18, 2021, at which time Organic Agricultural issued an additional 4.16 shares of common stock to the holders of each outstanding share of common stock. The stock split increased the number of shares outstanding by 67,347,638. The par value per share remained $0.001. The financial statements in this Report and all share and per share amounts have been retroactively adjusted to give effect to this stock split. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 3. DISCONTINUED OPERATIONS As discussed in Note 1. Basis of Presentation above, on August 19, 2022, the Company completed the divestment of Tianci Wanguan and the requirements for the presentation of Tianci Wanguan as a discontinued operation were met on that date. Accordingly, Tianci Wanguan’s historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations. The Company did not allocate any general corporate overhead or interest expense to discontinued operations. The financial results of Tianci Wanguan are presented as income (loss) from discontinued operations, net of income taxes in the consolidated statements of operations. The following table presents the financial results of Tianci Wanguan. For the years ended March 31, March 31, Net sales $ - $ - Cost of sales - - Gross profit - - Selling, general and administrative expenses 1 139,871 Operating (loss) (1 ) (139,871 ) Other income - - (Loss) before income taxes (1 ) (139,871 ) Income tax (expense) benefit - - (Loss) from discontinued operations, net of income taxes (1 ) (139,871 ) Less: Net (loss) attributable to non-controlling interest - (68,537 ) Net (loss) from discontinued operations attributable to controlling interest $ (1 ) $ (71,334 ) The following table summarizes the carrying value of major classes of assets and liabilities of Tianci Wanguan, reclassified as assets and liabilities of discontinued operations at March 31, 2022. March 31, ASSETS Cash $ 6,014 Prepaid expenses 63,061 Total current assets, discontinued operations $ 69,075 LIABILITIES Accounts payable and accrued expenses $ 14,267 Customer deposits 151,346 Other payables 44,991 Total current liabilities, discontinued operations $ 210,604 |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses [Abstract] | |
PREPAID EXPENSES | NOTE 4. PREPAID EXPENSES Prepaid expenses include prepayments for expenses, and prepayments of processing charges and products to be purchased. As of March 31, 2023 and 2022, prepayments and deferred expenses were as follows: March 31, March 31, Prepayments for expenses $ - $ 8,325 Prepayments for short-term lease - 19,324 Prepayments of processing charges and products to be purchased: Baoqing County Fengnian Agricultural Product Purchase and Sale Ltd. 5,456 5,908 Heilongjiang Yaohe County Heifengyuan Apiculture Ltd. - 2,236 Others 756 537 Total 6,212 36,330 Less: Provision for bad debts 5,456 - Prepaid expenses, net $ 756 $ 36,330 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 5. INVENTORIES The Company’s inventories are all non-perishable products. The Company’s inventory consists principally of rice and other products which are vacuum-packed and have more than one year shelf life. The Company reviews its products and sells products near the end of their shelf life through promotions. As of March 31, 2023 and March 31,2022, there was $874 and $ nil March 31, March 31, Rice and other products $ 119,233 $ 182,030 Packing and other materials 30,524 23,843 Inventories, net $ 149,757 $ 205,873 |
Customer Deposits
Customer Deposits | 12 Months Ended |
Mar. 31, 2023 | |
Customer Deposits [Abstract] | |
CUSTOMER DEPOSITS | NOTE 6. CUSTOMER DEPOSITS As of March 31, 2023 and 2022, customer deposits were as follows: March 31, March 31, Shouhang commerce and trade $ 52,030 $ 56,335 Beiqinhai 99,242 107,455 Others 163 1,014 Total $ 151,435 $ 164,804 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES A reconciliation of (loss) before income taxes for domestic and foreign locations for the fiscal years ended March 31, 2023 and 2022 is as follows: For the years ended 2023 2022 United States $ (161,019 ) $ (892,336 ) Foreign (466,465 ) (155,837 ) (Loss) before income taxes $ (627,484 ) $ (1,048,173 ) The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows: March 31, March 31, U.S. federal statutory income tax rate 21 % 21 % U.S. valuation allowance (21 )% (21 )% Rates for Tianci Liangtian and Yuxinqi, net 25 % 25 % PRC valuation allowance (25 )% (25 )% The Company’s effective tax rate (0 )% (0 )% The Company did not recognize deferred tax assets since it is not likely to incur taxes against which such deferred tax assets may be offset. The deferred tax assets would apply to the Company in the U.S. and to Yuxinqi, Tianci Liangtian in China. As of March 31, 2023, Yuxinqi and Tianci Liangtian have total net operating loss carry forwards of approximately $1,366,000 in the PRC that expire in 2028. Due to the uncertainty of utilizing these carry forwards, the Company provided a 100% valuation allowance on the net deferred tax assets of approximately $341,000 and $296,000 related to its operations in the PRC as of March 31, 2023 and 2022, respectively. The PRC valuation allowance has increased by approximately $45,000 and $74,000 for the year ended March 31, 2023 and 2022, respectively, after adjusting for the divestment of Tianci Wanguan. The Company has incurred losses from its United States operations during all periods presented of approximately $1,610,000. The Company’s United States operations consist solely of ownership of its foreign subsidiaries, and the losses risen from administrative expenses and shares issued as compensation. Accordingly, management provided a 100% valuation allowance of approximately $338,000 and $304,000 against the net deferred tax assets related to the Company’s United States operations as of March 31, 2023 and 2022, respectively, because the deferred tax benefits of the net operating loss carry forwards in the United States will not likely be realized. The US valuation allowance has increased