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Addentax (ATXG)

Cover

Cover9 Months Ended
Dec. 31, 2021
Cover [Abstract]
Document TypeS-1/A
Amendment Flagtrue
Amendment DescriptionAmendment
No. 19
Entity Registrant NameADDENTAX
GROUP CORP.
Entity Central Index Key0001650101
Entity Tax Identification Number35-2521028
Entity Incorporation, State or Country CodeNV
Entity Address, Address Line OneKingkey
100
Entity Address, Address Line TwoBlock A, Room 4805
Entity Address, Address Line ThreeLuohu
District
Entity Address, City or TownShenzhen City
Entity Address, Postal Zip Code518000
Country RegionChina
City Area Code(86)
Local Phone Number755 8233 0336
Entity Filer CategoryNon-accelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Elected Not To Use the Extended Transition Periodfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
CURRENT ASSETS
Cash and cash equivalents $ 506,342 $ 1,845,077 $ 531,681
Accounts receivables1,718,991 4,757,518 4,500,116
Inventories298,196 270,434 347,531
Prepayments and other receivables610,621 684,161 231,974
Advances to suppliers1,522,370 355,454 389,940
Amount due from related party171,364 84,838
Total current assets4,827,884 7,997,482 6,001,242
NON-CURRENT ASSETS
Plant and equipment, net869,603 793,977 585,019
Long-term prepayments9,348
Operating lease right of use asset7,307,883 9,632,625 1,835,717
Total non-current assets8,186,834 10,426,602 2,420,736
TOTAL ASSETS13,014,718 18,424,084 8,421,978
CURRENT LIABILITIES
Short-term loan157,354 152,607 353,114
Accounts payable1,221,731 3,121,373 3,620,583
Related party borrowings3,536,615 4,913,964 5,429,440
Advances from customers34,683 3,029 18,931
Accrued expenses and other payables778,260 681,984 230,917
Lease liabilities, current portion3,701,925 3,555,458 443,543
Total current liabilities9,430,568 12,428,415 10,096,528
NON-CURRENT LIABILITIES
Lease liability, net of current portion3,605,958 6,077,167 1,392,174
TOTAL LIABILITIES13,036,526 18,505,582 11,488,702
EQUITY
Common stock ($0.001 par value, 50,000,000 shares authorized, 26,693,004 and 25,346,004 shares issued and outstanding as of March 31, 2021 and 2020 respectively)26,693 26,693 25,346
Additional paid-in capital6,815,333 6,815,333 61,050
Accumulated deficits(6,711,641)(6,834,228)(3,233,122)
Statutory reserve13,821 13,821 23,514
Accumulated other comprehensive income (loss)(166,014)(103,117)56,488
Total deficit(21,808)(81,498)(3,066,724)
TOTAL LIABILITIES AND EQUITY $ 13,014,718 $ 18,424,084 $ 8,421,978

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / sharesDec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value $ 0.001 $ 0.001 $ 0.001
Common stock, shares authorized50,000,000 50,000,000 50,000,000
Common stock, shares issued26,693,004 26,693,004 25,346,004
Common stock, shares outstanding26,693,004 26,693,004 25,346,004

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
REVENUES $ 2,791,470 $ 3,411,552 $ 9,835,733 $ 21,014,064 $ 24,734,759 $ 10,172,379
COST OF REVENUES(2,323,716)(2,950,124)(8,314,149)(22,776,087)(25,921,936)(8,787,018)
GROSS PROFIT (LOSS)467,754 461,428 1,521,584 (1,762,023)(1,187,177)1,385,361
OPERATING EXPENSES
Selling and marketing(43,118)(217,942)(135,310)(376,975)(413,654)(13,406)
General and administrative(452,312)(532,012)(1,375,513)(1,454,017)(2,007,343)(2,236,273)
Total operating expenses(495,430)(749,954)(1,510,823)(1,830,992)(2,420,997)(2,249,679)
(LOSS) INCOME FROM OPERATIONS(27,676)(288,526)10,761 (3,593,015)(3,608,174)(864,318)
Interest income72 102 2,135 102 230 130
Interest expenses(2,526)(646)(5,375)(6,586)(19,142)(20,799)
Other income (expenses), net43,958 1,273 132,959 62,489 62,784 (79,560)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE13,828 (287,797)140,480 (3,537,010)(3,564,302)(964,547)
INCOME TAX EXPENSE(2,209)(15,784)(17,893)(23,196)(25,867)(16,070)
NET INCOME (LOSS)11,619 (303,581)122,587 (3,560,206)(3,590,169)(980,617)
Foreign currency translation loss(28,755)(85,728)(62,897)(173,879)(159,605)91,443
TOTAL COMPREHENSIVE INCOME (LOSS) $ (17,136) $ (389,309) $ 59,690 $ (3,734,085) $ (3,749,774) $ (889,174)
EARNINGS (LOSS) PER SHARE
Basic and diluted $ 0 $ (0.01) $ 0 $ (0.14) $ (0.14) $ (0.04)
Weighted average number of shares outstanding – Basic and diluted26,556,566 25,712,713 26,556,566 25,712,713 25,817,990 25,346,004

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity - USD ($)Common Stock [Member]Additional Paid-in Capital [Member]Retained Earnings Unrestricted [Member]Retained Earnings Statutor Reserve [Member]AOCI Attributable to Parent [Member]Total
Beginning balance, value at Mar. 31, 2019 $ 25,346 $ 61,050 $ (2,250,770) $ 21,779 $ (34,955) $ (2,177,550)
Beginning balance, shares at Mar. 31, 201925,346,004
Foreign currency translation 91,443 91,443
Net income (loss) (980,617) (980,617)
Transfer to Statutory reserve (1,735)1,735
Ending balance, value at Mar. 31, 2020 $ 25,346 61,050 (3,233,122)23,514 56,488 (3,066,724)
Ending balance, shares at Mar. 31, 202025,346,004
Paid in capital $ 747 3,734,253 3,735,000
Paid in capital, shares747,000
Movement of Statutory reserve 20,630 (10,779)(9,851)
Foreign currency translation (173,879)(173,879)
Net income (loss) (3,560,206) (3,560,206)
Ending balance, value at Dec. 31, 2020 $ 26,093 3,815,933 (6,804,107)13,663 (117,391)(3,065,809)
Ending balance, shares at Dec. 31, 202026,093,004
Beginning balance, value at Mar. 31, 2020 $ 25,346 61,050 (3,233,122)23,514 56,488 (3,066,724)
Beginning balance, shares at Mar. 31, 202025,346,004
Foreign currency translation (159,605)(159,605)
Net income (loss) (3,590,169) (3,590,169)
Issuance of common stocks for cash $ 1,347 6,733,653 6,735,000
Issuance of common stocks for cash, shares1,347,000
Appropriation of Statutory reserve   and release of Statutory Reserve with disposition of subsidiaries 20,630 (10,937)(9,693)
Ending balance, value at Mar. 31, 2021 $ 26,693 6,815,333 (6,834,228)13,821 (103,117)(81,498)
Ending balance, shares at Mar. 31, 202126,693,004
Beginning balance, value at Sep. 30, 2020 $ 26,093 3,795,303 (6,489,747)23,514 (31,663)(2,676,500)
Beginning balance, shares at Sep. 30, 202025,346,004
Movement of Statutory reserve 20,630 (10,779)(9,851)
Foreign currency translation (85,728)(85,728)
Net income (loss) (303,581) (303,581)
Ending balance, value at Dec. 31, 2020 $ 26,093 3,815,933 (6,804,107)13,663 (117,391)(3,065,809)
Ending balance, shares at Dec. 31, 202026,093,004
Beginning balance, value at Mar. 31, 2021 $ 26,693 6,815,333 (6,834,228)13,821 (103,117)(81,498)
Beginning balance, shares at Mar. 31, 202126,693,004
Foreign currency translation (62,897)(62,897)
Net income (loss) 122,587 122,587
Ending balance, value at Dec. 31, 2021 $ 26,693 6,815,333 (6,711,641)13,821 (166,014)(21,808)
Ending balance, shares at Dec. 31, 202126,693,004
Beginning balance, value at Sep. 30, 2021 $ 26,093 6,815,333 (6,723,260)13,821 (137,259)(4,672)
Beginning balance, shares at Sep. 30, 202126,693,004
Foreign currency translation(28,755)(28,755)
Net income (loss) 11,619 11,619
Ending balance, value at Dec. 31, 2021 $ 26,693 $ 6,815,333 $ (6,711,641) $ 13,821 $ (166,014) $ (21,808)
Ending balance, shares at Dec. 31, 202126,693,004

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 122,587 $ (3,560,206) $ (3,590,169) $ (980,617)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation115,561 83,210 101,014 114,391
Loss on disposal of plant and equipment 1,472 46,769 87,305
Changes in operating assets and liabilities:
Accounts receivable3,038,527 1,367,371 (365,122)(2,701,627)
Inventories(27,762)174,487 67,322 (29,484)
Advances to suppliers(1,166,916)(320,771)(466,049)(159,456)
Other receivables73,540 (65,150)(186,571)(53,846)
Accounts payables(1,899,642)(1,688,272)(268,181)2,736,332
Accrued expenses and other payables96,276 173,582 409,146 (80,109)
Advances from customers31,654 52,161 28,833 (83,742)
Net cash used in operating activities383,825 (3,782,116)(4,223,008)(1,150,853)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of plant and equipment(176,268)(392,108)(405,851)(136,001)
Proceeds from sale of property and equipment 2,243 2,439
Proceeds from disposal of subsidiaries542,242
Cash decreased in disposal of subsidiaries (704,479)(701,882)
Net cash used in investing activities(176,268)(1,094,344)(563,052)(136,001)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of common stocks 3,735,000 6,735,000
Proceeds from related party borrowings3,797,473 7,697,827 9,200,975 2,475,728
Repayment of related party borrowings(5,341,046)(6,605,044)(9,702,083)(1,063,323)
Proceeds from bank borrowings 86,886 87,032 515,447
Repayment of bank borrowings (196,456)(221,268)(371,868)
Net cash provided by financing activities(1,543,573)4,718,213 6,099,656 1,555,984
NET INCREASE IN CASH AND CASH EQUIVALENTS(1,336,016)(158,247)1,313,596 269,130
Effect of exchange rate changes on cash and cash equivalents(2,719)(16,706)(200)(14,713)
Cash and cash equivalents, beginning of year1,845,077 531,681 531,681 277,264
CASH AND CASH EQUIVALENTS, END OF YEAR506,342 356,728 1,845,077 531,681
Supplemental disclosure of cash flow information:
Cash paid during the year for interest 4,523 4,588 15,143
Cash paid during the year for income tax17,893 23,196 25,867 16,070
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease obligations342,457 10,404,962 $ 9,380,402 $ 1,982,393
Net assets of subsidiaries disposed of recorded as Other Receivables $ 118,454

ORGANIZATION AND BUSINESS ACQUI

ORGANIZATION AND BUSINESS ACQUISITIONS9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Accounting Policies [Abstract]
ORGANIZATION AND BUSINESS ACQUISITIONS1. ORGANIZATION
AND BUSINESS ACQUISITIONS ATXG
and its subsidiaries (the “Company”) are engaged in the business of garments manufacturing, providing logistic services,
property leasing and management service in the People’s Republic of China (“PRC” or “China”) and epidemic
prevention supplies manufacturing and distribution both in China and overseas markets.
1. ORGANIZATION
AND BUSINESS ACQUISITIONS ATXG
and its subsidiaries (the “Company”) are engaged in the business of garments manufacturing, providing logistic services,
property leasing and management service in the People’s Republic of China (“PRC” or “China”) and epidemic
prevention supplies manufacturing and distribution both in China and overseas markets.

