Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 25, 2021 | Sep. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | Organic Agricultural Co Ltd | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 16,189,336 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001749849 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
Document Annual Report | true | ||
Entity File Number | 0-56168 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||
Cash | $ 70,506 | $ 240,834 |
Accounts receivable | 3,168 | 5,212 |
Prepaid expenses | 11,501 | 48,789 |
Inventories | 121,726 | 56,610 |
Other receivables | 8,416 | 13,105 |
Current assets, discontinued operations (Note 3) | 558,425 | |
Total current assets | 215,317 | 922,975 |
Property plant and equipment, net | 4,498 | |
Operating lease right-of-use asset | 18,330 | 25,727 |
Non-current assets, discontinued operations (Note 3) | 1,981,547 | |
Total assets | 233,647 | 2,934,747 |
Current liabilities: | ||
Accounts payable and accrued expenses | 66,394 | 69,437 |
Customer deposits | 164,270 | 88,131 |
Due to related parties | 89,739 | 84,288 |
Operating lease liabilities (current) | 37,617 | 18,630 |
Other payables | 2,435 | 8,411 |
Current liabilities, discontinued operations (Note 3) | 335,405 | |
Total current liabilities | 360,455 | 604,302 |
Non-current liabilities, discontinued operations (Note 3) | 1,424,600 | |
Total liabilities | 360,455 | 2,028,902 |
Shareholders’ (deficit) equity: | ||
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and 2020 | ||
Common stock; $0.001 par value, 74,000,000 shares authorized; 11,724,836 and 11,693,836 shares issued and outstanding at March 31, 2021 and 2020, respectively | 11,725 | 11,694 |
Additional paid-in capital | 2,659,423 | 2,612,954 |
(Deficit) | (2,684,213) | (1,752,671) |
Other comprehensive income (loss) | (113,743) | 9,891 |
Total shareholders’ (deficit) equity of the Company | (126,808) | 881,868 |
Non-controlling interest | 23,977 | |
Total shareholders’ (deficit) equity | (126,808) | 905,845 |
Total liabilities and shareholders’ (deficit) equity | $ 233,647 | $ 2,934,747 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, shares issued | 11,724,836 | 11,693,836 |
Common stock, shares outstanding | 11,724,836 | 11,693,836 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 126,922 | $ 237,476 |
Cost of sales | 87,760 | 185,114 |
Gross profit | 39,162 | 52,362 |
Selling, general and administrative expenses | 255,006 | 557,494 |
Operating (loss) | (215,844) | (505,132) |
Other (loss) income | (2,355) | 1,517 |
(Loss) before provision for income taxes | (218,199) | (503,615) |
Provision for income taxes | ||
Net (loss) from continuing operations | (218,199) | (503,615) |
(Loss) on the sale of discontinued operations, net of income taxes | (713,722) | |
Income from discontinued operations, net of income taxes (Note 3) | 743 | 57,013 |
Total (loss) income from discontinued operations | (712,979) | 57,013 |
Net (loss) | (931,178) | (446,602) |
Less: net income from discontinued operations attributable to non-controlling interests | 364 | 27,936 |
Net (loss) attributable to common shareholders | $ (931,542) | $ (474,538) |
(Loss) per share continuing operations – basic and diluted (in Dollars per share) | $ (0.02) | $ (0.04) |
(Loss) per share discontinued operations – basic and diluted (in Dollars per share) | $ (0.06) | |
Amounts attributable to common shareholders: | ||
Net (loss) from continuing operations | $ (218,199) | $ (503,615) |
Net (loss) income from discontinued operations | (713,343) | 29,077 |
Net (loss) attributable to common shareholders | $ (931,542) | $ (474,538) |
Basic and diluted (loss) per share (in Dollars per share) | $ (0.08) | $ (0.04) |
Weighted average number of shares outstanding- basic and diluted (in Shares) | 11,723,383 | 11,414,862 |
Other comprehensive (loss): | ||
Net (loss) | $ (931,178) | $ (446,602) |
Foreign currency translation adjustment | (123,197) | 3,646 |
Comprehensive (loss) | (1,054,375) | (442,956) |
Less: comprehensive income attributable to non-controlling interests | (801) | (20,218) |
Comprehensive (loss) attributable to the common shareholders | $ (1,055,176) | $ (463,174) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ (Deficit) Equity - USD ($) | Common stock | Additional Paid-in Capital | (Deficit) | Other Comprehensive Income (Loss) | Total Shareholders’ Equity (Deficit) | Non-controlling Interest | Total |
Balance at Mar. 31, 2019 | $ 11,168 | $ 1,833,730 | $ (1,278,133) | $ (1,473) | $ 565,292 | $ 3,759 | $ 569,051 |
Balance (in Shares) at Mar. 31, 2019 | 11,167,736 | ||||||
Net (loss) | (474,538) | (474,538) | 27,936 | (446,602) | |||
Sale of common shares | $ 526 | 779,224 | 779,750 | 779,750 | |||
Sale of common shares (in Shares) | 526,100 | ||||||
Foreign currency translation adjustment | 11,364 | 11,364 | (7,718) | 3,646 | |||