by approximately $34,000 and $187,000 for the years ended March 31, 2023 and 2022, respectively. The Company is subject to examination by the Internal Revenue Service (IRS) in the United States as well as by the taxing authorities in China, where the Company has its operations. The tax years subject to examination vary by jurisdiction. The table below presents the earliest tax years that remain subject to examination by jurisdiction. The year as of U.S. Federal March 31, 2020 China December 31, 2018 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8. RELATED PARTY TRANSACTIONS Amounts due to related parties consisted of the following as of the periods indicated: March 31, 2023 2022 Jiufu Zhenyuan $ - $ 1,159 Shen Zhenai 511 19,192 Xun Jianjun - 797 Heilongjiang Chuagnyi 215 - $ 726 $ 21,148 Shen Zhenai is the President, Chairman of the Board, director and a shareholder of the Company, and Xun Jianjun is the CEO and a shareholder of the Company. These advances represent temporary borrowings for operating costs between the Company and management. They are non-interest bearing and due on demand. Jilin Jiufu Zhenyuan Technology Development Co, Ltd (“Jiufu Zhenyuan”) owns 22.68% of the Company and its President is a member of the Company’s Board of Directors. The advances represent advances for purchases from the Company in the future. During the year ended March 31, 2023, Jiufu Zhenyuan purchased agricultural products from the Company totaling $115,532. Heilongjiang Chuangyi Agriculture Co., Ltd (“Heilongjiang Chuangyi”) owns 9.60% of the Company. The advances represent advances for purchases from the Company in the future. During , Heilongjiang Chuangyi purchased agricultural products from the Company totaling $29,183. Amounts due from related parties consisted of the following as of the periods indicated: March 31, 2023 2022 Hao Shuping $ - $ 17,373 Jiufu Zhenyuan 324 - $ 324 $ 17,373 Hao Shuping is the largest shareholder of the Company. This amount was a temporary loan from the Company and was non-interest bearing. On June 30, 2022, an agreement for the assignment of debt was signed between Hao Shuping, Shen Zhenai, Tianci Liangtian and Yuxingqi, whereby the total receivable due from Hao Shuping was transferred to Shen Zhenai, partially offsetting the amount due to Shen Zhenai. During the years ended March 31, 2023 and 2022, Hao Shuping, a member of the Company’s Board of Directors, purchased agricultural products from the Company totaling $49 and $1,807, respectively. The receivable from Jiufu Zhenyuan represents sales receivables. |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | NOTE 9. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES On April 1, 2019, the Company adopted FASB ASC 842, “Leases” (“new lease standard”). The new lease standard was adopted using the optional transition method approach that allows for the cumulative effect adjustment to be recorded without restating prior periods. The Company has elected the practical expedient package related to the identification, classification and accounting for initial direct costs whereby prior conclusions do not have to be reassessed for leases that commenced before the effective date. As the Company will not reassess such conclusions, the Company has not adopted the practical expedient to use hindsight to determine the likelihood of whether a lease will be extended or terminated or whether a purchase option will be exercised. Operating leases are reflected on our balance sheet within “operating lease right-of-use asset”. Right-of use (“ROU”) assets and the related operating lease liabilities represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease agreement. ROU assets and liabilities are recognized at the commencement date, or the date on which the lessor makes the underlying asset available for use, based upon the present value of the lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease regarding the terms. Tianci Liangtian has an operating lease for office space (approximately 666 square meters). Under the terms of the lease, Tianci Liangtian paid approximately $1,592 in lease deposits and committed to make annual lease payments. On December 20, 2019, the lease was renewed. Under the renewed terms, annual lease payments are RMB290,000 (approximately US$45,000, including VAT tax) for the period from December 20, 2019 to December 19, 2020. On December 20, 2020, the contract expired. Because of the COVID-19 pandemic, the renewal was delayed. On May 14, 2021, Yuxinqi and the lessor signed a supplemental agreement which, due to a leak in the building, credited Yuxinqi with RMB62,570 (approximately US$10,000) of rental expense paid for the previous rental period. On May 14, 2021, Yuxinqi signed a new lease agreement (approximately 370 square meters). Under the terms, Yuxinqi reduced the rental area due to a leak in the building, and committed to make annual lease payments of RMB184,005 (approximately US$29,000, including VAT tax) for the period from December 20, 2020 to January 19, 2022. For the period from January 20, 2022 to March 19, 2022, Yuxingqi renewed the lease agreement and committed to make a lease payment of RMB 30,247 (approximately US$4,700, including VAT tax). The lease obligation was fully paid. This lease was not renewed. On March 23, 2022, Yuxingqi leased office space from March 23, 2022 to March 22, 2023 under an operating lease agreement (approximately 337.3 square meters). Under the terms of the lease, Yuxingqi committed to make annual lease payments of RMB136,607 (approximately US$21,000, including VAT tax). The annual payment was fully paid on March 23, 2022. Since it is a short-term lease, the payment was recorded as prepaid expenses. On November 22, 2022, Yuxinqi and the lessor signed a supplemental agreement which, due to the COVID-19, gave Yuxinqi a rent-free extension period from March 23, 2023 to June 22, 2023. On July 5, 2023, Yuxingqi renewed the operating lease agreement for the period from June 23, 2023 to June 22, 2024. Under the terms of the lease, Yuxingqi committed to make an annual lease payment of RMB136,607 (approximately US$20,000, including VAT tax). The Company’s adoption of the new lease standard included new processes and controls regarding asset financing transactions, financial reporting and a system-related implementation required for the new lease standard. The impact of the adoption of the new lease standard included the recognition of right-of-use (“ROU”) asset and lease liabilities. As of December 31, 2021, the lease liability was fully paid off and the right-of-use asset was fully amortized. For the years ended March 31, 2023 and 2022, the rent expense was $17,887 and $18,930, respectively. |