BASIS OF PRESENTATION

BASIS OF PRESENTATION9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION2. BASIS
OF PRESENTATION In
the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments of a normal recurring nature
that are necessary for a fair presentation of the results for the interim periods presented. All significant intercompany transactions
and balances are eliminated in consolidation. However, the results of operations included in such financial statements may not necessary
be indicative of annual results. The
Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures
normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial
statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included
in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021 filed with the Securities and Exchange Commission
(“SEC”) on June 29, 2021 (“2020 Form 10-K.”). GOING
CONCERN UNCERTAINTY The
accompanying unaudited condensed consolidated financial statements are presented on the basis that the Company is a going concern. The
going concern assumption contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The
Company incurred net income of $ 11,619 and
net loss of $ 303,581 for
the three months ended December 31, 2021 and 2020, respectively, and net income of $ 122,587
and net loss of $ 3,560,206
for the nine months ended December 31,
2021 and 2020, respectively. As of December 31, 2021 and March 31, 2021, the Company had net current liability of $ 4,602,684
and $ 4,430,933 ,
respectively, and a deficit on total equity of $ 21,808
and $ 81,498 ,
respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The
ability to continue as a going concern is dependent upon the Company’s profit generating operations in the future and/or obtaining
the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.
These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts
and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The
Company expects to finance operations primarily through cash flow from revenue and capital contributions from the CEO. During the year,
the CEO has provided financial support for the operations of the Company. In the event that the Company requires additional funding to
finance the growth of the Company’s current and expected future operations as well as to achieve our strategic objectives, the
CEO has indicated the intent and ability to provide additional equity financing.
2. BASIS
OF PRESENTATION The
accompanying consolidated financial statements of the Company and its subsidiaries are prepared pursuant to the rules and regulations
of the U.S. Securities and Exchanges Commission (“SEC”) and in conformity with generally accepted accounting principles in
the U.S. (“US GAAP”). All material inter-company accounts and transactions have been eliminated in consolidation. GOING
CONCERN UNCERTAINTY The
accompanying consolidated financial statements are presented on the basis that the Company is a going concern. The going concern assumption
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The
Company incurred net loss of $ 3,590,169 980,617 4,430,933 4,095,286 81,498 3,066,724 The
ability to continue as a going concern is dependent upon the Company’s profit generating operations in the future and/or obtaining
the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.
These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts
and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The
Company expects to finance operations primarily through cash flow from revenue and capital contributions from the CEO. During the year,
the CEO has provided financial support for the operations of the Company. In the event that the Company requires additional funding to
finance the growth of the Company’s current and expected future operations as well as to achieve its strategic objectives, the
CEO has indicated the intent and ability to provide additional equity financing.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Use
of Estimates The
preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues 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 materially from those estimates. There
is no change on the accounting policies for the three months ended December 31, 2021. Recently
issued accounting pronouncements In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on
Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be
presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the
amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial
asset. This standard will be effective for the Company on April 1, 2023. The Company is currently evaluating the impact the adoption
of this ASU will have on its consolidated financial statements. The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s consolidated financial statements.
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(a) Use
of Estimates The
preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues 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 materially from those estimates.
(b) Fair
Value Measurement Accounting
Standards Codification (“ASC”) 820 “ Fair Value Measurements and Disclosures “, which defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange
price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in
which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset
or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant
assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This
ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques 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 unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: 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 in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; and 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 At
March 31, 2021, the Company has no The
Company’s financial instruments include cash, accounts receivable, advances to suppliers, other receivables, accounts payable,
other payables, taxes payables and related party receivables or payables. Management estimates that the carrying amounts of financial
instruments approximate their fair values due to their short-term nature. The fair value of amounts with related parties is not practicable
to estimate due to the related party nature of the underlying transactions.
(c) Cash
and Cash Equivalents The
Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. All
cash and cash equivalents relate to cash on hand and cash at bank at March 31, 2021 and 2020. The
Renminbi is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of
Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Renminbi for foreign currencies through
banks that are authorized to conduct foreign exchange business.
(d) Accounts
Receivable Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company
extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit
terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the
outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness.
If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management
performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and
its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing
accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade
receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness
of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship
and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates,
which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability
of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts
receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for
doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.
No
(e) Inventories Manufacturing
segment inventories consist of raw materials, work in progress and finished goods and are stated at the lower of cost, determined on
a weighted average basis, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business
less the estimated cost of completion and the estimated costs necessary to make the sale. When inventories are sold, their carrying amount
is charged to expense in the period in which the revenue is recognized. Write-downs for declines in net realizable value or for losses
of inventories are recognized as an expense in the period the impairment or loss occurs. No
(f) Plant
and Equipment Plant
and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives,
using the straight-line method. Estimated useful lives of the plant and equipment are as follows: SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES
Production
plant 5 10
Motor
vehicles 10 15
Office
equipment 5 10 The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the statement of loss and comprehensive loss. The cost of maintenance and repairs is charged to the statement of income as
incurred, whereas significant renewals and betterments are capitalized.
(g) Accounting
for the Impairment of Long-Lived Assets and Goodwill In
previous, the Company early adopted ASU 2017-04. Under the new accounting guidance, the Company should perform its annual, or interim,
goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment
charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should
not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects
from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable.
In previous financial statements for the year ended March 31, 2020, the Company impaired goodwill of $ 475,003 Long-lived
assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology
or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset
to future net undiscounted cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment to
be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be
disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There
was no
(h) Revenue
Recognition Revenue
is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or
services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods
or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising
from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive
in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i)
identification of the promised goods and services in the contract; (ii)
determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context
of the contract; (iii)
measurement of the transaction price, including the constraint on variable consideration; (iv)
allocation of the transaction price to the performance obligations; and (v)
recognition of revenue when (or as) the Company satisfies each performance obligation. The
Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled
to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606
at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which
of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated
to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s
performance obligations are transferred to customers at a point in time, typically upon delivery of the good or service. For
all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all product and service revenue
contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules
as of March 31, 2021 and 2020. Cost
of revenues for garment manufacturing segment includes the direct raw material cost, direct labor cost, manufacturing overheads including
depreciation of production equipment and rent. Cost of revenue for logistics services segment includes gasoline and diesel fuel, toll
charges and subcontracting fees. Cost of revenue of property management and subleasing business was mainly the amortization of right-of-used
assets for the subleasing business. Cost of revenue for epidemic prevention supplies business includes cost of merchandise and cost of
direct raw materials, direct labor, and manufacturing overheads of our own products.
(i) Earnings
Per Share The
Company reports earnings (loss) per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of
basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share.
Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average
common shares outstanding during the reporting period. Diluted earnings per share takes into account the potential dilution that could
occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of
common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split,
the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that
change in capital structure. The
Company had no
(j) Income
Taxes The
Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes”. Under this method,
deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and
liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company
records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not
that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is
recognized as income or loss in the period that includes the enactment date. The
Company has a history of tax losses and there is no convincing evidence that sufficient taxable income will be available against which
the deferred tax asset can be utilized, therefore, the Company does not recognize any tax benefits for the year ended March 31, 2021
and 2020. The
Company’s Chinese subsidiaries are governed by the Income Tax Laws of the PRC. The PRC federal statutory tax rate is 25 The
Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.
The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense
recognized during the years ended March 31, 2021 and 2020. The Company’s effective tax rate differs from the PRC federal statutory
rate primarily due to non-deductible expenses, temporary differences and preferential tax treatments. The
U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into
law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory
U.S. federal corporate income tax rate from 35% to 21 no
(k) Leases Lessee The
Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)
assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. ROU
assets 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. Operating lease ROU assets and liabilities are recognized at commencement date based on the present
value of lease payments over the lease term. As most of the leases do not provide an implicit rate, The Company generally use the incremental
borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement
date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments
is recognized on a straight-line basis over the lease term. Lessor As
a lessor, the Company’s leases are classified as operating leases under ASC 842. Leases, in which the Company is the lessor, are
substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. Rental
income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line
basis over the lease term.
(l) Recently
issued and adopted accounting pronouncements In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on
Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be
presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the
amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial
asset. This standard will be effective for the Company on April 1, 2023. The Company is currently evaluating the impact the adoption
of this ASU will have on its consolidated financial statements. The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s consolidated financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS4. RELATED
PARTY TRANSACTIONS SCHEDULE
OF RELATED PARTIES RELATIONSHIP WITH THE COMPANY
Name
of Related Parties Relationship
with the Company
Zhida
Hong President,
CEO, and a director of the Company
Zhongpeng
Chen A
legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
Bihua
Yang A
legal representative of XKJ
Zhiyong
Zhou General
Manager of XKJ
Dewu
Huang A
legal representative of YBY
Jinlong
Huang A
spouse of legal representative of HSW The
Company leases Shenzhen XKJ office rent-free from Bihua Yang. The
Company had the following related party balances as of December 31, 2021 and March 31, 2021: SCHEDULE
OF RELATED PARTY TRANSACTION
Amount
due from related party December
31, 2021 March
31, 2021
Hongye
Financial Consulting (Shenzhen) Co., Ltd. $ 154,210 $ 84,838
Zhiyong
Zhou (1) 17,154 -
$ 171,364 $ 84,838
Related
party borrowings December
31, 2021 March
31, 2021
Zhida
Hong (2) $ 3,208,463 $ 3,727,371
Bihua
Yang (3) - 370,523
Dewu
Huang (4) 177,755 712,064
Jinlong
Huang 150,397 104,006
$ 3,536,615 $ 4,913,964
(1) Being
cash advance to Zhiyong Zhou to pay for daily operating expenditures of XKJ.
(2) The
decrease was due to net repayment of debt due to Zhida Hong. During the three and nine months ended December 31, 2021, the Company
received financial support of $ 0.03
million and 0.27
million from Zhida
Hong and repaid $ 0.3
million and $ 0.9
million of debts
due to him.
(3) Being
financial support from Bihua Yang for XKJ’s daily operation.
(4) The
decrease was due to net repayment of debt due to Dewu Huang. During the nine months ended December 31, 2021, the company received
interest free advanced loan as financial support of approximately $ 1.5
million from Dewu
Huang and repaid approximately $ 2.0
million of debts
due to him. The related party debt was additional financial support provided by Dewu Huang for YBY’s daily operation. The
borrowing balances with related parties are unsecured, non-interest bearing and repayable on demand.
5. RELATED
PARTY TRANSACTIONS SCHEDULE
OF RELATED PARTIES RELATIONSHIP WITH THE COMPANY
Name
of Related Parties Relationship
with the Company
Zhida
Hong President,
CEO, and a director of the Company
Hongye
Financial Consulting (Shenzhen) Co., Ltd. A
company controlled by CEO, Mr. Zhida Hong
Zhongpeng
Chen A
legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
Bihua
Yang A
legal representative of XKJ
Dewu
Huang A
legal representative of YBY
Jinlong
Huang A
spouse of legal representative of HSW The
Company leases Shenzhen XKJ office rent-free from Bihua Yang. In
September, the Company disposed of $ 114,229 The
Company had the following related party balances at the end of the years: SCHEDULE OF RELATED PARTY TRANSACTION
Amount
due from related party 2021 2020
Hongye
Financial Consulting (Shenzhen) Co., Ltd. 84,838 Nil
$ 84,838 $ Nil Being
lease of the quarter ended March 31, 2021 paid on behalf of Hongye Financial Consulting (Shenzhen) Co., Ltd. for the shared office in
Shenzhen.
Related
party debt 2021 2020
Zhida
Hong (1) $ 3,727,371 $ 5,043,489
Bihua
Yang (2) 370,523 -
Dewu
Huang (3) 712,064 81,287
Zhongpeng
Chen - 160,427
Jinlong
Huang 104,006 144,237
$ 4,913,964 $ 5,429,440
(1) The
decrease was due to net repayment of debt due to Zhida Hong. During years ended March 31,
2021, the Company received financial support of $ 2.2 3.6
(2) Being
financial support from Bihua Yang for XKJ’s daily operation.
(3) The
increase of related party debt was additional financial support provided by Dewu Huang for
YBY’s daily operation. The
borrowing balances of related party are unsecured, non-interest bearing and repayable on demand.