Balance at Mar. 31, 2020 | $ 11,694 | 2,612,954 | (1,752,671) | 9,891 | 881,868 | 23,977 | 905,845 |
Balance (in Shares) at Mar. 31, 2020 | 11,693,836 | ||||||
Net (loss) | (931,542) | (931,542) | 364 | (931,178) | |||
Sale of common shares | $ 31 | 46,469 | 46,500 | 46,500 | |||
Sale of common shares (in Shares) | 31,000 | ||||||
Foreign currency translation adjustment | (123,634) | (123,634) | 437 | (123,197) | |||
Divestment of Lvxin | $ (24,778) | (24,778) | |||||
Balance at Mar. 31, 2021 | $ 11,725 | $ 2,659,423 | $ (2,684,213) | $ (113,743) | $ (126,808) | $ (126,808) | |
Balance (in Shares) at Mar. 31, 2021 | 11,724,836 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net (loss) income from discontinued operations | $ (712,979) | $ 57,013 |
Net (loss) from continuing operations | (218,199) | (503,615) |
Depreciation and amortization | 4,704 | 4,075 |
Changes in operating assets and liabilities, discontinued operations | 724,965 | (56,862) |
Changes in operating assets and liabilities, continuing operations: | ||
Accounts receivable | 2,386 | (5,304) |
Prepaid and deferred expenses | 39,899 | (3,302) |
Inventories | (21,877) | 22,696 |
Right-of-use asset | 9,177 | |
Other receivables | 5,565 | 4,772 |
Accounts payable and accrued expenses | (5,199) | 14,021 |
Customer deposits | 66,708 | (68,652) |
Due to related parties | 41,450 | 43,351 |
Lease liability | 16,899 | (18,939) |
Other payables | 2,150 | (14,187) |
Net cash (used in) operating activities | (44,351) | (524,933) |
Cash Flows from Investing Activities | ||
Purchase of fixed assets | (1,318) | |
Cash disbursed on divestment of Lvxin | (1,343) | |
Net cash (used in) investing activities | (1,343) | (1,318) |
Cash Flows from Financing Activities | ||
Proceeds from sale of common stock | 46,400 | 734,617 |
Proceeds from related parties’ loans | 36,630 | |
Net cash provided by financing activities | 46,400 | 771,247 |
Effect of exchange rate fluctuations on cash | (172,374) | (15,775) |
Net (decrease) increase in cash | (171,668) | 229,221 |
Cash, beginning of year-continuing operations | 240,834 | 11,695 |
Cash, beginning of year-discontinued operations | 1,340 | 1,258 |
Cash, beginning of year | 242,174 | 12,953 |
Cash, end of year-continuing operations | 70,506 | 240,834 |
Cash, end of year-discontinued operations | 1,340 | |
Cash, end of year | 70,506 | 242,174 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
Supplemental disclosure of non-cash activities: | ||
(Loss) on sale of discontinued operations | (713,722) | |
Divestment of Lvxin | $ 203,319 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organic Agricultural Company Limited (“Organic Agricultural”, the “Company”, “we” or “us”) was incorporated in the State of Nevada on April 17, 2018. The Company, through its subsidiaries with headquarters in Harbin, China, sells selenium-enriched products and other agricultural products. At March 31, 2021, the Company’s subsidiaries were: ● Organic Agricultural (Samoa) Co., Ltd. (“Organic Agricultural Samoa”), a limited company incorporated in Samoa on December 15, 2017, is wholly owned by Organic Agricultural. Organic Agricultural Samoa owns all of the outstanding shares of capital stock of Organic Agricultural Company Limited (Hong Kong). ● Organic Agricultural Company Limited (Hong Kong) (“Organic Agricultural HK”), which was established on December 6, 2017 under the laws of Hong Kong, is wholly owned by Organic Agricultural Samoa. Organic Agricultural HK owns all of the registered equity of Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited. ● Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited. (“Tianci Liangtian”), a company incorporated in Heilongjiang, China on November 2, 2017, is wholly owned by Organic Agricultural HK. Tianci Liangtian owns all of the registered equity of Heilongjiang Yuxinqi Agricultural Technology Development Company Limited. ● Heilongjiang Yuxinqi Agricultural Technology Development Company Limited (“Yuxinqi”), a company incorporated in Heilongjiang, China on February 5, 2018, is wholly owned by Tianci Liangtian. Yuxinqi sells agricultural products, including paddy and other crops, to customers. ● Tianci Wanguan (Xiamen) Digital Technology Company Limited (“Tianci Wanguan”), a company incorporated in Xiamen, China on November 5, 2020, is 51% owned by Organic Agricultural HK. Reorganization On May 16, 2018, the Company completed a corporate reorganization to combine several controlled entities (now referred to as the “subsidiaries”) into Organic Agricultural. The specific transactions related to this reorganization are as follows: On March 31, 2017, Hao Shuping and the shareholders of Baoqing County Lvxin Paddy Rice Plant Specialized Cooperative (“Lvxin”) signed an Equity Transfer Agreement, whereby shareholders of Lvxin transferred 51% of the controlling interest in Lvxin to Hao Shuping. Hao Shuping