Subscription Receivable
Subscription Receivable | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
SUBSCRIPTION RECEIVABLE | NOTE 10. SUBSCRIPTION RECEIVABLE Subscription receivable consisted of the following as of the periods indicated: March 31, March 31, Sun Ying $ 74,032 $ - Heilongjiang Chuangyi Agriculture Co., Ltd. 764,063 - $ 838,095 $ - On November 28, 2022 the Registrant entered into an agreement to sell 9,000,000 shares of its common stock to Heilongjiang Chuangyi Agriculture Co., Ltd. for a price of 5,670,000 RMB (US$792,000). The Company received partial proceeds of $27,937 from Heilongjiang Chuangyi Agriculture Co., Ltd during fiscal 2023 with the remaining balance due on or before October 16, 2024. On November 29, 2022, the Registrant entered into an agreement to sell 1,000,000 shares of its common stock to Sun Ying for a price of 630,000 RMB (US$88,000). The Company received partial proceeds of $13,968 from Sun Ying during fiscal 2023 with the remaining balance due on or before October 16, 2024. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Contingencies [Abstract] | |
CONTINGENCIES | NOTE 11. CONTINGENCIES Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. The Company was not subject to any material loss contingencies as of March 31, 2023 and through the date of this report. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS As of November 15, 2023, $146,667 or RMB1,050,000 of subscription receivable was paid by Heilongjiang Chuangyi. On August 6, 2023, the Company received an interest-free loan of RMB200,000 or $29,120 from Tianzhi Equity Investment Fund Management (Shanghai) Co., Ltd, a related party through certain common shareholders. The Management of the Company determined that there were no additional reportable subsequent events to be adjusted for and/or disclosed as of November 15, 2023. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Going concern | Going concern Management has determined there is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues and recurring losses. If we are unable to generate significant revenue or secure additional financing, we may be required to cease or curtail our operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s operations have been financed primarily by proceeds from the sale of shares. The Company received $920,000 in April 2021 from the sale of shares. The Company sold an additional 10 million shares of its common stock in November 2022 for a price of $880,000 USD, with $41,905 cash received as payment as of March 31, 2023. The two subscribers agreed to pay the remaining balance due of $838,095 on or before October 16, 2024, and $146,667 or RMB1,050,000 was paid by Heilongjiang Chuangyi as of the date of this report. In addition, the Company received an interest free loan from a related party of RMB200,000 or $29,120 in August 2023 (See Note 12). The Company will use these funds for working capital. The marketing personnel of the Company are developing new customers and hope to build a stable base of customers. In this manner, Management hopes to generate sufficient operating cash inflow to support its future operations and development of the Company in addition to capital raised from sales of shares and shareholders’ support based on need. |
Basis of presentation | Basis of presentation The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The consolidated financial statements include the assets, liabilities, and net income or loss of these subsidiaries. The Company’s subsidiaries as of March 31, 2023 are listed as follows: Name Place of Attributable Organic Agricultural (Samoa) Co., Ltd. Samoa 100 Organic Agricultural Company Limited (Hong Kong) Hong Kong 100 Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited China 100 Heilongjiang Yuxinqi Agricultural Technology Development Company Limited China 100 |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the inventory valuation allowance. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. |
Cash | Cash Cash consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. All highly liquid investments with original stated maturities of three months or less are classified as cash. The Company’s cash consist of cash on hand and cash in bank, as of March 31, 2023 and 2022. |
Revenue recognition | Revenue recognition The Company follows the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities as described below. The Company sells paddy and selenium-enriched paddy products, rice and other agricultural products. All revenue is recognized when it is both earned and realized. The Company’s policy is to recognize the sale when the products and services, ownership and risk of loss have transferred to the purchasers, and collection of the sales proceeds, if not prepaid, is reasonably assured, all of which generally occur when the customer receives the products and services. Accordingly, revenue is recognized at the point in time when delivery is made and services are provided. Given the nature of this revenue generated by the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not include estimates that materially affect results of operations nor does the Company have any policy for return of products. |