INVENTORIES

INVENTORIES9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES5. INVENTORIES Inventories
consist of the following as of December 31, 2021 and March 31, 2021: SCHEDULE
OF INVENTORIES
December
31, 2021 March
31, 2021
Raw
materials $ 242,644 $ 234,870
Work
in progress 3,916 -
Finished
goods 51,636 35,564
Total
inventories $ 298,196 $ 270,434 There
is no inventory write-off for the three and nine months ended December 31, 2021 and 2020.
6. INVENTORIES Inventories
consist of the following as of March 31, 2021 and 2020: SCHEDULE OF INVENTORIES
2021 2020
Raw
materials $ 234,871 $ 230,742
Work
in progress - 62,150
Finished
goods 35,564 54,639
Total
inventories $ 270,434 $ 347,531 There
is no

ADVANCES TO SUPPLIERS

ADVANCES TO SUPPLIERS9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Advances To Suppliers
ADVANCES TO SUPPLIERS6. ADVANCES
TO SUPPLIERS The
Company has made advances to third-party suppliers in advance of receiving inventory parts. These advances are generally made to expedite
the delivery of required inventory when needed and to help to ensure priority and preferential pricing on such inventory. The amounts
advanced to suppliers are fully refundable on demand. The
Company reviews a supplier’s credit history and background information before advancing a payment. If the financial condition of
its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Company would
recognize bad debt expense in the period they are considered unlikely to be collected.
7. ADVANCES
TO SUPPLIERS The
Company has made advances to third-party suppliers in advance of receiving inventory parts. These advances are generally made to expedite
the delivery of required inventory when needed and to help to ensure priority and preferential pricing on such inventory. The amounts
advanced to suppliers are fully refundable on demand. The
Company reviews a supplier’s credit history and background information before advancing a payment. If the financial condition of
its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Company would
recognize bad debt expense in the period they are considered unlikely to be collected.

PREPAYMENTS AND OTHER RECEIVABL

PREPAYMENTS AND OTHER RECEIVABLES9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Receivables [Abstract]
PREPAYMENTS AND OTHER RECEIVABLES7. PREPAYMENTS
AND OTHER RECEIVABLES Prepayments
and other receivables consist of the following as of December 31, 2021 and March 31, 2021: SCHEDULE
OF PREPAYMENTS AND OTHER RECEIVABLES
December
31, 2021 March
31, 2021
Prepayment 34,248 -
Deposit 79,447 155,830
Receivable
of consideration on disposal of subsidiaries 269,057 258,929
Other
receivables 227,869 269,402
Total
Prepayment $ 610,621 $ 684,161
8. PREPAYMENTS
AND OTHER RECEIVABLES Prepayments
and other receivables consists of the following as of March 31, 2021 and 2020: SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES
2021 2020
Deposit 155,830 123,965
Receivable
of consideration on disposal of subsidiaries 258,929 -
Other
receivables 269,402 108,009
Total
Prepayment $ 684,161 $ 231,974

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT8. PROPERTY,
PLANT AND EQUIPMENT Property,
plant and equipment consists of the following as of December 31, 2021 and March 31, 2021: SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
December
31, 2021 March
31, 2021
Production
plant $ 73,871 $ 71,642
Motor
vehicles 1,189,673 1,020,893
Office
equipment 28,129 14,073
1,291,673 1,106,608
Less:
accumulated depreciation (422,070 ) (312,631 )
Plant
and equipment, net $ 869,603 $ 793,977 Depreciation
expense for the three and nine months ended December 31, 2021 and 2020 was $ 44,164
and $ 32,051 ,
$ 115,561 and
$ 83,210 ,
respectively.
9. PLANT
AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT Plant
and equipment consists of the following as of March 31, 2021 and 2020: SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
2021 2020
Production
plant $
71,642 $
67,247
Motor
vehicles 1,020,893 868,743
Office
equipment 14,073 19,471
1,106,608 955,461
Less:
accumulated depreciation (312,631 ) (370,442
)
Plant
and equipment, net $
793,977 $
585,019
Depreciation
expense for the years ended March 31, 2021 and 2020 was $ 101,014 114,391

SHORT-TERM BANK LOAN

SHORT-TERM BANK LOAN9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Debt Disclosure [Abstract]
SHORT-TERM BANK LOAN9. SHORT-TERM
BANK LOAN In
August 2019, HSW entered into a facility agreement with Agricultural Bank of China and obtained a line of credit, which allows the Company
to borrow up to approximately $ 153,172
(RMB 1,000,000 )
for daily operations. The loans are guaranteed at no cost by the legal representative of HSW. As of December 31, 2021, the Company has
borrowed $ 157,354
(RMB 1,000,000 )
(March 31, 2021: $ 152,607 )
under this line of credit with various annual interest rates from 4.84%
to 4.9% .
The outstanding loan balance was due on September 30, 2021. The Company was not able to renew the loan facility with the bank. The Company
is negotiating with the bank on repayment schedule of the loan balance and interest payable. In January 2022, Ding Yinping, underwriter
of the loan, partly repaid $ 6,596
(RMB 41,921 )
on behalf of the Company.
10. SHORT-TERM
BANK LOAN In
September 2018, HSW, a subsidiary of the Company entered into a facility agreement with Dongguan Agricultural Commercial Bank and obtained
a line of credit, which allows the Company to borrow up to approximately $ 212,334 1,500,000 6.96 211,868 1,500,000 September 2020 In
August 2019, HSW entered into a facility agreement with Agricultural Bank of China and obtained a line of credit, which allows the Company
to borrow up to approximately $ 147,264 1,000,000 152,607 1,000,000 4.34 4.9 July 31, 2021 In
August 2020, DT entered into a new facility agreement with Webank and obtained a credit facility of $ 88,358 600,000 16.2 16.29

INCOME TAXES

INCOME TAXES9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES10. INCOME
TAXES
(a) Enterprise
Income Tax (“EIT”) The
Company operates in the PRC and files tax returns in the PRC jurisdictions. Yingxi
Industrial Chain Group Co., Ltd was incorporated in the Republic of Seychelles and, under the current laws of the British Virgin Islands,
is not subject to income taxes. Yingxi
HK was incorporated in Hong Kong and is subject to Hong Kong income tax at a progressive rate of 16.5% .
No provision for income taxes in Hong Kong has been made as Yingxi HK had no taxable income for the three and nine months ended December
31, 2021 and 2020. YX
were incorporated in the PRC and is subject to the EIT tax rate of 25% .
No provision for income taxes in the PRC has been made as YX had no taxable income for the three and nine months ended December 31, 2021
and 2020. The
Company is governed by the Income Tax Laws of the PRC. All Yingxi’s operating companies were subject to progressive EIT rates from
5%
to 15%
in 2021 and 2020. The
preferential tax rate will be expired at end of year 2022 and the EIT rate will be 25% from year 2023 . The
Company’s parent entity, Addentax Group Corp. is a U.S entity and is subject to the United States federal income tax. No provision
for income taxes in the United States has been made as Addentax Group Corp. had no United States taxable income for the three and nine
months ended December 31, 2021 and 2020. The
reconciliation of income taxes computed at the PRC statutory tax rate applicable to the PRC, to income tax expenses are as follows: SCHEDULE
OF EFFECTIVE INCOME TAX RATE RECONCILIATION
Three
months ended Nine
months ended
December
31, December
31,
2021 2020 2021 2020
PRC
statutory tax rate 25 % 25 % 25 % 25 %
Computed
expected benefits (expense) 3,457 (71,949 ) 35,120 (884,253 )
Temporary
differences (30,951 ) 29,440 (87,797 ) 629,954
Permanent
difference 1,444 6,640 1,691 131,595
Changes
in valuation allowance 28,259 51,654 68,879 145,900
Income
tax expense $ 2,209 $ (15,784 ) 17,893 23,196
(b) Value
Added Tax (“VAT”) In
accordance with the relevant taxation laws in the PRC, the normal VAT rate for domestic sales is 13% ,
which is levied on the invoiced value of sales and is payable by the purchaser. The subsidiaries HSW, DT and YS enjoyed preferential
VAT rate of 13% .
The Companies are required to remit the VAT they collect to the tax authority. A credit is available whereby VAT paid on purchases can
be used to offset the VAT due on sales. For
services, the applicable VAT rate is 9%
under the relevant tax category for logistic
company, except the branch of HPF enjoyed the preferential VAT rate of 3%
in 2021 and 2020. The Company is required
to pay the full amount of VAT calculated at the applicable VAT rate of the invoiced value of sales as required. A credit is available
whereby VAT paid on gasoline and toll charges can be used to offset the VAT due on service income.
11. INCOME
TAXES
(a) Enterprise
Income Tax (“EIT”) The
Company operates in the PRC and files tax returns in the PRC jurisdictions. Yingxi
Industrial Chain Group Co., Ltd was incorporated in the Republic of Seychelles and, under the current laws of the British Virgin Islands,
is not subject to income taxes. Yingxi
HK was incorporated in Hong Kong and is subject to Hong Kong income tax at a progressive rate of 16.5 YX
were incorporated in the PRC and is subject to the EIT tax rate of 25 The
Company is governed by the Income Tax Laws of the PRC. All Yingxi’s operating companies were subject to progressive EIT rates from
5 15 The preferential tax rate will be expired at end of year 2022 and the EIT rate will be 25% from year 2023. The
Company’s parent entity, Addentax Group Corp. is a U.S. entity and is subject to the United States federal income tax. No provision
for income taxes in the United States has been made as Addentax Group Corp. had no United States taxable income for the years ended March
31, 2021 and 2020. The
reconciliation of income taxes computed at the PRC federal statutory tax rate applicable to the PRC, to income tax expenses are as follows: SCHEDULE
OF EFFECTIVE INCOME TAX RATE RECONCILIATION
2021
2020
PRC
statutory tax rate 25 % 25 %
Computed
expected benefits $ (891,076 ) $ (241,137
)
Temporary
differences (50,911 ) (15,205
)
Permanent
difference 56,227 3,732
Changes
in valuation allowance 911,627 268,680
Reported
income tax expense $ 25,867 $ 16,070
Reported
income tax expense $ 25,867 $ 16,070
As
of March 31, 2021, the accumulated tax losses in China amounting to $ 1.5 0.8 4.7 1.2
(b) Value
Added Tax (“VAT”) In
accordance with the relevant taxation laws in the PRC, the normal VAT rate for domestic sales is 13 13 For
services, the applicable VAT rate is 9 3

CONSOLIDATED SEGMENT DATA

CONSOLIDATED SEGMENT DATA9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Segment Reporting [Abstract]
CONSOLIDATED SEGMENT DATA11. CONSOLIDATED
SEGMENT DATA Segment
information is consistent with how chief operating decision maker reviews the businesses, makes investing and resource allocation decisions
and assesses operating performance. The segment data presented reflects this segment structure. The Company reports financial and operating
information in the following four
segments:
(a) Garment
manufacturing
(b) Logistics
services
(c) Epidemic
prevention supplies
(d) Property
management and subleasing. The
Company also provides general corporate services to its segments and these costs are reported as “Corporate and others”. Selected
information for period ended December 31, 2021 in the segment structure is presented in the following tables: SCHEDULE
OF SEGMENT REPORTING
Garment Logistics
Services Property
management and leasing Epidemic
prevention supplies Corporate
and other Totals
Revenue
from external customers 2,488,173 4,144,604 3,202,956 - - 9,835,733
Intersegment
revenue - - - - - -
Interest
income 1,925 63 140 - 6 2,135
Interest
expense 4,181 506 456 - 232 5,375
Depreciation
and amortization 1,981 90,655 18,443 4,482 - 115,561
Operating
income (loss) 96,275 210,878 47,935 - (344,327 ) 10,761
Segment
assets 1,833,807 2,433,062 7,770,529 87,597 947,253 13,072,248
Expenditures
for segment assets - 148,604 27,664 - - 176,268 Geographical
Information The
Company operates predominantly in China. In presenting information on the basis of geographical location, revenue is based on the geographical
location of customers and long-lived assets are based on the geographical location of the assets. SCHEDULE
OF GEOGRAPHICAL INFORMATION Geographic
Information
Three
months ended Nine
months ended
2021 2020 2021 2020
Revenues
United
States - 4,787 - 11,868,854
China 2,791,470 3,406,766 9,835,733 9,145,210
Total 2,791,470 3,411,552 9,835,733 21,014,064
December
31, 2021 March
31, 2020
Long-Lived
Assets
China 8,186,834 10,426,602
12. SEGMENT
DATA CONSOLIDATED
SEGMENT DATA Segment
information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses
operating performance. The segment data presented reflects this segment structure. The Company reports financial and operating information
in the following four
(a) Garment
manufacturing
(b) Logistics
services
(c) Epidemic
prevention supplies
(d) Property
management and subleasing. The
Company also provides general corporate services to its segments and these costs are reported as “Corporate and other”. Selected
information in the segment structure is presented in the following tables: SCHEDULE OF SEGMENT REPORTING
Garment Logistics
Services Property
management and leasing Epidemic
prevention supplies Corporate
and other Totals
Revenue
from external customers 6,896,410 4,580,733 1,278,517 11,979,099 - 24,734,759
Intersegment
revenue 2,304 - - - - 2,304
Interest
income 23 0 8 - 199 230
Interest
expense 16,787 795 7 - 1,553 19,142
Depreciation
and amortization 5,036 90,549 - 5,429 - 101,014
Operating
income (loss) 327,161 191,730 4,220 (3,280,313 ) (850,972 ) (3,608,174 )
Segment
assets 4,410,466 2,236,574 9,316,090 33,737 2,342,379 18,424,084
Expenditures
for segment assets 79,460 326,391 - - - 405,851 Geographical
Information The
Company operates predominantly in China. In presenting information on the basis of geographical location, revenue is based on the geographical
location of customers and long-lived assets are based on the geographical location of the assets. Geographic
Information SCHEDULE OF GEOGRAPHICAL INFORMATION
Revenues Long-Lived
Assets
China 13,131,787 10,426,602
United
States 11,602,972 -
Total 24,734,759 10,426,602