agreed to pay the Lvxin shareholders RMB 2,029,586 (US$305,472) in cash and cause the company that would become Organic Agricultural to issue to them 152,736 shares (valued at US$152,736). Hao Shuping and the shareholders of Lvxin also signed an irrevocable supplemental agreement that gave Hao Shuping voting and managerial control over Lvxin. By June 22, 2018, Tianci Liangtian paid all of the consideration to Lvxin’s former shareholders. On January 1, 2018, pursuant to the Equity Transfer Agreement between Hao Shuping and Tianci Liangtian, Hao Shuping transferred his 51% controlling interest in Lvxin to Tianci Liangtian. As control of both entities resided with Hao Shuping, we accounted for the combination of Lvxin with Tianci Liangtian as a transaction between entities under common control. On January 8, 2018, the shareholders of Tianci Liangtian transferred ownership of Tianci Liangtian to Organic Agricultural HK, which is wholly owned by Organic Agricultural Samoa. On May 16, 2018, the Company issued 10,000,000 shares of its common stock, par value $0.001 to the shareholders of Organic Agricultural Samoa, in exchange for 100% of the outstanding shares of Organic Agricultural Samoa (the “Share Exchange”). As a result of the Share Exchange, Hao Shuping acquired 48.8% of the Company’s outstanding shares. Prior to the Share Exchange, Hao Shuping controlled Lvxin and Tianci Liangtian. Therefore, the Share Exchange was accounted for as a business combination of entities under common control in accordance with ASC 805-50-30-5. Accordingly, the assets and liabilities of the Company and its subsidiaries are presented at their carrying values at the date of the transaction; the Company’s historical shareholders’ equity was retroactively restated to the first period presented, as the acquisition of Organic Agricultural Samoa, Organic Agricultural HK, Tianci Liangtian and Lvxin was treated as a combination of entities under common control. On April 24, 2020 Tianci Liangtian entered into an Equity Transfer Agreement providing for the transfer to Lou Zhengui of Tianci’s 51% interest in the equity of Baoqing County Lvxin Paddy Rice Plant Specialized Cooperative. The Agreement transferred the equity to Lou Zhengui as of April 30, 2020. Tianci Liangtian retained responsibility for the liabilities incurred by Lvxin prior to April 30, 2020, including debt of 257,731 RMB (approx. US$36,380) owed by Lvxin to Yuxinqi. Tianci Liangtian also waived a repayment of 3,672,002 RMB (approx. US$518,321) owed by Lvxin to Tianci Liangtian. In exchange for the 51% interest in Lvxin, Lou Zhengui assumed the obligation to satisfy a debt of 300,000 RMB (approx. US$42,350) owed by Tianci Liangtian to Hao Shuping, a member of the Company’s Board of Directors. The business of Lvxin was growing paddy rice. The divestment of Lvxin by Tianci will enable Tianci to focus on its other business: processing and marketing food stuffs. In accordance with U.S. GAAP, the financial position and results of operations of Lvxin are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The restated historical financial statements reflecting the divestment are unaudited, but the March 31, 2020 balance sheet information has been derived from the Company’s historical audited annual reports. The comprehensive income related to Lvxin has not been segregated and is included in the Consolidated Statements of Comprehensive Income for all periods presented. With the exception of Note 3, the Notes to the Consolidated Financial Statements reflect the continuing operations of the Company. See Note 3 - Discontinued Operations below for additional information regarding discontinued operations. Certain amounts in the prior year’s consolidated financial statements and related footnotes thereto have been reclassified to conform with the current year’s presentation as a result of the divestment of Lvxin. On November 6, 2020 Organic Agricultural entered into a Cooperation Agreement with Unbounded IOT Block Chain Limited (“Unbounded”), an entity with offices in Xiamen City, Fujian Province. The purpose of the Cooperation Agreement was to promote the use of blockchain technology in agriculture, specifically the development of tracing systems for agricultural products, the development of a blockchain-based shopping mall for agricultural products, and related improvements to the agricultural sector of the economy. To accomplish those purposes, Tianci Wanguan (Xiamen) Digital Technology Co., Ltd. was incorporated in Xiamen, China on November 5, 2020. Tianci Wanguan is 51% owned by Organic Agricultural HK and 49% owned by Chen Zewu on behalf of Unbounded. Each party had committed to provide capital resources to Tianci Wanguan in proportion to its ownership percentage. The Cooperation Agreement provided that Organic Agricultural was to issue shares of its common stock to Unbounded if