Fair value measurements | Fair value measurements The Company applies the provisions of FASB ASC 820, Fair Value Measurements Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that are to be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices, other than those in Level 1, in markets that are not active or for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Financial assets and liabilities of the Company primarily consists of cash, accounts receivable, prepaid expenses, inventories, due from related parties, other receivables, accounts payable and accrued liabilities, customer deposits, due to related parties, and other payables. As at March 31, 2023 and 2022, the carrying values of these financial instruments approximated their fair values due to the short-term nature of these instruments. |
Functional currency and foreign currency translation | Functional currency and foreign currency translation An entity’s functional currency is the currency of the primary economic environment in which it operates. Normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. The functional currency of the Company is the Chinese Renminbi (“RMB’), except the functional currency of Organic Agricultural HK is the Hong Kong Dollar (“HKD”), and the functional currency of Organic Agricultural Samoa and Organic Agricultural is the United States dollar (“US Dollars” “USD” or “$”). The reporting currency of these consolidated financial statements is in US Dollars. The financial statements of the Company, which are prepared using the RMB and the HKD, are translated into the Company’s reporting currency, the US Dollar. Assets and liabilities are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income or loss. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Foreign currency exchange gains and losses resulting from these transactions are included in operations. The exchange rates used for foreign currency translation are as follows: For the years ended 2023 2022 (USD to RMB/USD to HKD) (USD to RMB/USD to HKD) Assets and liabilities period end exchange rate 6.8680/7.8498 6.3431/7.8306 Revenue and expenses period average 6.8526/7.8387 6.4183/7.7844 |
Income taxes | Income taxes The Company follows FASB ASC Topic 740, Income Taxes ASC 740-10-30 requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under ASC 740-10-40, previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The application of tax laws and regulations is subject to legal and factual interpretations, judgments and uncertainties. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policies, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or the net deferred tax asset valuation allowance. China According to the “PRC Income Tax Law”, Tianci Liantian and Yuxinqi are subject to the 25% standard enterprise income tax rate in the PRC. United States The Company is subject to the U.S. corporation tax rate of 21%. Samoa Organic Agricultural (Samoa) Co., Ltd was incorporated in Samoa and, under the current laws of Samoa, it is not subject to income tax. Hong Kong Organic Agricultural Company Limited (Hong Kong) was incorporated in Hong Kong and is subject to Hong Kong profits tax. Organic Agricultural Company Limited (Hong Kong) is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong. The applicable statutory tax rate is 16.5%. |
Earnings (loss) per share | Earnings (loss) per share The Company computes earnings (loss) Earnings Per Share Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the treasury stock method and the potential common shares associated with convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. |
Share-based compensation | Share-based compensation The Company follows the provisions of FASB ASC 718 requiring equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and recognized over its vesting period. During the 2023 fiscal year, specifically on July 1, 2022, the Company granted a total of 140,000 shares with a fair value on the grant date of $0.0899 per share to 11 individuals for a sales bonus on promotion services, and on November 29, 2022, the Company granted a total of 50,000 shares with a fair value on the grant date of $0.0880 per share for promotion services. A total of $16,986 in compensation expense was recognized under the provisions of ASC 718. During the 2022 fiscal year, specifically on April 12, 2021, the Company granted a total of 1,780,200 shares with a fair value on the grant date of $0.43 per share to 25 individuals for sales promotion services during the period from April 12, 2021 through December 31, 2021. $759,000 in compensation expense was recognized under the provisions of ASC 718. These shares were fully vested when issued. |
Segment information and geographic data | Segment information and geographic data The Company is operating in one segment in accordance with the accounting guidance in FASB ASC Topic 280, Segment Reporting |
Concentration of credit and customer risks | Concentration of credit and customer risks The Company maintains cash balances in two banks in China. In China, the insurance coverage of each bank is RMB500,000 (approximately USD$79,000). As of March 31, 2023, the Company had no bank balance in excess of the insurance amounts. During fiscal year 2023, major customers Jiufu Zhenyuan, Chuangyi Agriculture and Wenlian Commercial generated 52%, 13% and 11% of revenue, respectively. During the fiscal year of 2022, Jiufu Zhenyuan generated 89% of revenue. |