LEASE RIGHT-OF-USE ASSET AND LE

LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Lease Right-of-use Asset And Lease Liabilities
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES12. LEASE
RIGHT-OF-USE ASSET AND LEASE LIABILITIES The
Company recognized right-of-use asset as well as lease liability according to the ASC 842, Leases (with the exception of short-term leases).
Lease liabilities are measured at present value of the sum of remaining rental payments as of December 31, 2021, with discounted rate
of 4.75% .
A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are
classified within operating activities in the statement of cash flows. The
Company leases its head office. The lease period is 5
years with an option to extend the lease.
The Company leases its plant and dormitory for 4.5
years with an option to extend the lease.
The Company leased several floors in a commercial building for its sublease business for 3
years with an option to extend the lease. The
Following table summarizes the components of lease expense: SCHEDULE
OF LEASE COST
2021 2020 2021 2020
Three
months ended Nine
months ended
2021 2020 2021 2020
Operating
lease cost 968,170 444,162 2,878,730 668,883
Short-term
lease cost 20,955 - 62,799 -
Lease
cost $ 989,125 $ 444,162 2,941,529 668,883 The
following table summarizes supplemental information related to leases: SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
2021 2020 2021 2020
Three
months ended Nine
months ended
2021 2020 2021 2020
Cash
paid for amounts included in the measurement of lease liabilities
Operating
cash flow from operating leases $ 989,170 $ 444,162 2,941,529 668,883
Right-of-use
assets obtained in exchange for new operating leases liabilities (3,390 ) 10,378,042 3,42,457 10,404,962
Weighted
average remaining lease term - Operating leases (years) 2.0 3.1 2.0 3.1
Weighted
average discount rate - Operating leases 4.75 % 4.35 % 4.75 % 4.35 % The
following table summarizes the maturity of operating lease liabilities: SCHEDULE
OF OPERATING LEASE LIABILITY
Years
ending December 31 Lease
cost
2022 $ 3,877,767
2023 3,857,516
2024 103,853
2025
Total
lease payments 7,839,136
Less:
Interest (531,253 )
Total $ 7,307,883
14. LEASE
RIGHT-OF-USE ASSET AND LEASE LIABILITIES The
Company implemented new accounting policy according to the ASC 842, Leases, on April 1, 2019 on a modified retrospective basis and did
not restate comparative periods. Under the new policy, the Company recognized approximately $ 0.06 4.35 The
Company leases its head office. The lease period is 5 4.5 The
Company leased three floors of a commercial building for 3 The
Following table summarizes the components of lease expense: SCHEDULE
OF LEASE COST
2021
2020
Operating
lease cost 1,021,267 451,685
Short-term
lease cost 35,727 63,785
Lease cost 1,056,994 515,470
The
following table summarizes supplemental information related to leases: SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
2021 2020
Cash
paid for amounts included in the measurement of lease liabilities
Operating
cash flow used in operating leases $ 1,650,847 $ 515,470
Right-of-use
assets obtained in exchange for new operating leases liabilities 9,380,402 1,982,393
Weighted
average remaining lease term - Operating leases (years) 2.8 4.2
Weighted
average discount rate - Operating leases 4.35 % 4.35 % The
following table summarizes the maturity of operating lease liabilities: SCHEDULE
OF OPERATING LEASE LIABILITY
Years
ending March 31 Lease
cost
2022 $ 3,710,121
2023 3,792,954
2024 2,891,377
2025 58,344
Total
lease payments 10,452,795
Less:
Interest (820,170 )
Total $ 9,632,625

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Risks and Uncertainties [Abstract]
RISKS AND UNCERTAINTIES13. RISKS
AND UNCERTAINTIES
(a) Economic
and Political Risks The
Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations
may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The
Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies
in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment
and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions
in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion,
remittances abroad, and rates and methods of taxation.
(b) Foreign
Currency Translation The
Company’s reporting currency is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional
currency of the Company’s operating subsidiaries is the Chinese Renminbi (“RMB”). For the subsidiaries whose functional
currencies are the RMB, all assets and liabilities are translated at exchange rates at the balance sheet date, which was 6.355
and 6.553
as of December 31, 2021 and March 31,
2021, respectively. Revenue and expenses are translated at the average yearly exchange rates, which was 6.442
and 6.779
for the nine months ended December 31,
2021 and 2020, respectively. Equity is translated at historical exchange rates. Any translation adjustments resulting are not included
in determining net income but are included in foreign exchange adjustments to other comprehensive loss, a component of equity.
(c) Concentration
Risks The
followings are the percentages of accounts receivable balance of the top customers over accounts receivable for each segment as of December
31, 2021 and March 31, 2021. SCHEDULE
OF CONCENTRATION RISKS Garment
manufacturing segment
December
31, 2021 March
31, 2021
Customer
A 87.0 % 98.4 %
Customer
B 13.0 % 1.6 % The
high concentration as of December 31, 2021 was mainly due to business development of a large distributor of garments. Logistics
services segment
December
31, 2021 March
31, 2021
Customer
A 12.2 % 16.6 %
Customer
B 11.0 % Nil %
Customer
C 10.0 % 30.2 %
Customer
D 7.3 % Nil %
Customer
E 6.5 % 12.7 % Property
management and subleasing No
accounts receivables in this segment. Epidemic
prevention supplies segment No
accounts receivables in this segment. For
the three months ended December 31, 2021, there was no single customer provided more than 10%
of total revenue of the Company. For nine
months ended December 31, 2021, one customer from garment segment provided more than 10 %
of total revenue of the Company, represented 24.8 %
for the nine months. For the three months ended December 31, 2020, there was no customer provided more than 10 %
of total revenue of the Company. For nine months ended December 31, 2020, one customer from garment segment and one customer from epidemic
prevention supplies segment provided more than 10%
of total revenue of the Company. The
high concentration in nine months ended December 31, 2021 was mainly due to concentration of distributors in garment segment. Management
believes that should the Company lose any one of its major customers, it was able to sell similar products to other customers. The
following tables summarized the purchases from five largest suppliers of each of the reportable segment for the three and nine months
ended December 31, 2021 and 2020. SCHEDULE
OF PURCHASES FROM SUPPLIERS
Three
months ended Nine
months ended
December
31, December
31,
2021 2020 2021 2020
Garment
manufacturing segment 100.0 % 100.0 % 99.8 % 97.7 %
Logistics
services segment 100.0 % 79.1 % 92.2 % 99.7 %
Property
management and subleasing 100.0 % 100.0 % 100.0 % 100.0 %
Epidemic
prevention supplies Nil
% 100.0 % Nil % 100 %
(d) Interest
Rate Risk The
Company’s exposure to interest rate risk primarily relates to the interest expenses on our outstanding bank borrowings and the
interest income generated by cash invested in cash deposits and liquid investments. As of December 31, 2021, the total outstanding borrowings
amounted to $ 157,354 (RMB 1,000,000 )
with various interest rate from 4.84%
to 6.96%
p.a. (Note 10)
(e) COVID-19 The
Coronavirus Disease (COVID-19) outbreak and the measures taken to contain the spread of the pandemic have created a high level of uncertainty
to global economic prospects and this has impacted the Company’s operations and its financial performance in the last three quarters
of the financial year and subsequent to the financial year end. As
the situation continues to evolve with significant level of uncertainty, the Company is unable to reasonably estimate the full financial
impact of the COVID-19 outbreak. The Company is monitoring the situation closely and to mitigate the financial impact, it is conscientiously
managing its cost by adopting an operating cost reduction strategy and conserving liquidity by working with major creditors to align
repayment obligations with receivable collections.
16. RISKS
AND UNCERTAINTIES
(a) Economic
and Political Risks The
Company’s operations are conducted in the PRC. Accordingly, the Company’s business, financial condition and results of operations
may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The
Company’s operations in the PRC are subject to special considerations and significant risks not typically associated with companies
in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment
and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions
in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion,
remittances abroad, and rates and methods of taxation.
(b) Foreign
Currency Translation The
Company’s reporting currency is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional
currency of the Company’s operating subsidiaries is the Chinese Renminbi (“RMB”). For the subsidiaries whose functional
currencies are the RMB, all assets and liabilities are translated at exchange rates at the balance sheet date, which are 6.55 and 7.08 6.78 6.94
(c) Concentration
Risks The
followings are the percentage of accounts receivable balance of the top five customers over accounts receivable for each segment as
at March 31, 2021 and 2020. Garment
manufacturing segment SCHEDULE
OF CONCENTRATION RISKS
March
31, 2021 March
31, 2020
Customer
A 98.4 % 85.5 %
Customer
B 1.6 % Nil
% The
high concentration as at March 31, 2021 was mainly due to business development of a large distributor of garments. Management believes
that should the Company lose any one of its major customers, it was able to sell similar products to other customers. Logistics
services segment
March
31, 2021 March
31, 2020
Customer
A 30.2 % 22.4 %
Customer
B 16.6 % 18.3 %
Customer
C 12.7 % 3.8 %
Customer
D 5.5 % 2.7 %
Customer
E 5.5 % Nil
% Property
management and subleasing The
accounts receivable of Property management and subleasing segment as at March 31, 2021 was from one customer only. Epidemic
prevention supplies segment No
accounts receivables in this segment. For
the year ended March 31, 2021, two customers, one from garment segment and the other from Epidemic prevention supplies segment, provided
more than 10 57.4 The
high concentration in year ended March 31, 2021 was mainly due to concentration of distributors in garment manufacturing business and
epidemic prevention supplies business. Management believes that should the Company lose any one of its major customers, it was able to
sell similar products to other customers. The
following tables summarized the percentage of purchases from five largest suppliers of each of the reportable segment purchase for the
years ended March 31, 2021 and 2020. SCHEDULE
OF PURCHASES FROM SUPPLIERS
Year
ended
March
31,
2021 2020
Garment
manufacturing segment 98.7 % 92.7 %
Logistics
services segment 49.9 % 25.6 %
Property
management and subleasing 100.0 % Nil %
Epidemic
prevention supplies 90.8 % Nil % Management
believes that should the Company lose any one of its major suppliers, other suppliers are available that could provide similar products
to the Company.
(d) Interest
Rate Risk The
Company’s exposure to interest rate risk primarily relates to the interest expenses on our outstanding bank borrowings and the
interest income generated by cash invested in cash deposits and liquid investments. As of March 31, 2021, the total outstanding
borrowings amounted to $ 152,607 1,000,000 4.84 6.96 (e)
COVID-19 The
Coronavirus Disease (COVID-19) outbreak and the measures taken to contain the spread of the pandemic have created a high level of uncertainty
to global economic prospects and this has impacted the Company’s operations and its financial performance of the financial year
and subsequent to the financial year end. As
the situation continues to evolve with significant level of uncertainty, the Company is unable to reasonably estimate the full financial
impact of the COVID-19 outbreak. The Company is monitoring the situation closely and to mitigate the financial impact, it is conscientiously
managing its cost by adopting an operating cost reduction strategy and conserving liquidity by working with major creditors to align
repayment obligations with receivable collections.