certain technological goals specified in the Cooperation Agreement were achieved and the revenue goals and other targets that Organic Agricultural and Unbounded set for Tianci Wanguan were met. Within sixty days after these conditions were satisfied, Organic Agricultural was to implement a 4.9-for-1 stock split and following was to issue 20 million common shares to Unbounded. Tianci Wanguan did not have any assets, liabilities or operations since its inception. Since the goals specified in the Cooperation Agreement were not achieved and the revenue goals and other targets that Organic Agricultural and Unbounded set for Tianci Wanguan were not met, the Cooperation Agreement automatically became null and void. The Company and Unbounded IOT Block Chain Limited are looking for other cooperation proposals. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going concern Management has determined there is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues and recurring losses. If we are unable to generate significant revenue or secure additional financing, we may be required to cease or curtail our operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s operations have been financed primarily by proceeds from sales of shares. The Company received $46,400 during the 2021 fiscal year and subsequently, $920,000 in April 2021 from sales of shares. These funds were used for working capital. Hao Shuping, Shen Zhenai, Xun Jianjun were the primary sources of financing for the early operations of the entity and will continue to provide support in the future if there is a need for additional financing. Management intends to expand product offerings to include value-added products, both products based on rice and products based on other food stuffs, such as organic red beans and millet. The marketing personnel of the Company are opening new marketing channels and hope to build a stable base of customers. In this manner, Management hopes to generate sufficient operating cash inflow to support its future operations and development of the Company in addition to capital raised from sales of shares and shareholders’ support based on need. Basis of presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation when applicable. The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The consolidated financial statements include the assets, liabilities, and net income or loss of these subsidiaries. The Company’s subsidiaries as of March 31, 2021 are listed as follows: Name Place of Attributable Organic Agricultural (Samoa) Co., Ltd. Samoa 100 Organic Agricultural Company Limited (Hong Kong) Hong Kong 100 Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited China 100 Heilongjiang Yuxinqi Agricultural Technology Development Company Limited China 100 Tianci Wanguan (Xiamen) Digital Technology Company Limited China 51 Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ from those estimates. One significant item subject to such estimates and assumptions is the inventory valuation allowance. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. Cash Cash consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. All highly liquid investments with original stated maturities of three months or less are classified as cash. The Company’s cash consist of cash on hand and cash in bank, as of March 31, 2021 and 2020. Revenue recognition Effective April 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities as described below. The Company sells paddy and selenium-enriched paddy products, rice and other agricultural products. All revenue is recognized when it is both earned and realized. The Company’s policy is to recognize the sale when the products, ownership and risk of loss have transferred to the purchasers, and collection of the sales proceeds, if not prepaid, is reasonably assured, all of which generally occur when the customer receives the products. Accordingly, revenue is recognized at the point in time when delivery is made. Given the nature of this revenue generated by the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not include estimates that materially affect results of operations nor does the Company have any policy for return of products. Fair value measurements The Company applies the provisions of FASB ASC 820, Fair Value Measurements Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that are to be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices, other than those in Level 1, in markets that are not active or for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Financial assets and liabilities of the Company primarily consists of cash, accounts receivable, prepaid expenses, inventories, other receivables, accounts payable and accrued liabilities, customer deposits, due to related parties, and other payables. As at March 31, 2021 and 2020, the carrying values of these financial instruments