Risks and uncertainties | Risks and uncertainties The COVID-19 pandemic has had a significant adverse impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing challenges in sales which has increased the Company’s financial uncertainty. Our future business outlook and expectations are very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the pandemic; the actions taken to contain the virus , including “lockdowns” of infected areas or treat its impact, including government actions to mitigate the economic impact of the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreak interrupts the economic recovery. Since December 2022, many of the restrictive measures previously adopted by the PRC governments at various levels to control the spread of the COVID-19 virus have been revoked or replaced with more flexible measures. The revocation or replacement of the restrictive measures to contain the COVID-19 pandemic could have a positive impact on the Company’s normal operations. However, there has recently been and may continue to be an increase in COVID-19 cases in China, and as a result, we experienced temporary disruption to our operations where many employees were infected with COVID-19 in December 2022. The extent to which the COVID-19 pandemic impacts the Company’s business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and when and to what extent normal economic and operating activities can resume. With the uncertainties surrounding the COVID-19 outbreak, the threat to the Company’s business disruption and the related financial impact remains. |
Recently adopted accounting standards | Recently adopted accounting standards We do not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Stock split | Stock split On October 21, 2021, the Company implemented a 5.16-for-1 forward split of its outstanding common stock. The Distribution Date was November 18, 2021, at which time Organic Agricultural issued an additional 4.16 shares of common stock to the holders of each outstanding share of common stock. The stock split increased the number of shares outstanding by 67,347,638. The par value per share remained $0.001. The financial statements in this Report and all share and per share amounts have been retroactively adjusted to give effect to this stock split. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Company's Subsidiaries | The Company’s subsidiaries as of March 31, 2023 are listed as follows: Name Place of Attributable Organic Agricultural (Samoa) Co., Ltd. Samoa 100 Organic Agricultural Company Limited (Hong Kong) Hong Kong 100 Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited China 100 Heilongjiang Yuxinqi Agricultural Technology Development Company Limited China 100 |
Schedule of Exchange Rates Used For Foreign Currency Translation | The exchange rates used for foreign currency translation are as follows: For the years ended 2023 2022 (USD to RMB/USD to HKD) (USD to RMB/USD to HKD) Assets and liabilities period end exchange rate 6.8680/7.8498 6.3431/7.8306 Revenue and expenses period average 6.8526/7.8387 6.4183/7.7844 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations [Abstract] | |
Schedule of Income (Loss) from Discontinued Operations, Net of Income Taxes | The financial results of Tianci Wanguan are presented as income (loss) from discontinued operations, net of income taxes in the consolidated statements of operations. The following table presents the financial results of Tianci Wanguan. For the years ended March 31, March 31, Net sales $ - $ - Cost of sales - - Gross profit - - Selling, general and administrative expenses 1 139,871 Operating (loss) (1 ) (139,871 ) Other income - - (Loss) before income taxes (1 ) (139,871 ) Income tax (expense) benefit - - (Loss) from discontinued operations, net of income taxes (1 ) (139,871 ) Less: Net (loss) attributable to non-controlling interest - (68,537 ) Net (loss) from discontinued operations attributable to controlling interest $ (1 ) $ (71,334 ) |
Schedule of Reclassified as Assets and Liabilities of Discontinued Operations | The following table summarizes the carrying value of major classes of assets and liabilities of Tianci Wanguan, reclassified as assets and liabilities of discontinued operations at March 31, 2022. March 31, ASSETS Cash $ 6,014 Prepaid expenses 63,061 Total current assets, discontinued operations $ 69,075 LIABILITIES Accounts payable and accrued expenses $ 14,267 Customer deposits 151,346 Other payables 44,991 Total current liabilities, discontinued operations $ 210,604 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses [Abstract] | |
Schedule of Prepayments and Deferred Expenses | Prepaid expenses include prepayments for expenses, and prepayments of processing charges and products to be purchased. As of March 31, 2023 and 2022, prepayments and deferred expenses were as follows: March 31, March 31, Prepayments for expenses $ - $ 8,325 Prepayments for short-term lease - 19,324 Prepayments of processing charges and products to be purchased: Baoqing County Fengnian Agricultural Product Purchase and Sale Ltd. 5,456 5,908 Heilongjiang Yaohe County Heifengyuan Apiculture Ltd. - 2,236 Others 756 537 Total 6,212 36,330 Less: Provision for bad debts 5,456 - Prepaid expenses, net $ 756 $ 36,330 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: March 31, March 31, Rice and other products $ 119,233 $ 182,030 Packing and other materials 30,524 23,843 Inventories, net $ 149,757 $ 205,873 |
Customer Deposits (Tables)
Customer Deposits (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Customer Deposits [Abstract] | |
Schedule of customer deposits | As of March 31, 2023 and 2022, customer deposits were as follows: March 31, March 31, Shouhang commerce and trade $ 52,030 $ 56,335 Beiqinhai 99,242 107,455 Others 163 1,014 Total $ 151,435 $ 164,804 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
INCOME TAXES [Abstract] | |
Schedule of Reconciliation Income (Loss) Before Income Taxes | A reconciliation of (loss) before income taxes for domestic and foreign locations for the fiscal years ended March 31, 2023 and 2022 is as follows: For the years ended 2023 2022 United States $ (161,019 ) $ (892,336 ) Foreign (466,465 ) (155,837 ) (Loss) before income taxes $ (627,484 ) $ (1,048,173 ) |
Schedule of Difference Between the U.S. Federal Statutory Income Tax Rate and the Company's Effective Tax Rate | The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows: March 31, March 31, U.S. federal statutory income tax rate 21 % 21 % U.S. valuation allowance (21 )% (21 )% Rates for Tianci Liangtian and Yuxinqi, net 25 % 25 % PRC valuation allowance (25 )% (25 )% The Company’s effective tax rate (0 )% (0 )% |