DISPOSITION OF SUBSIDIARIES

DISPOSITION OF SUBSIDIARIES12 Months Ended
Mar. 31, 2021
Disposition Of Subsidiaries
DISPOSITION OF SUBSIDIARIES4. DISPOSITION
OF SUBSIDIARIES The
Company sold its subsidiary DT, a manufacturing company in garment manufacturing segment on October 1, 2020 to a third party and sold
HPF, a subsidiary in logistics services segment in November 2020 to another third party. After disposition, the two subsidiaries became
third parties to the Company. The Company will not have any businesses with the two subsidiaries nor the buyers. The business operations,
customers and suppliers of DT and HPF were retained by the Company; therefore, the disposition of the two subsidiaries did not qualify
as discontinued operations. Financial
position of the entities at disposal date and gain or loss on disposal: Garment
Manufacturing Segment SUMMARY OF FINANCIAL POSITION OF ENTITIES AND GAIN OR LOSS ON DISPOSAL
Financial
position of DT September
30, 2020, date of disposal
Current
assets $ 673,025
Noncurrent
assets -
Current
liabilities (70,481 )
Net
assets $ 602,544 The
consideration was at the fair value as of date of disposal, which was also the carrying value of DT, resulting no Logistics
Services Segment
Financial
position of HPF November
16, 2020, date of disposal
Current
assets $ 740,060
Noncurrent
assets 42,658
Current
liabilities (565,362 )
Net
assets $ 217,356 The
consideration was at the fair value as of date of disposal, which was also the carrying value of DT, resulting no

ACCRUED EXPENSES AND OTHER PAYA

ACCRUED EXPENSES AND OTHER PAYABLES12 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES13. ACCRUED
EXPENSES AND OTHER PAYABLES Accrued
expenses and other payables consist of the following as of March 31, 2021 and 2020: SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES
2021 2020
Accrued
wages and welfare 82,548 61,776
Accrued
expenses 55,000 5,753
Other
tax payable 28,242 25,206
Rental
payable 29,741 24,972
Customers’
deposits 150,993 -
Other
payables 335,460 113,210
Accrued
expenses and other payables $ 681,984 $ 230,917

SHARE CAPITAL AND RESERVES

SHARE CAPITAL AND RESERVES12 Months Ended
Mar. 31, 2021
Share Capital And Reserves
SHARE CAPITAL AND RESERVES15.
SHARE CAPITAL AND RESERVES Share
capital In
August 2020, the Company offered 747,000 5.00 On
December 31, 2020, the Company offered 600,000 5.00 Statutory
reserve In
accordance with the relevant laws and regulations of the PRC, the subsidiary of the Company established in the PRC is required to transfer
10% of its profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until the
reserve balance reaches 50% of the subsidiary’s paid-up capital. Such reserve may be used to offset accumulated losses or increase
the registered capital of the subsidiary, subject to the approval from the PRC authorities, and are not available for dividend distribution
to the shareholders 10,937 1,735 20,630 13,821 23,514

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS12 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS17. SUBSEQUENT
EVENTS There
is no other subsequent events have occurred that would require recognition or disclosure in the financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Accounting Policies [Abstract]
Use of EstimatesUse
of Estimates The
preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues 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 materially from those estimates. There
is no change on the accounting policies for the three months ended December 31, 2021.
(a) Use
of Estimates The
preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues 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 materially from those estimates.
Recently issued and adopted accounting pronouncementsRecently
issued accounting pronouncements In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on
Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be
presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the
amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial
asset. This standard will be effective for the Company on April 1, 2023. The Company is currently evaluating the impact the adoption
of this ASU will have on its consolidated financial statements. The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s consolidated financial statements.
(l) Recently
issued and adopted accounting pronouncements In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on
Financial Instruments. This standard requires a financial asset (or group of financial assets) measured at amortized cost basis to be
presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the
amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial
asset. This standard will be effective for the Company on April 1, 2023. The Company is currently evaluating the impact the adoption
of this ASU will have on its consolidated financial statements. The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s consolidated financial statements.
Fair Value Measurement(b) Fair
Value Measurement Accounting
Standards Codification (“ASC”) 820 “ Fair Value Measurements and Disclosures “, which defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange
price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in
which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset
or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant
assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This
ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques 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 unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: 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 in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; and 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 At
March 31, 2021, the Company has no The
Company’s financial instruments include cash, accounts receivable, advances to suppliers, other receivables, accounts payable,
other payables, taxes payables and related party receivables or payables. Management estimates that the carrying amounts of financial
instruments approximate their fair values due to their short-term nature. The fair value of amounts with related parties is not practicable
to estimate due to the related party nature of the underlying transactions.
Cash and Cash Equivalents(c) Cash
and Cash Equivalents The
Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. All
cash and cash equivalents relate to cash on hand and cash at bank at March 31, 2021 and 2020. The
Renminbi is not freely convertible into foreign currencies. Under the PRC Foreign Exchange Control Regulations and Administration of
Settlement, Sales and Payment of Foreign Exchange Regulations, the Company is permitted to exchange Renminbi for foreign currencies through
banks that are authorized to conduct foreign exchange business.
Accounts Receivable(d) Accounts
Receivable Financial
instruments that potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable. The Company
extends credit to its customers in the normal course of business and generally does not require collateral. The Company’s credit
terms are dependent upon the segment, and the customer. The Company assesses the probability of collection from each customer at the
outset of the arrangement based on a number of factors, including the customer’s payment history and its current creditworthiness.
If in management’s judgment collection is not probable, the Company does not record revenue until the uncertainty is removed. Management
performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and
its aging analysis. The allowance for doubtful accounts is the Company’s best estimate of the amount of credit losses in existing
accounts receivable. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of trade
receivables. In the analysis, management primarily considers the age of the customer’s receivable, and also considers the creditworthiness
of the customer, the economic conditions of the customer’s industry, general economic conditions and trends, and the business relationship
and history with its customers, among other factors. If any of these factors change, the Company may also change its original estimates,
which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability
of receivables were incorrect, adjustments to the allowance may be required, which would reduce profitability. Accounts
receivable are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for
doubtful accounts receivable is made when collection of the full amount is no longer probable. Bad debts are written off as incurred.
No
Inventories(e) Inventories Manufacturing
segment inventories consist of raw materials, work in progress and finished goods and are stated at the lower of cost, determined on
a weighted average basis, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business
less the estimated cost of completion and the estimated costs necessary to make the sale. When inventories are sold, their carrying amount
is charged to expense in the period in which the revenue is recognized. Write-downs for declines in net realizable value or for losses
of inventories are recognized as an expense in the period the impairment or loss occurs. No
Plant and Equipment(f) Plant
and Equipment Plant
and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives,
using the straight-line method. Estimated useful lives of the plant and equipment are as follows: SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES
Production
plant 5 10
Motor
vehicles 10 15
Office
equipment 5 10 The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is
included in the statement of loss and comprehensive loss. The cost of maintenance and repairs is charged to the statement of income as
incurred, whereas significant renewals and betterments are capitalized.
Accounting for the Impairment of Long-Lived Assets and Goodwill(g) Accounting
for the Impairment of Long-Lived Assets and Goodwill In
previous, the Company early adopted ASU 2017-04. Under the new accounting guidance, the Company should perform its annual, or interim,
goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment
charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should
not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects
from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable.
In previous financial statements for the year ended March 31, 2020, the Company impaired goodwill of $ 475,003 Long-lived
assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology
or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset
to future net undiscounted cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment to
be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be
disposed of are reported at the lower of the carrying amount or fair value less costs to sell. There
was no
Revenue Recognition(h) Revenue
Recognition Revenue
is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or
services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods
or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising
from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive
in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i)
identification of the promised goods and services in the contract; (ii)
determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context
of the contract; (iii)
measurement of the transaction price, including the constraint on variable consideration; (iv)
allocation of the transaction price to the performance obligations; and (v)
recognition of revenue when (or as) the Company satisfies each performance obligation. The
Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled
to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606
at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which
of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated
to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s
performance obligations are transferred to customers at a point in time, typically upon delivery of the good or service. For
all reporting periods, the Company has not disclosed the value of unsatisfied performance obligations for all product and service revenue
contracts with an original expected length of one year or less, which is an optional exemption that is permitted under the adopted rules
as of March 31, 2021 and 2020. Cost
of revenues for garment manufacturing segment includes the direct raw material cost, direct labor cost, manufacturing overheads including
depreciation of production equipment and rent. Cost of revenue for logistics services segment includes gasoline and diesel fuel, toll
charges and subcontracting fees. Cost of revenue of property management and subleasing business was mainly the amortization of right-of-used
assets for the subleasing business. Cost of revenue for epidemic prevention supplies business includes cost of merchandise and cost of
direct raw materials, direct labor, and manufacturing overheads of our own products.
Earnings Per Share(i) Earnings
Per Share The
Company reports earnings (loss) per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of
basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share.
Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average
common shares outstanding during the reporting period. Diluted earnings per share takes into account the potential dilution that could
occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of
common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split,
the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that
change in capital structure. The
Company had no
Income Taxes(j) Income
Taxes The
Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes”. Under this method,
deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and
liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company
records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not
that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is
recognized as income or loss in the period that includes the enactment date. The
Company has a history of tax losses and there is no convincing evidence that sufficient taxable income will be available against which
the deferred tax asset can be utilized, therefore, the Company does not recognize any tax benefits for the year ended March 31, 2021
and 2020. The
Company’s Chinese subsidiaries are governed by the Income Tax Laws of the PRC. The PRC federal statutory tax rate is 25 The
Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.
The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense
recognized during the years ended March 31, 2021 and 2020. The Company’s effective tax rate differs from the PRC federal statutory
rate primarily due to non-deductible expenses, temporary differences and preferential tax treatments. The
U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into
law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory
U.S. federal corporate income tax rate from 35% to 21 no
Leases(k) Leases Lessee The
Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)
assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. ROU
assets 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. Operating lease ROU assets and liabilities are recognized at commencement date based on the present
value of lease payments over the lease term. As most of the leases do not provide an implicit rate, The Company generally use the incremental
borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement
date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments
is recognized on a straight-line basis over the lease term. Lessor As
a lessor, the Company’s leases are classified as operating leases under ASC 842. Leases, in which the Company is the lessor, are
substantially all accounted for as operating leases and the lease components and non-lease components are accounted for separately. Rental
income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line
basis over the lease term.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTIES RELATIONSHIP WITH THE COMPANY SCHEDULE
OF RELATED PARTIES RELATIONSHIP WITH THE COMPANY
Name
of Related Parties Relationship
with the Company
Zhida
Hong President,
CEO, and a director of the Company
Zhongpeng
Chen A
legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
Bihua
Yang A
legal representative of XKJ
Zhiyong
Zhou General
Manager of XKJ
Dewu
Huang A
legal representative of YBY
Jinlong
Huang A
spouse of legal representative of HSW
SCHEDULE
OF RELATED PARTIES RELATIONSHIP WITH THE COMPANY
Name
of Related Parties Relationship
with the Company
Zhida
Hong President,
CEO, and a director of the Company
Hongye
Financial Consulting (Shenzhen) Co., Ltd. A
company controlled by CEO, Mr. Zhida Hong
Zhongpeng
Chen A
legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
Bihua
Yang A
legal representative of XKJ
Dewu
Huang A
legal representative of YBY
Jinlong
Huang A
spouse of legal representative of HSW
SCHEDULE OF RELATED PARTY TRANSACTIONThe
Company had the following related party balances as of December 31, 2021 and March 31, 2021: SCHEDULE
OF RELATED PARTY TRANSACTION
Amount
due from related party December
31, 2021 March
31, 2021
Hongye
Financial Consulting (Shenzhen) Co., Ltd. $ 154,210 $ 84,838
Zhiyong
Zhou (1) 17,154 -
$ 171,364 $ 84,838
Related
party borrowings December
31, 2021 March
31, 2021
Zhida
Hong (2) $ 3,208,463 $ 3,727,371
Bihua
Yang (3) - 370,523
Dewu
Huang (4) 177,755 712,064
Jinlong
Huang 150,397 104,006
$ 3,536,615 $ 4,913,964
(1) Being
cash advance to Zhiyong Zhou to pay for daily operating expenditures of XKJ.
(2) The
decrease was due to net repayment of debt due to Zhida Hong. During the three and nine months ended December 31, 2021, the Company
received financial support of $ 0.03
million and 0.27
million from Zhida
Hong and repaid $ 0.3
million and $ 0.9
million of debts
due to him.
(3) Being
financial support from Bihua Yang for XKJ’s daily operation.
(4) The
decrease was due to net repayment of debt due to Dewu Huang. During the nine months ended December 31, 2021, the company received
interest free advanced loan as financial support of approximately $ 1.5
million from Dewu
Huang and repaid approximately $ 2.0
million of debts
due to him. The related party debt was additional financial support provided by Dewu Huang for YBY’s daily operation.
The
Company had the following related party balances at the end of the years: SCHEDULE OF RELATED PARTY TRANSACTION
Amount
due from related party 2021 2020
Hongye
Financial Consulting (Shenzhen) Co., Ltd. 84,838 Nil
$ 84,838 $ Nil Being
lease of the quarter ended March 31, 2021 paid on behalf of Hongye Financial Consulting (Shenzhen) Co., Ltd. for the shared office in
Shenzhen.
Related
party debt 2021 2020
Zhida
Hong (1) $ 3,727,371 $ 5,043,489
Bihua
Yang (2) 370,523 -
Dewu
Huang (3) 712,064 81,287
Zhongpeng
Chen - 160,427
Jinlong
Huang 104,006 144,237
$ 4,913,964 $ 5,429,440
(1) The
decrease was due to net repayment of debt due to Zhida Hong. During years ended March 31,
2021, the Company received financial support of $ 2.2 3.6
(2) Being
financial support from Bihua Yang for XKJ’s daily operation.
(3) The
increase of related party debt was additional financial support provided by Dewu Huang for
YBY’s daily operation.