approximated their fair values due to the short-term nature of these instruments. Functional currency and foreign currency translation An entity’s functional currency is the currency of the primary economic environment in which it operates. Normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. The functional currency of the Company is the Chinese Renminbi (“RMB’), except the functional currency of Organic Agricultural HK is the Hong Kong Dollar (“HKD”), and the functional currency of Organic Agricultural Samoa and Organic Agricultural is the United States dollar (“US Dollars” “USD” or “$”). The reporting currency of these consolidated financial statements is in US Dollars. The financial statements of the Company, which are prepared using the RMB and the HKD, are translated into the Company’s reporting currency, the US Dollar. Assets and liabilities are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income or loss. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Foreign currency exchange gains and losses resulting from these transactions are included in operations. The exchange rates used for foreign currency translation are as follows: For the years ended 2021 2020 (USD to RMB/USD to HKD) (USD to RMB/USD to HKD) Assets and liabilities period end exchange rate 6.5565/7.7744 7.0896/7.7529 Revenue and expenses period average 6.7791/7.7527 6.9662/7.8164 Income taxes The Company follows FASB ASC Topic 740, Income Taxes ASC 740-10-30 requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under ASC 740-10-40, previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The application of tax laws and regulations is subject to legal and factual interpretations, judgments and uncertainties. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policies, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or the deferred tax asset valuation allowance. China According to the “PRC Income Tax Law”, Tianci Liantian, Tianci Wanguan and Yuxinqi are subject to the 25% standard enterprise income tax rate in the PRC. United States The Company is subject to the U.S. corporation tax rate of 21%. Samoa Organic Agricultural (Samoa) Co., Ltd was incorporated in Samoa and, under the current laws of Samoa, it is not subject to income tax. Hong Kong Organic Agricultural Company Limited (Hong Kong) was incorporated in Hong Kong and is subject to Hong Kong profits tax. Organic Agricultural Company Limited (Hong Kong) is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong. The applicable statutory tax rate is 16.5%. Earnings (loss) per share The Company computes earnings (loss) Earnings Per Share Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the treasury stock method and the potential common shares associated with convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. Share-based compensation The Company follows the provisions of FASB ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and recognized over its vesting period. No equity instruments were granted during the years ended March 31, 2021 and 2020, and no share-based compensation expense has been recognized. Segment information and geographic data The Company is operating in one segment in accordance with the accounting guidance in FASB ASC Topic 280, Segment Reporting Concentration of credit and customer risks The Company maintains cash balances in two banks in China. In China, the insurance coverage of each bank is RMB500,000 (approximately USD$76,000). As of March 31, 2021, the Company had no balances in excess of the insurance amounts. During the fiscal year of 2021, major customers Jiufu Zhenyuan, Shouhang Commerce and Huiye generated 31%, 27% and 22% of revenue, respectively. During the fiscal year of 2020, Beiqinhai, Huiye and Jiufu Zhenyuan generated 33%, 24% and 24% of revenue, respectively. Risks and uncertainties The COVID-19 pandemic has had a significant adverse impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing challenges in sales and has suffered a significant decrease in revenues which has increased financial uncertainty. Our future business outlook and expectations are very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which the COVID-19 affects our business, financial results and financial condition include: the duration, spread and severity of the pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreak interrupts the economic recovery. Recently adopted accounting standards Leases In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an additional, optional transition method related to implementing the new lease standard. ASU 2018-11 provides that companies can initially apply the new lease standard at adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the guidance as of April 1, 2019. There was no cumulative-effect adjustment to the Company’s opening balance of retained earnings in the period of adoption. See Note 