Schedule of Earliest Tax Year that Remain Subject to Examination by Jurisdiction | The table below presents the earliest tax years that remain subject to examination by jurisdiction. The year as of U.S. Federal March 31, 2020 China December 31, 2018 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due to Related Parties | Amounts due to related parties consisted of the following as of the periods indicated: March 31, 2023 2022 Jiufu Zhenyuan $ - $ 1,159 Shen Zhenai 511 19,192 Xun Jianjun - 797 Heilongjiang Chuagnyi 215 - $ 726 $ 21,148 |
Schedule of Amounts Due to Related Parties | Amounts due from related parties consisted of the following as of the periods indicated: March 31, 2023 2022 Hao Shuping $ - $ 17,373 Jiufu Zhenyuan 324 - $ 324 $ 17,373 |
Subscription Receivable (Tables
Subscription Receivable (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Subscription Receivable | Subscription receivable consisted of the following as of the periods indicated: March 31, March 31, Sun Ying $ 74,032 $ - Heilongjiang Chuangyi Agriculture Co., Ltd. 764,063 - $ 838,095 $ - |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) $ / shares in Units, ₨ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 23, 2021 USD ($) shares | Jul. 19, 2021 $ / shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 INR (₨) shares | Aug. 19, 2022 shares | Mar. 31, 2022 shares | [1] | Nov. 06, 2020 | |||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||||
Generate profit | $ 774,000 | ₨ 5 | ||||||||
Common shares issued | 10,000,000 | 93,726,994 | [1] | 93,726,994 | [1] | 83,536,994 | ||||
Common return share (in Dollars) | $ | $ 10,000,000 | |||||||||
Unrestricted ownership shares | 10,000,000 | |||||||||
Shares issued | 10,000,000 | |||||||||
Unvested and forfeitable share issued | 10,000,000 | |||||||||
Unbounded shares issued | 20,000,000 | |||||||||
Shares, issued | 10,000,000 | |||||||||
Fair value price per share (in Dollars per share) | $ / shares | $ 0.0969 | |||||||||
Compensation expense (in Dollars) | $ | $ 1,938,000 | |||||||||
Previously issued shares | 10,000,000 | |||||||||
Tianci Wanguan (Xiamen) Digital Technology Company Limited [Member] | ||||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||||
Percentage of equity interest acquired | 51% | |||||||||
Organic Agricultural [Member] | ||||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||||
Shares, issued | 10,000,000 | |||||||||
Organic Agricultural HK [Member] | ||||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||||
Owner percentage | 51% | |||||||||
Unbounded IOT Block Chain Limited [Member] | ||||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||||
Owner percentage | 49% | |||||||||
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 12, 2021 USD ($) $ / shares shares | Nov. 30, 2022 USD ($) shares | Nov. 18, 2021 $ / shares shares | Apr. 30, 2021 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 | Aug. 31, 2023 USD ($) | Aug. 31, 2023 CNY (¥) | Nov. 29, 2022 $ / shares shares | Jul. 01, 2022 $ / shares shares | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Received from sale of shares | $ | $ 880,000 | $ 920,000 | |||||||||
Sold additional shares | shares | 10,000,000 | ||||||||||
Cash payment received | $ | $ 41,905 | ||||||||||
Interest free loan | $ 29,120 | ¥ 200,000 | |||||||||
U.S. corporation tax rate | 21% | 21% | |||||||||
Applicable statutory tax rate | 16.50% | 16.50% | |||||||||
Number of shares granted | shares | 1,780,200 | 50,000 | 140,000 | ||||||||
Fair value | $ / shares | $ 0.43 | $ 0.088 | $ 0.0899 | ||||||||
Compensation expense | $ | $ 759,000 | $ 16,986 | |||||||||
Number of employees | 25 | ||||||||||
Number of operating segment | 1 | 1 | |||||||||
Insurance coverage | $ 79,000 | ¥ 500,000 | |||||||||
Additional shares of common stock | shares | 4.16 | ||||||||||
Stock split par value | $ / shares | $ 0.001 | ||||||||||
Additional Paid-in Capital [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Common stock, shares outstanding | shares | 67,347,638 | ||||||||||
Maximum [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Remaining balance due | $ | $ 838,095 | ||||||||||
Jiufu Zhenyuan [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Percentage of revenue | 52% | 52% | |||||||||
Chuangyi Agriculture [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Percentage of revenue | 13% | 13% | |||||||||
Wenlian Commercial [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Percentage of revenue | 11% | 11% | |||||||||
Jiufu Zhenyuan generated [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Percentage of revenue | 89% | ||||||||||
PRC [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Income tax rate | 25% | 25% | |||||||||
Heilongjiang Chuangyi [Member] | |||||||||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||||
Subscription recevied from related party | $ 146,667 | ¥ 1,050,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Company's Subsidiaries | 12 Months Ended |
Mar. 31, 2023 | |
Organic Agricultural (Samoa) Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | Samoa |
Attributable equity interest | 100% |
Organic Agricultural Company Limited (Hong Kong) [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | Hong Kong |
Attributable equity interest | 100% |
Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | China |
Attributable equity interest | 100% |
Heilongjiang Yuxinqi Agricultural Technology Development Company Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | China |
Attributable equity interest | 100% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates Used For Foreign Currency Translation | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
USD to RMB [Member] | Assets and liabilities [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates Used For Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 6.8680 | 6.3431 |
USD to RMB [Member] | Revenue And Expenses [Member] | Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates Used For Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 6.8526 | 6.4183 |