INVENTORIES (Tables)

INVENTORIES (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIESInventories
consist of the following as of December 31, 2021 and March 31, 2021: SCHEDULE
OF INVENTORIES
December
31, 2021 March
31, 2021
Raw
materials $ 242,644 $ 234,870
Work
in progress 3,916 -
Finished
goods 51,636 35,564
Total
inventories $ 298,196 $ 270,434
Inventories
consist of the following as of March 31, 2021 and 2020: SCHEDULE OF INVENTORIES
2021 2020
Raw
materials $ 234,871 $ 230,742
Work
in progress - 62,150
Finished
goods 35,564 54,639
Total
inventories $ 270,434 $ 347,531

PREPAYMENTS AND OTHER RECEIVA_2

PREPAYMENTS AND OTHER RECEIVABLES (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Receivables [Abstract]
SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLESPrepayments
and other receivables consist of the following as of December 31, 2021 and March 31, 2021: SCHEDULE
OF PREPAYMENTS AND OTHER RECEIVABLES
December
31, 2021 March
31, 2021
Prepayment 34,248 -
Deposit 79,447 155,830
Receivable
of consideration on disposal of subsidiaries 269,057 258,929
Other
receivables 227,869 269,402
Total
Prepayment $ 610,621 $ 684,161
Prepayments
and other receivables consists of the following as of March 31, 2021 and 2020: SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES
2021 2020
Deposit 155,830 123,965
Receivable
of consideration on disposal of subsidiaries 258,929 -
Other
receivables 269,402 108,009
Total
Prepayment $ 684,161 $ 231,974

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENTProperty,
plant and equipment consists of the following as of December 31, 2021 and March 31, 2021: SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
December
31, 2021 March
31, 2021
Production
plant $ 73,871 $ 71,642
Motor
vehicles 1,189,673 1,020,893
Office
equipment 28,129 14,073
1,291,673 1,106,608
Less:
accumulated depreciation (422,070 ) (312,631 )
Plant
and equipment, net $ 869,603 $ 793,977
Plant
and equipment consists of the following as of March 31, 2021 and 2020: SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
2021 2020
Production
plant $
71,642 $
67,247
Motor
vehicles 1,020,893 868,743
Office
equipment 14,073 19,471
1,106,608 955,461
Less:
accumulated depreciation (312,631 ) (370,442
)
Plant
and equipment, net $
793,977 $
585,019

INCOME TAXES (Tables)

INCOME TAXES (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Income Tax Disclosure [Abstract]
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATIONThe
reconciliation of income taxes computed at the PRC statutory tax rate applicable to the PRC, to income tax expenses are as follows: SCHEDULE
OF EFFECTIVE INCOME TAX RATE RECONCILIATION
Three
months ended Nine
months ended
December
31, December
31,
2021 2020 2021 2020
PRC
statutory tax rate 25 % 25 % 25 % 25 %
Computed
expected benefits (expense) 3,457 (71,949 ) 35,120 (884,253 )
Temporary
differences (30,951 ) 29,440 (87,797 ) 629,954
Permanent
difference 1,444 6,640 1,691 131,595
Changes
in valuation allowance 28,259 51,654 68,879 145,900
Income
tax expense $ 2,209 $ (15,784 ) 17,893 23,196
The
reconciliation of income taxes computed at the PRC federal statutory tax rate applicable to the PRC, to income tax expenses are as follows: SCHEDULE
OF EFFECTIVE INCOME TAX RATE RECONCILIATION
2021
2020
PRC
statutory tax rate 25 % 25 %
Computed
expected benefits $ (891,076 ) $ (241,137
)
Temporary
differences (50,911 ) (15,205
)
Permanent
difference 56,227 3,732
Changes
in valuation allowance 911,627 268,680
Reported
income tax expense $ 25,867 $ 16,070
Reported
income tax expense $ 25,867 $ 16,070

CONSOLIDATED SEGMENT DATA (Tabl

CONSOLIDATED SEGMENT DATA (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Segment Reporting [Abstract]
SCHEDULE OF SEGMENT REPORTINGSelected
information for period ended December 31, 2021 in the segment structure is presented in the following tables: SCHEDULE
OF SEGMENT REPORTING
Garment Logistics
Services Property
management and leasing Epidemic
prevention supplies Corporate
and other Totals
Revenue
from external customers 2,488,173 4,144,604 3,202,956 - - 9,835,733
Intersegment
revenue - - - - - -
Interest
income 1,925 63 140 - 6 2,135
Interest
expense 4,181 506 456 - 232 5,375
Depreciation
and amortization 1,981 90,655 18,443 4,482 - 115,561
Operating
income (loss) 96,275 210,878 47,935 - (344,327 ) 10,761
Segment
assets 1,833,807 2,433,062 7,770,529 87,597 947,253 13,072,248
Expenditures
for segment assets - 148,604 27,664 - - 176,268
Selected
information in the segment structure is presented in the following tables: SCHEDULE OF SEGMENT REPORTING
Garment Logistics
Services Property
management and leasing Epidemic
prevention supplies Corporate
and other Totals
Revenue
from external customers 6,896,410 4,580,733 1,278,517 11,979,099 - 24,734,759
Intersegment
revenue 2,304 - - - - 2,304
Interest
income 23 0 8 - 199 230
Interest
expense 16,787 795 7 - 1,553 19,142
Depreciation
and amortization 5,036 90,549 - 5,429 - 101,014
Operating
income (loss) 327,161 191,730 4,220 (3,280,313 ) (850,972 ) (3,608,174 )
Segment
assets 4,410,466 2,236,574 9,316,090 33,737 2,342,379 18,424,084
Expenditures
for segment assets 79,460 326,391 - - - 405,851
SCHEDULE OF GEOGRAPHICAL INFORMATIONThe
Company operates predominantly in China. In presenting information on the basis of geographical location, revenue is based on the geographical
location of customers and long-lived assets are based on the geographical location of the assets. SCHEDULE
OF GEOGRAPHICAL INFORMATION Geographic
Information
Three
months ended Nine
months ended
2021 2020 2021 2020
Revenues
United
States - 4,787 - 11,868,854
China 2,791,470 3,406,766 9,835,733 9,145,210
Total 2,791,470 3,411,552 9,835,733 21,014,064
December
31, 2021 March
31, 2020
Long-Lived
Assets
China 8,186,834 10,426,602
Geographic
Information SCHEDULE OF GEOGRAPHICAL INFORMATION
Revenues Long-Lived
Assets
China 13,131,787 10,426,602
United
States 11,602,972 -
Total 24,734,759 10,426,602

LEASE RIGHT-OF-USE ASSET AND _2

LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Lease Right-of-use Asset And Lease Liabilities
SCHEDULE OF LEASE COSTThe
Following table summarizes the components of lease expense: SCHEDULE
OF LEASE COST
2021 2020 2021 2020
Three
months ended Nine
months ended
2021 2020 2021 2020
Operating
lease cost 968,170 444,162 2,878,730 668,883
Short-term
lease cost 20,955 - 62,799 -
Lease
cost $ 989,125 $ 444,162 2,941,529 668,883
The
Following table summarizes the components of lease expense: SCHEDULE
OF LEASE COST
2021
2020
Operating
lease cost 1,021,267 451,685
Short-term
lease cost 35,727 63,785
Lease cost 1,056,994 515,470
SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASESThe
following table summarizes supplemental information related to leases: SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
2021 2020 2021 2020
Three
months ended Nine
months ended
2021 2020 2021 2020
Cash
paid for amounts included in the measurement of lease liabilities
Operating
cash flow from operating leases $ 989,170 $ 444,162 2,941,529 668,883
Right-of-use
assets obtained in exchange for new operating leases liabilities (3,390 ) 10,378,042 3,42,457 10,404,962
Weighted
average remaining lease term - Operating leases (years) 2.0 3.1 2.0 3.1
Weighted
average discount rate - Operating leases 4.75 % 4.35 % 4.75 % 4.35 %
The
following table summarizes supplemental information related to leases: SCHEDULE
OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
2021 2020
Cash
paid for amounts included in the measurement of lease liabilities
Operating
cash flow used in operating leases $ 1,650,847 $ 515,470
Right-of-use
assets obtained in exchange for new operating leases liabilities 9,380,402 1,982,393
Weighted
average remaining lease term - Operating leases (years) 2.8 4.2
Weighted
average discount rate - Operating leases 4.35 % 4.35 %
SCHEDULE OF OPERATING LEASE LIABILITYThe
following table summarizes the maturity of operating lease liabilities: SCHEDULE
OF OPERATING LEASE LIABILITY
Years
ending December 31 Lease
cost
2022 $ 3,877,767
2023 3,857,516
2024 103,853
2025
Total
lease payments 7,839,136
Less:
Interest (531,253 )
Total $ 7,307,883
The
following table summarizes the maturity of operating lease liabilities: SCHEDULE
OF OPERATING LEASE LIABILITY
Years
ending March 31 Lease
cost
2022 $ 3,710,121
2023 3,792,954
2024 2,891,377
2025 58,344
Total
lease payments 10,452,795
Less:
Interest (820,170 )
Total $ 9,632,625

RISKS AND UNCERTAINTIES (Tables

RISKS AND UNCERTAINTIES (Tables)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Risks and Uncertainties [Abstract]
SCHEDULE OF CONCENTRATION RISKSThe
followings are the percentages of accounts receivable balance of the top customers over accounts receivable for each segment as of December
31, 2021 and March 31, 2021. SCHEDULE
OF CONCENTRATION RISKS Garment
manufacturing segment
December
31, 2021 March
31, 2021
Customer
A 87.0 % 98.4 %
Customer
B 13.0 % 1.6 % The
high concentration as of December 31, 2021 was mainly due to business development of a large distributor of garments. Logistics
services segment
December
31, 2021 March
31, 2021
Customer
A 12.2 % 16.6 %
Customer
B 11.0 % Nil %
Customer
C 10.0 % 30.2 %
Customer
D 7.3 % Nil %
Customer
E 6.5 % 12.7 %
Garment
manufacturing segment SCHEDULE
OF CONCENTRATION RISKS
March
31, 2021 March
31, 2020
Customer
A 98.4 % 85.5 %
Customer
B 1.6 % Nil
% The
high concentration as at March 31, 2021 was mainly due to business development of a large distributor of garments. Management believes
that should the Company lose any one of its major customers, it was able to sell similar products to other customers. Logistics
services segment
March
31, 2021 March
31, 2020
Customer
A 30.2 % 22.4 %
Customer
B 16.6 % 18.3 %
Customer
C 12.7 % 3.8 %
Customer
D 5.5 % 2.7 %
Customer
E 5.5 % Nil
%
SCHEDULE OF PURCHASES FROM SUPPLIERSThe
following tables summarized the purchases from five largest suppliers of each of the reportable segment for the three and nine months
ended December 31, 2021 and 2020. SCHEDULE
OF PURCHASES FROM SUPPLIERS
Three
months ended Nine
months ended
December
31, December
31,
2021 2020 2021 2020
Garment
manufacturing segment 100.0 % 100.0 % 99.8 % 97.7 %
Logistics
services segment 100.0 % 79.1 % 92.2 % 99.7 %
Property
management and subleasing 100.0 % 100.0 % 100.0 % 100.0 %
Epidemic
prevention supplies Nil
% 100.0 % Nil % 100 %
The
following tables summarized the percentage of purchases from five largest suppliers of each of the reportable segment purchase for the
years ended March 31, 2021 and 2020. SCHEDULE
OF PURCHASES FROM SUPPLIERS
Year
ended
March
31,
2021 2020
Garment
manufacturing segment 98.7 % 92.7 %
Logistics
services segment 49.9 % 25.6 %
Property
management and subleasing 100.0 % Nil %
Epidemic
prevention supplies 90.8 % Nil %
SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVESPlant
and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives,
using the straight-line method. Estimated useful lives of the plant and equipment are as follows: SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES
Production
plant 5 10
Motor
vehicles 10 15
Office
equipment 5 10