9 - Leases for further details. We do not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 3. DISCONTINUED OPERATIONS As discussed in Note 1. Basis of Presentation above, on April 30, 2020, the Company completed the divestment of Lvxin and the requirements for the presentation of Lvxin as a discontinued operation were met on that date. Accordingly, Lvxin’s historical financial information and results are reflected in the Company’s consolidated financial statements as discontinued operations. The Company did not allocate any general corporate overhead or interest expense to discontinued operations. The financial results of Lvxin are presented as income (loss) from discontinued operations, net of income taxes in the Consolidated Statements of Operations. The following table presents the financial results of Lvxin for the reporting periods prior to April 30, 2020. For the years ended 2021 2020 (Unaudited) (Unaudited) Net sales $ 37,317 $ 774,232 Cost of sales 36,574 717,155 Gross profit 743 57,077 Selling, general and administrative expenses - 499 Operating income 743 56,578 Other income (loss) - 435 Income before income taxes 743 57,013 Income tax (expense) benefit - - Income from discontinued operations, net of income taxes 743 57,013 Less: net income attributable to non-controlling interest (364 ) (27,936 ) Net income from discontinued operations attributable to controlling interest $ 379 $ 29,077 The following table summarizes the carrying value of major classes of assets and liabilities of Lvxin, reclassified as assets and liabilities of discontinued operations at March 31, 2020. March 31, ASSETS Cash $ 1,340 Inventories, net 557,085 Total current assets, discontinued operations 558,425 Lease right-of-use assets 1,981,547 Total assets, discontinued operations $ 2,539,972 LIABILITIES Due to related parties $ 37,146 Lease liabilities (current) 298,259 Total current liabilities, discontinued operations 335,405 Lease liabilities (non-current) 1,424,600 Total liabilities, discontinued operations $ 1,760,005 |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Mar. 31, 2021 | |
Prepaid Expenses Disclosure [Abstract] | |
PREPAID EXPENSES | NOTE 4. PREPAID EXPENSES Prepaid expenses include prepayments for expenses, and prepayments of processing charges and products to be purchased. As of March 31, 2021 and 2020, prepayments and deferred expenses were as follows: March 31, March 31, Prepayments for expenses $ 370 $ 32,882 Prepayments of processing charges and products to be purchased: Baoqing County Fengnian Agricultural Product Purchase and Sale Ltd. 5,715 5,643 Heilongjiang Yaohe County Heifengyuan Apiculture Ltd. 5,416 10,264 Total $ 11,501 $ 48,789 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 5. INVENTORIES Inventories are comprised of raw materials and finished goods (including processed rice and other agricultural products). Raw materials Processed goods, rice and other products The Company’s inventories are all non-perishable products, and there is no reserve. The Company values inventory on its balance sheet at the lower of cost or net realizable value. Inventories consisted of the following: March 31, March 31, Rice and other products $ 112,132 $ 41,153 Packing and other materials 9,594 15,457 Total inventories at cost $ 121,726 $ 56,610 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6. INCOME TAXES A reconciliation of income (loss) before income taxes for domestic and foreign locations for the fiscal years of 2021 and 2020 is as follows: For the years ended 2021 2020 United States $ (58,858 ) $ (311,432 ) Foreign (159,341 ) (192,183 ) (Loss) before income taxes $ (218,199 ) $ (503,615 ) The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate was as follows: March 31, March 31, U.S. federal statutory income tax rate 21 % 21 % U.S. Valuation allowance (21 )% (21 )% Rates for Tianci Liangtian and Yuxinqi, net 25 % 25 % PRC Valuation allowance (25 )% (25 )% The Company’s effective tax rate (0 )% (0 )% The Company did not recognize deferred tax assets since it is not likely to incur taxes against which such deferred tax assets may be offset. The deferred tax assets would apply to the Company in the U.S. and to Yuxinqi, Tianci Liangtian and Tianci Wanguan in China. As of March 31, 2021, Yuxinqi, Tianci Liangtian and Tianci Wanguan have total net operating loss carry forwards of approximately $890,000 in the PRC that expire in 2024. Due to the uncertainty of utilizing these carry forwards, the Company provided a 100% valuation allowance on the net deferred tax assets of approximately $222,000 and $166,000 related to its operations in the PRC as of March 31, 2021 and 2020, respectively. The PRC valuation allowance has increased by approximately $56,000 and $64,000 for the year ended March 31, 2021 and 2020, respectively. The Company has incurred losses from its United States operations