USD to HKD [Member] | Assets and liabilities [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates Used For Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 7.8498 | 7.8306 |
USD to HKD [Member] | Revenue And Expenses [Member] | Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates Used For Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 7.8387 | 7.7844 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Schedule of Income (Loss) from Discontinued Operations, Net of Income Taxes - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Income (Loss) from Discontinued Operations, Net of Income Taxes [Abstract] | ||
Net sales | ||
Cost of sales | ||
Gross profit | ||
Selling, general and administrative expenses | 1 | 139,871 |
Operating (loss) | (1) | (139,871) |
Other income | ||
(Loss) before income taxes | (1) | (139,871) |
Income tax (expense) benefit | ||
(Loss) from discontinued operations, net of income taxes | (1) | (139,871) |
Less: Net (loss) attributable to non-controlling interest | (68,537) | |
Net (loss) from discontinued operations attributable to controlling interest | $ (1) | $ (71,334) |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of Reclassified as Assets and Liabilities of Discontinued Operations - Discontinued Operations [Member] | Mar. 31, 2022 USD ($) |
ASSETS | |
Cash | $ 6,014 |
Prepaid expenses | 63,061 |
Total current assets, discontinued operations | 69,075 |
LIABILITIES | |
Accounts payable and accrued expenses | 14,267 |
Customer deposits | 151,346 |
Other payables | 44,991 |
Total current liabilities, discontinued operations | $ 210,604 |
Prepaid Expenses (Details) - Sc
Prepaid Expenses (Details) - Schedule of Prepayments and Deferred Expenses - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Prepayments and Deferred Expenses [Member] | ||
Prepayments for expenses | $ 8,325 | |
Prepayments for short-term lease | 19,324 | |
Others | 756 | 537 |
Total | 6,212 | 36,330 |
Less: Provision for bad debts | 5,456 | |
Prepaid expenses, net | 756 | 36,330 |
Baoqing County Fengnian Agricultural Product Purchase and Sale Ltd. [Member] | ||
Schedule of Prepayments and Deferred Expenses [Member] | ||
Prepayments of processing charges and products to be purchased | 5,456 | 5,908 |
Heilongjiang Yaohe County Heifengyuan Apiculture Ltd. [Member] | ||
Schedule of Prepayments and Deferred Expenses [Member] | ||
Prepayments of processing charges and products to be purchased | $ 2,236 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory [Line Items] | ||
Inventory revaluation reserve | $ 874 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory [Line Items] | ||
Inventories, net | $ 149,757 | $ 205,873 |
Rice and other products [Member] | ||
Inventory [Line Items] | ||
Inventories, net | 119,233 | 182,030 |
Packing and other materials [Member] | ||
Inventory [Line Items] | ||
Inventories, net | $ 30,524 | $ 23,843 |
Customer Deposits (Details) - S
Customer Deposits (Details) - Schedule of customer deposits - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Contract with Customer, Asset, Past Due [Line Items] | ||
Total customer deposits | $ 151,435 | $ 164,804 |
Shouhang [Member] | ||
Contract with Customer, Asset, Past Due [Line Items] | ||
Total customer deposits | 52,030 | 56,335 |
Beiqinhai [Member] | ||
Contract with Customer, Asset, Past Due [Line Items] | ||
Total customer deposits | 99,242 | 107,455 |
Others [Member] | ||
Contract with Customer, Asset, Past Due [Line Items] | ||
Total customer deposits | $ 163 | $ 1,014 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes (Details) [Line Items] | ||
Percentage of allowance on all deferred tax assets | 100% | |
PRC [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating loss carryforwards | $ 1,366,000 | |
Valuation allowance | 341,000 | $ 296,000 |
Valuation allowance increased | 45,000 | 74,000 |
United States [Member] | ||
Income Taxes (Details) [Line Items] | ||
Valuation allowance | 338,000 | 304,000 |
Valuation allowance increased | 34,000 | $ 187,000 |
Incurred losses | $ 1,610,000 | |
Percentage of valuation allowance | 100% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Reconciliation Income (Loss) Before Income Taxes - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Reconciliation Income Loss Before Income Taxes Abstract | ||
United States | $ (161,019) | $ (892,336) |
Foreign | (466,465) | (155,837) |
(Loss) before income taxes | $ (627,484) | $ (1,048,173) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Difference Between the U.S. Federal Statutory Income Tax Rate and the Company's Effective Tax Rate | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Difference Between The USFederal Statutory Income Tax Rate And The Companys Effective Tax Rate Abstract | ||
U.S. federal statutory income tax rate | 21% | 21% |
U.S. valuation allowance | (21.00%) | (21.00%) |
Rates for Tianci Liangtian and Yuxinqi, net | 25% | 25% |
PRC valuation allowance | (25.00%) | (25.00%) |
The Company’s effective tax rate | 0% | 0% |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Earliest Tax Year that Remain Subject to Examination by Jurisdiction | 12 Months Ended |
Mar. 31, 2023 | |
U.S. Federal [Member] | |
Income Taxes (Details) - Schedule of Earliest Tax Year that Remain Subject to Examination by Jurisdiction [Line Items] | |
Tax examination date | Mar. 31, 2020 |
China [Member] | |
Income Taxes (Details) - Schedule of Earliest Tax Year that Remain Subject to Examination by Jurisdiction [Line Items] | |
Tax examination date | Dec. 31, 2018 |
Related Party Transactions (Det
Related Party Transactions (Details) | Mar. 31, 2023 USD ($) |
Jiufu Zhenyuan [Member] | |
Related Party Transactions (Details) [Line Items] | |
Ownership percentage | 22.68% |
Heilongjiang Chuangyi [Member] | |
Related Party Transactions (Details) [Line Items] | |
Ownership percentage | 9.60% |
Board of Directors [Member] | Minimum [Member] | |