DISPOSITION OF SUBSIDIARIES (Ta

DISPOSITION OF SUBSIDIARIES (Tables)12 Months Ended
Mar. 31, 2021
Disposition Of Subsidiaries
SUMMARY OF FINANCIAL POSITION OF ENTITIES AND GAIN OR LOSS ON DISPOSALFinancial
position of the entities at disposal date and gain or loss on disposal: Garment
Manufacturing Segment SUMMARY OF FINANCIAL POSITION OF ENTITIES AND GAIN OR LOSS ON DISPOSAL
Financial
position of DT September
30, 2020, date of disposal
Current
assets $ 673,025
Noncurrent
assets -
Current
liabilities (70,481 )
Net
assets $ 602,544 The
consideration was at the fair value as of date of disposal, which was also the carrying value of DT, resulting no Logistics
Services Segment
Financial
position of HPF November
16, 2020, date of disposal
Current
assets $ 740,060
Noncurrent
assets 42,658
Current
liabilities (565,362 )
Net
assets $ 217,356

ACCRUED EXPENSES AND OTHER PA_2

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)12 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLESAccrued
expenses and other payables consist of the following as of March 31, 2021 and 2020: SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES
2021 2020
Accrued
wages and welfare 82,548 61,776
Accrued
expenses 55,000 5,753
Other
tax payable 28,242 25,206
Rental
payable 29,741 24,972
Customers’
deposits 150,993 -
Other
payables 335,460 113,210
Accrued
expenses and other payables $ 681,984 $ 230,917

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020Sep. 30, 2021Sep. 30, 2020Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent $ 11,619 $ (303,581) $ 122,587 $ (3,560,206) $ (3,590,169) $ (980,617)
Net loss(11,619)303,581 (122,587)3,560,206 3,590,169 980,617
Net current liability4,602,684 4,602,684 4,430,933 4,095,286
Deficit on total equity $ 21,808 $ 3,065,809 $ 21,808 $ 3,065,809 $ 81,498 $ 3,066,724 $ 4,672 $ 2,676,500 $ 2,177,550

SCHEDULE OF RELATED PARTIES REL

SCHEDULE OF RELATED PARTIES RELATIONSHIP WITH THE COMPANY (Details)9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Zhida Hong [Member]
Related Party Transaction [Line Items]
Name of Related PartiesZhida
Hong
Zhida
Hong
Relationship with the CompanyPresident,
CEO, and a director of the Company
President,
CEO, and a director of the Company
Zhongpeng Chen [Member]
Related Party Transaction [Line Items]
Name of Related PartiesZhongpeng
Chen
Zhongpeng
Chen
Relationship with the CompanyA
legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
A
legal representative of HPF, became not a related party when HPF was disposed of in November, 2020
Bihua Yang [Member]
Related Party Transaction [Line Items]
Name of Related PartiesBihua
Yang
Bihua
Yang
Relationship with the CompanyA
legal representative of XKJ
A
legal representative of XKJ
Zhiyong Zhou [Member]
Related Party Transaction [Line Items]
Name of Related PartiesZhiyong
Zhou
Relationship with the CompanyGeneral
Manager of XKJ
Dewu Huang [Member]
Related Party Transaction [Line Items]
Name of Related PartiesDewu
Huang
Dewu
Huang
Relationship with the CompanyA
legal representative of YBY
A
legal representative of YBY
Jinlong Huang [Member]
Related Party Transaction [Line Items]
Name of Related PartiesJinlong
Huang
Jinlong
Huang
Relationship with the CompanyA
spouse of legal representative of HSW
A
spouse of legal representative of HSW
Hongye Financial Consulting (Shenzhen) Co., Ltd [Member]
Related Party Transaction [Line Items]
Name of Related PartiesHongye
Financial Consulting (Shenzhen) Co., Ltd.
Relationship with the CompanyA
company controlled by CEO, Mr. Zhida Hong

SCHEDULE OF RELATED PARTY TRANS

SCHEDULE OF RELATED PARTY TRANSACTION (Details) - USD ($)Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Related Party Transaction [Line Items]
Amounts due from related parties $ 171,364 $ 84,838
Amounts due to related parties3,536,615 4,913,964 5,429,440
Hongye Financial Consulting (Shenzhen) Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties154,210 84,838
Zhiyong Zhou [Member]
Related Party Transaction [Line Items]
Amounts due from related parties[1]17,154
Zhida Hong [Member]
Related Party Transaction [Line Items]
Amounts due to related parties3,208,463 [2]3,727,371 [2]5,043,489
Bihua Yang [Member]
Related Party Transaction [Line Items]
Amounts due to related parties [3]370,523 [3]
Dewu Huang [Member]
Related Party Transaction [Line Items]
Amounts due to related parties177,755 [4]712,064 [4]81,287
Jinlong Huang [Member]
Related Party Transaction [Line Items]
Amounts due to related parties $ 150,397 104,006 144,237
Zhongpeng Chen [Member]
Related Party Transaction [Line Items]
Amounts due to related parties $ 160,427
[1]Being
cash advance to Zhiyong Zhou to pay for daily operating expenditures of XKJ.
[2]The
decrease was due to net repayment of debt due to Zhida Hong. During the three and nine months ended December 31, 2021, the Company
received financial support of $
[3]Being
financial support from Bihua Yang for XKJ’s daily operation.
[4]The
decrease was due to net repayment of debt due to Dewu Huang. During the nine months ended December 31, 2021, the company received
interest free advanced loan as financial support of approximately $

SCHEDULE OF RELATED PARTY TRA_2

SCHEDULE OF RELATED PARTY TRANSACTION (Details) (Parenthetical) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Related Party Transaction [Line Items]
Proceeds from related party debt $ 3,797,473 $ 7,697,827 $ 9,200,975 $ 2,475,728
Repayments of related party debt5,341,046 $ 6,605,044 9,702,083 $ 1,063,323
Zhida Hong [Member]
Related Party Transaction [Line Items]
Proceeds from related party debt $ 30,000 270,000 2,200,000
Repayments of related party debt $ 300,000 900,000 $ 3,600,000
Huang Dewu [Member]
Related Party Transaction [Line Items]
Proceeds from related party debt1,500,000
Repayments of related party debt $ 2,000,000

SCHEDULE OF INVENTORIES (Detail

SCHEDULE OF INVENTORIES (Details) - USD ($)Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials $ 242,644 $ 234,870 $ 230,742
Work in progress3,916 62,150
Finished goods51,636 35,564 54,639
Total inventories $ 298,196 $ 270,434 $ 347,531

SCHEDULE OF PREPAYMENTS AND OTH

SCHEDULE OF PREPAYMENTS AND OTHER RECEIVABLES (Details) - USD ($)Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Receivables [Abstract]
Prepayment $ 34,248
Deposit79,447 155,830 $ 123,965
Receivable of consideration on disposal of subsidiaries269,057 258,929
Other receivables227,869 269,402 108,009
Total Prepayment $ 610,621 $ 684,161 $ 231,974

SCHEDULE OF PROPERTY, PLANT AND

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Plant and equipment, gross $ 1,291,673 $ 1,106,608 $ 955,461
Less: accumulated depreciation(422,070)(312,631)(370,442)
Plant and equipment, net869,603 793,977 585,019
Equipment [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross73,871 71,642 67,247
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross1,189,673 1,020,893 868,743
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross $ 28,129 $ 14,073 $ 19,471

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense $ 44,164 $ 32,051 $ 115,561 $ 83,210 $ 101,014 $ 114,391

SHORT-TERM BANK LOAN (Details N

SHORT-TERM BANK LOAN (Details Narrative)1 Months Ended9 Months Ended12 Months Ended
Aug. 31, 2020USD ($)Sep. 30, 2018USD ($)Dec. 31, 2021USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Dec. 31, 2021CNY (¥)Mar. 31, 2021CNY (¥)Aug. 31, 2020CNY (¥)Mar. 31, 2020CNY (¥)Aug. 31, 2019USD ($)Aug. 31, 2019CNY (¥)Sep. 30, 2018CNY (¥)
Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate4.84%4.84%
Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate6.96%6.96%
Dongguan Agricultural Bank of China [Member] | Facility Agreement [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity $ 153,172 ¥ 1,000,000
Line of credit outstanding value $ 157,354 $ 152,607 ¥ 1,000,000
Dongguan Agricultural Bank of China [Member] | Facility Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate4.84%
Dongguan Agricultural Bank of China [Member] | Facility Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate4.90%
Dongguan Agricultural Bank of China [Member] | Ding Yinping [Member]
Debt Instrument [Line Items]
Line of credit outstanding value $ 6,596 ¥ 41,921
Dongguan Agricultural Bank of China [Member] | New Facility Agreement [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity | $ $ 147,264
Line of credit outstanding value | $ $ 152,607
Line of credit facility, maturity dateJul. 31,
2021
Dongguan Agricultural Bank of China [Member] | New Facility Agreement [Member] | RMB [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity | ¥ ¥ 1,000,000
Line of credit outstanding value | ¥ ¥ 1,000,000
Dongguan Agricultural Bank of China [Member] | New Facility Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate434.00%
Dongguan Agricultural Bank of China [Member] | New Facility Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate4.90%
Dongguan Agricultural Commercial Bank [Member] | Facility Agreement [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity | $ $ 212,334
Line of credit outstanding value | $ $ 211,868
Line of credit facility, interest rate6.96%
Line of credit facility, maturity month year2020-09
Dongguan Agricultural Commercial Bank [Member] | Facility Agreement [Member] | RMB [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity | ¥ ¥ 1,500,000
Line of credit outstanding value | ¥ ¥ 1,500,000
Webank [Member] | Facility Agreement [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity | $ $ 88,358
Webank [Member] | Facility Agreement [Member] | RMB [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity | ¥ ¥ 600,000
Webank [Member] | Facility Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate16.20%
Webank [Member] | Facility Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate16.29%

SCHEDULE OF EFFECTIVE INCOME TA

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
PRC statutory tax rate25.00%25.00%25.00%25.00%25.00%25.00%
Computed expected benefits $ 3,457 $ (71,949) $ 35,120 $ (884,253) $ (891,076) $ (241,137)
Temporary differences(30,951)29,440 (87,797)629,954 (50,911)(15,205)
Permanent difference1,444 6,640 1,691 131,595 56,227 3,732
Change in valuation allowance28,259 51,654 68,879 145,900 911,627 268,680
Income tax expense $ 2,209 $ (15,784) $ 17,893 $ 23,196 $ 25,867 $ 16,070

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Millions3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Federal statutory tax rate25.00%25.00%25.00%25.00%25.00%25.00%
Percentage of preferential tax benefits and EIT rate and term descriptionThe preferential tax rate will be expired at end of year 2022 and the EIT rate will be 25% from year 2023.
Percentage of preferential value added tax3.00%3.00%
Accumulated tax losses $ 1.5 $ 0.8
Accumulated net operating loss $ 4.7 $ 1.2
H S W D T And Y S [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage of preferential value added tax13.00%
Shenzhen Hua Peng Fa Logistic Co Ltd [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage of preferential value added tax3.00%
Domestic Tax Authority [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage of value added tax13.00%13.00%
Logistic Company [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage of value added tax9.00%9.00%
Dongguan Heng Sheng Wei Garments Co., Ltd [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage of preferential value added tax13.00%
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage on enterprise income tax5.00%
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage on enterprise income tax15.00%
HONG KONG
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax rate16.50%16.50%16.50%
People's Republic of China [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Federal statutory tax rate25.00%25.00%25.00%
Percentage of preferential tax benefits and EIT rate and term descriptionThe
preferential tax rate will be expired at end of year 2022 and the EIT rate will be 25% from year 2023
People's Republic of China [Member] | Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage on enterprise income tax5.00%
People's Republic of China [Member] | Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Percentage on enterprise income tax15.00%

SCHEDULE OF SEGMENT REPORTING (

SCHEDULE OF SEGMENT REPORTING (Details) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues $ 2,791,470 $ 3,411,552 $ 9,835,733 $ 21,014,064 $ 24,734,759 $ 10,172,379
Intersegment revenue 2,304
Interest income2,135 230
Interest expense2,526 646 5,375 6,586 19,142 20,799
Depreciation and amortization115,561 101,014
Operating income (loss)(27,676) $ (288,526)10,761 (3,593,015)(3,608,174)(864,318)
Segment assets13,072,248 13,072,248
Expenditures for segment assets176,268 $ 392,108 405,851 136,001
Segment assets13,014,718 13,014,718 18,424,084 $ 8,421,978
Garment Manufacturing Segment [Member]
Segment Reporting Information [Line Items]
Revenues2,488,173 6,896,410
Intersegment revenue 2,304
Interest income1,925 23
Interest expense4,181 16,787
Depreciation and amortization1,981 5,036
Operating income (loss)96,275 327,161
Segment assets1,833,807 1,833,807
Expenditures for segment assets 79,460
Segment assets4,410,466
Logistic Services Segment [Member]
Segment Reporting Information [Line Items]
Revenues4,144,604 4,580,733
Intersegment revenue
Interest income63 0
Interest expense506 795
Depreciation and amortization90,655 90,549
Operating income (loss)210,878 191,730
Segment assets2,433,062 2,433,062
Expenditures for segment assets148,604 326,391
Segment assets2,236,574
Property Management and Subleasing [Member]
Segment Reporting Information [Line Items]
Revenues3,202,956 1,278,517
Intersegment revenue
Interest income140 8
Interest expense456 7
Depreciation and amortization18,443
Operating income (loss)47,935 4,220
Segment assets7,770,529 7,770,529
Expenditures for segment assets27,664
Segment assets9,316,090
Epidemic Prevention Supplies Segment [Member]
Segment Reporting Information [Line Items]
Revenues 11,979,099
Intersegment revenue
Interest income
Interest expense
Depreciation and amortization4,482 5,429
Operating income (loss) (3,280,313)
Segment assets87,597 87,597
Expenditures for segment assets
Segment assets33,737
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues
Intersegment revenue
Interest income6 199
Interest expense232 1,553
Depreciation and amortization
Operating income (loss)(344,327)(850,972)
Segment assets $ 947,253 947,253
Expenditures for segment assets
Segment assets $ 2,342,379

SCHEDULE OF GEOGRAPHICAL INFORM

SCHEDULE OF GEOGRAPHICAL INFORMATION (Details) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues $ 2,791,470 $ 3,411,552 $ 9,835,733 $ 21,014,064 $ 24,734,759 $ 10,172,379
Long-Lived Assets10,426,602
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues 4,787 11,868,854 11,602,972
Long-Lived Assets
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues2,791,470 $ 3,406,766 9,835,733 $ 9,145,210 13,131,787
Long-Lived Assets $ 8,186,834 $ 8,186,834 $ 10,426,602

CONSOLIDATED SEGMENT DATA (Deta

CONSOLIDATED SEGMENT DATA (Details Narrative) - Segment9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021
Segment Reporting [Abstract]
Number of Operating Segments4 4

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Lease Right-of-use Asset And Lease Liabilities
Operating lease cost $ 968,170 $ 444,162 $ 2,878,730 $ 668,883 $ 1,021,267 $ 451,685
Short-term lease cost20,955 62,799 35,727 63,785
Lease cost $ 989,125 $ 444,162 $ 2,941,529 $ 668,883 $ 1,056,994 $ 515,470

SCHEDULE OF SUPPLEMENTAL INFORM

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES (Details) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Lease Right-of-use Asset And Lease Liabilities
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 989,170 $ 444,162 $ 2,941,529 $ 668,883 $ 1,650,847 $ 515,470
Right-of-use assets obtained in exchange for new operating leases liabilities $ (3,390) $ 10,378,042 $ 342,457 $ 10,404,962 $ 9,380,402 $ 1,982,393
Weighted average remaining lease term - Operating leases (years)2 years3 years 1 month 6 days2 years3 years 1 month 6 days2 years 9 months 18 days4 years 2 months 12 days
Weighted average discount rate - Operating leases4.75%4.35%4.75%4.35%4.35%4.35%

SCHEDULE OF OPERATING LEASE LIA

SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($)Dec. 31, 2021Mar. 31, 2021
Lease Right-of-use Asset And Lease Liabilities
2022 $ 3,877,767 $ 3,710,121
20233,857,516 3,792,954
2024103,853 2,891,377
202558,344
Total lease payments7,839,136 10,452,795
Less: Interest(531,253)(820,170)
Total $ 7,307,883 $ 9,632,625

LEASE RIGHT-OF-USE ASSET AND _3

LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($)Dec. 31, 2021Mar. 31, 2021Dec. 31, 2020Apr. 02, 2020Mar. 31, 2020
Weighted average discount rate leases4.75%4.35%4.35%4.35%
Operating lease, right of use asset $ 7,307,883 $ 9,632,625 $ 1,835,717
Operating lease, liability $ 7,307,883 $ 9,632,625
Accounting Standards Update 2016-02 [Member]
Operating lease, right of use asset $ 60,000
Operating lease, liability $ 60,000
Plant and Dormitory [Member]
Lease period4 years 6 months4 years 6 months
Floors in Commercial Building [Member]
Lease period3 years3 years
Head Office [Member]
Lease period5 years5 years

SCHEDULE OF CONCENTRATION RISKS

SCHEDULE OF CONCENTRATION RISKS (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member]9 Months Ended12 Months Ended
Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Customer A [Member]
Concentration Risk [Line Items]
Concentration risk, percentage30.20%22.40%
Customer A [Member] | Garment Manufacturing Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage87.00%98.40%85.50%
Customer A [Member] | Logistics Services Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage12.20%16.60%
Customer B [Member]
Concentration Risk [Line Items]
Concentration risk, percentage16.60%18.30%
Customer B [Member] | Garment Manufacturing Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage13.00%1.60%
Customer B [Member] | Logistics Services Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage11.00%
Customer C [Member]
Concentration Risk [Line Items]
Concentration risk, percentage12.70%3.80%
Customer C [Member] | Logistics Services Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage10.00%30.20%
Customer D [Member]
Concentration Risk [Line Items]
Concentration risk, percentage5.50%2.70%
Customer D [Member] | Logistics Services Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage7.30%
Customer E [Member]
Concentration Risk [Line Items]
Concentration risk, percentage5.50%
Customer E [Member] | Logistics Services Segment [Member]
Concentration Risk [Line Items]
Concentration risk, percentage6.50%12.70%

SCHEDULE OF PURCHASES FROM SUPP

SCHEDULE OF PURCHASES FROM SUPPLIERS (Details) - Five Largest Suppliers [Member]3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020
Garment Manufacturing Segment [Member]
Concentration Risk [Line Items]
Percentage of inventory purchase100.00%100.00%99.80%97.70%98.70%92.70%
Logistic Services Segment [Member]
Concentration Risk [Line Items]
Percentage of inventory purchase100.00%79.10%92.20%99.70%49.90%25.60%
Property Management and Subleasing [Member]
Concentration Risk [Line Items]
Percentage of inventory purchase100.00%100.00%100.00%100.00%100.00%
Eepidemic Prevention Supplies [Member]
Concentration Risk [Line Items]
Percentage of inventory purchase100.00%100.00%90.80%

SCHEDULE OF PLANT AND EQUIPMENT

SCHEDULE OF PLANT AND EQUIPMENT USEFUL LIVES (Details)12 Months Ended
Mar. 31, 2021
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, useful lives5 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, useful lives10 years
Motor Vehicles [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, useful lives10 years
Motor Vehicles [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, useful lives15 years
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, useful lives5 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, useful lives10 years

RISKS AND UNCERTAINTIES (Detail

RISKS AND UNCERTAINTIES (Details Narrative)3 Months Ended9 Months Ended12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2021USD ($)Dec. 31, 2021CNY (¥)Dec. 31, 2020Mar. 31, 2021USD ($)sharesMar. 31, 2021CNY (¥)sharesMar. 31, 2020USD ($)shares
Concentration Risk [Line Items]
Translated exchange rates6.355 6.355 6.355 6.553 7.08
Revenue and expenses translated average exchange rates6.442 6.442 6.779 6.786.786.94
Outstanding borrowings $ 157,354 ¥ 1,000,000 $ 152,607
Assets, fair value0
Liabilities, fair value0
Allowance for doubtful accounts0
Write downs for obsolete finished goods0 $ 0
Impairment loss on goodwill475,003
Impairment of long-lived assets $ 0 $ 0
Potentially dilutive ordinary shares | shares0 0 0
Effective federal statutory tax rate25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%
Deferred tax benefit $ 0 $ 0
U.S. Tax Reform [Member]
Concentration Risk [Line Items]
Effective federal statutory tax rate21.00%21.00%
Income tax examination, descriptionThe U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory
U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017
The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory
U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017
People's Republic of China [Member]
Concentration Risk [Line Items]
Effective federal statutory tax rate25.00%25.00%25.00%25.00%25.00%
RMB [Member]
Concentration Risk [Line Items]
Outstanding borrowings | ¥ ¥ 1,000,000
Minimum [Member]
Concentration Risk [Line Items]
Line of credit facility, interest rate4.84%4.84%4.84%4.84%
Maximum [Member]
Concentration Risk [Line Items]
Line of credit facility, interest rate6.96%6.96%6.96%6.96%
Two Customers [Member] | Garment Segment and Epidemic Prevention Supplies Segment [Member]
Concentration Risk [Line Items]
Percentage of sales57.40%57.40%
Two Customers [Member] | Minimum [Member] | Garment Segment and Epidemic Prevention Supplies Segment [Member]
Concentration Risk [Line Items]
Percentage of sales10.00%10.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | No Single Customer [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage10.00%10.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage10.00%10.00%10.00%
Revenue performance obligations percentage24.80%24.80%

SUMMARY OF FINANCIAL POSITION O

SUMMARY OF FINANCIAL POSITION OF ENTITIES AND GAIN OR LOSS ON DISPOSAL (Details) - USD ($)Nov. 16, 2020Sep. 30, 2020
Garment Manufacturing Segment [Member] | DT [Member]
Current assets $ 673,025
Noncurrent assets
Current liabilities(70,481)
Net assets $ 602,544
Logistic Services Segment [Member] | HPF [Member]
Current assets $ 740,060
Noncurrent assets42,658
Current liabilities(565,362)
Net assets $ 217,356

DISPOSITION OF SUBSIDIARIES (De

DISPOSITION OF SUBSIDIARIES (Details Narrative) - USD ($)Oct. 02, 2020Mar. 31, 2021Mar. 31, 2020Sep. 30, 2020
Disposal of inventory $ 114,229
Inventory write-downs $ 0 $ 0
DT [Member]
Gain or loss recognized on disposal $ 0

SCHEDULE OF ACCRUED EXPENSES AN

SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($)Dec. 31, 2021Mar. 31, 2021Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued wages and welfare $ 82,548 $ 61,776
Accrued expenses55,000 5,753
Other tax payable28,242 25,206
Rental payable29,741 24,972
Customers’ deposits150,993
Other payables335,460 113,210
Accrued expenses and other payables $ 778,260 $ 681,984 $ 230,917

SHARE CAPITAL AND RESERVES (Det

SHARE CAPITAL AND RESERVES (Details Narrative) - USD ($)Dec. 31, 2020Nov. 30, 2020Aug. 31, 2020Mar. 31, 2021Mar. 31, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company offered common stocks shares $ 6,735,000
Description on statutory reserveIn
accordance with the relevant laws and regulations of the PRC, the subsidiary of the Company established in the PRC is required to transfer
10% of its profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until the
reserve balance reaches 50% of the subsidiary’s paid-up capital. Such reserve may be used to offset accumulated losses or increase
the registered capital of the subsidiary, subject to the approval from the PRC authorities, and are not available for dividend distribution
to the shareholders
Statutory reserve appropriation amount $ 10,937 $ 1,735
Paid-up statutory reserve13,821 $ 23,514
Additional Paid-in Capital [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company offered common stocks shares $ 6,733,653
Consolidated statutory reserve $ 20,630
Investor [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Company offered common stocks shares $ 600,000 $ 747,000
Subscription price $ 5 $ 5