Related Party Transactions (Details) [Line Items] | |
Purchase of agricultural | $ 49 |
Board of Directors [Member] | Maximum [Member] | |
Related Party Transactions (Details) [Line Items] | |
Purchase of agricultural | 1,807 |
Jiufu Zhenyuan [Member] | |
Related Party Transactions (Details) [Line Items] | |
Purchase of agricultural | 115,532 |
Heilongjiang Chuangyi [Member] | |
Related Party Transactions (Details) [Line Items] | |
Purchase of agricultural | $ 29,183 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties [Line Items] | ||
Amount due to related parties | $ 726 | $ 21,148 |
Jiufu Zhenyuan [Member] | ||
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties [Line Items] | ||
Amount due to related parties | 1,159 | |
Shen Zhenai [Member] | ||
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties [Line Items] | ||
Amount due to related parties | 511 | 19,192 |
Xun Jianjun [Member] | ||
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties [Line Items] | ||
Amount due to related parties | 797 | |
Heilongjiang Chuangyi [Member] | ||
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties [Line Items] | ||
Amount due to related parties | $ 215 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Amounts Due to Related Parties - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Amounts Due to Related Parties [Abstract] | ||
Hao Shuping | $ 324 | $ 17,373 |
Hao Shuping [Member] | ||
Schedule of Amounts Due to Related Parties [Abstract] | ||
Hao Shuping | 17,373 | |
Jiufu Zhenyuan [Member] | ||
Schedule of Amounts Due to Related Parties [Abstract] | ||
Hao Shuping | $ 324 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | 13 Months Ended | |||||||||
May 14, 2021 USD ($) m² | May 14, 2021 CNY (¥) m² | Mar. 23, 2022 USD ($) m² | Mar. 23, 2022 CNY (¥) m² | Dec. 20, 2019 USD ($) | Dec. 20, 2019 CNY (¥) | Mar. 19, 2022 USD ($) | Mar. 19, 2022 CNY (¥) | Mar. 31, 2023 USD ($) m² | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 USD ($) | Jan. 19, 2022 USD ($) | Jan. 19, 2022 CNY (¥) | |
Right-of-Use Assets and Lease Liabilities [Line Items] | |||||||||||||
Annual lease payments | $ 20,000 | ¥ 136,607 | |||||||||||
Rent expenses | $ | $ 17,887 | $ 18,930 | |||||||||||
Operating Lease Agreement [Member] | Tianci Liangtian [Member] | |||||||||||||
Right-of-Use Assets and Lease Liabilities [Line Items] | |||||||||||||
Area of lease office (in Square Meters) | 666 | ||||||||||||
Lease deposits | $ | $ 1,592 | ||||||||||||
Annual lease payments | $ 45,000 | ¥ 290,000 | |||||||||||
Operating Lease Agreement [Member] | Yuxinqi [Member] | |||||||||||||
Right-of-Use Assets and Lease Liabilities [Line Items] | |||||||||||||
Area of lease office (in Square Meters) | 337.3 | 337.3 | |||||||||||
Annual lease payments | $ 21,000 | ¥ 136,607 | |||||||||||
Supplemental Agreement [Member] | Yuxinqi [Member] | |||||||||||||
Right-of-Use Assets and Lease Liabilities [Line Items] | |||||||||||||
Rent expenses | $ 10,000 | ¥ 62,570 | |||||||||||
New Lease Agreement [Member] | Yuxinqi [Member] | |||||||||||||
Right-of-Use Assets and Lease Liabilities [Line Items] | |||||||||||||
Area of lease office (in Square Meters) | 370 | 370 | |||||||||||
Annual lease payments | $ 29,000 | ¥ 184,005 | |||||||||||
Renewed Lease Agreement [Member] | Yuxinqi [Member] | |||||||||||||
Right-of-Use Assets and Lease Liabilities [Line Items] | |||||||||||||
Annual lease payments | $ 4,700 | ¥ 30,247 |
Subscription Receivable (Detail
Subscription Receivable (Details) | 12 Months Ended | |||||||||
Mar. 31, 2023 USD ($) shares | Nov. 29, 2022 USD ($) shares | Nov. 29, 2022 CNY (¥) shares | Nov. 28, 2022 USD ($) shares | Nov. 28, 2022 CNY (¥) shares | Mar. 31, 2022 USD ($) shares | Nov. 23, 2021 shares | ||||
Subscription Receivable (Details) [Line Items] | ||||||||||
Common stock, value price (in Yuan Renminbi) | $ 838,095 | |||||||||
Received partial proceeds | $ 13,968 | |||||||||
Common stock, share sold (in Shares) | shares | 93,726,994 | [1] | 83,536,994 | [1] | 10,000,000 | |||||
Common stock, value price | [1] | $ 93,727 | $ 83,537 | |||||||
Heilongjiang Chuangyi Agriculture Co., Ltd [Member] | ||||||||||
Subscription Receivable (Details) [Line Items] | ||||||||||
Common stock, value price (in Yuan Renminbi) | 764,063 | |||||||||
Received partial proceeds | 27,937 | |||||||||
Heilongjiang Chuangyi Agriculture Co., Ltd [Member] | Common Stock [Member] | ||||||||||
Subscription Receivable (Details) [Line Items] | ||||||||||
Common stock, share sold (in Shares) | shares | 9,000,000 | 9,000,000 | ||||||||
Common stock, value price (in Yuan Renminbi) | ¥ | ¥ 5,670,000 | |||||||||
Common stock, value price | $ 792,000 | |||||||||
Sun Ying [Member] | ||||||||||
Subscription Receivable (Details) [Line Items] | ||||||||||
Common stock, value price (in Yuan Renminbi) | $ 74,032 | |||||||||
Sun Ying [Member] | Common Stock [Member] | ||||||||||
Subscription Receivable (Details) [Line Items] | ||||||||||
Common stock, share sold (in Shares) | shares | 1,000,000 | 1,000,000 | ||||||||
Common stock, value price | $ 88,000 | ¥ 630,000 | ||||||||
[1] After giving retroactive effect to a 5.16 for 1 forward stock split effective October 21, 2021. |
Subscription Receivable (Deta_2
Subscription Receivable (Details) - Schedule of Subscription Receivable - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Subscription receivable | $ 838,095 | |
Sun Ying [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Subscription receivable | 74,032 | |
Heilongjiang Chuangyi Agriculture Co., Ltd [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Subscription receivable | $ 764,063 |
Subsequent Events (Details)
Subsequent Events (Details) - Forecast [Member] | Nov. 15, 2023 USD ($) | Nov. 15, 2023 CNY (¥) | Aug. 06, 2023 USD ($) | Aug. 06, 2023 CNY (¥) |
Subsequent Events (Details) [Line Items] | ||||
Interest-free loan | $ 29,120 | ¥ 200,000 | ||
Heilongjiang Chuangyi [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Subscriptions receivable | $ 146,667 | ¥ 1,050,000 |