during all periods presented of approximately $556,000. The Company’s United States operations consist solely of ownership of its foreign subsidiaries, and the losses arise from administrative expenses. Accordingly, management provided a 100% valuation allowance of approximately $117,000 and $83,000 against the net deferred tax assets related to the Company’s United States operations as of March 31, 2021 and 2020, respectively, because the deferred tax benefits of the net operating loss carry forwards in the United States will not likely be realized. The US valuation allowance has increased by approximately $34,000 and $40,000 for the years ended March 31, 2021 and 2020, respectively. The Company is subject to examination by the Internal Revenue Service (IRS) in the United States as well as by the taxing authorities in China, where the Company has its operations. The tax years subject to examination vary by jurisdiction. The table below presents the earliest tax years that remain subject to examination by jurisdiction. The year as of U.S. Federal March 31, 2019 China December 31, 2017 United States The Company is subject to the U.S. corporation tax rate of 21%. Samoa Organic Agricultural (Samoa) Co., Ltd was incorporated in Samoa and, under the current laws of Samoa, it is not subject to income tax. China Tianci Liantian, Yuxinqi and Tianci Wanguan are subject to a 25% standard enterprise income tax in the PRC. There was no provision for income taxes for the years ended March 31, 2021 and 2020. |
Other Payables
Other Payables | 12 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
OTHER PAYABLES | NOTE 7. OTHER PAYABLES Other payables consisted of the following as of the periods indicated: March 31, 2021 2020 Advances for purchase of shares $ - $ 8,167 Other 2,435 244 $ 2,435 $ 8,411 As of March 31, 2020, the Company had received $8,167 as an advance for the purchase of common shares, of which $7,500 was refunded on April 3, 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8. RELATED PARTY TRANSACTIONS Amounts due to related parties consisted of the following as of the periods indicated: March 31, 2021 2020 Hao Shuping $ - $ 38,874 Shen Zhenai 81,341 37,647 Xun Jianjun 8,398 7,767 $ 89,739 $ 84,288 Hao Shuping is the largest shareholder of the Company, Shen Zhenai is the President, Chairman of the Board, director and a shareholder of the Company, and Xun Jianjun is the CEO and a shareholder of the Company. These advances represent temporary borrowings for operating costs between the Company and management. They are non-interest bearing and due on demand. During the year ended March 31, 2021, Hao Shuping purchased agricultural products from the Company totaling $8,996. |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Rightofuse Assets And Lease Liabilities [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | NOTE 9. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES On April 1, 2019, the Company adopted FASB ASC 842, “Leases” (“new lease standard”). The new lease standard was adopted using the optional transition method approach that allows for the cumulative effect adjustment to be recorded without restating prior periods. The Company has elected the practical expedient package related to the identification, classification and accounting for initial direct costs whereby prior conclusions do not have to be reassessed for leases that commenced before the effective date. As the Company will not reassess such conclusions, the Company has not adopted the practical expedient to use hindsight to determine the likelihood of whether a lease will be extended or terminated or whether a purchase option will be exercised. Operating leases are reflected on our balance sheet within ROU assets and the related current operating lease liabilities. 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 agreement. ROU assets and liabilities are recognized at the commencement date, or the date on which the lessor makes the underlying asset available for use, based upon the present value of the lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectation regarding the terms. Tianci Liangtian has an operating lease for office space (approximately 666 square meters). Under the terms of the lease, Tianci Liangtian paid approximately $1,592 in lease deposits and committed to make annual lease payments. On December 20, 2019, the lease was renewed. Under the renewed terms, annual lease payments are RMB290,000 (approximately US$44,000, including VAT tax) for the period from December 20, 2019 to December 19, 2020. On December 20, 2020, the contract expired. Because of the COVID-19 pandemic, the renewal was delayed. On May 14, 2021, Yuxinqi and the lessor signed a supplemental agreement which, due to a leak in the building, credited Yuxinqi with RMB62,570 (approximately US$10,000) of rental expense paid for the previous rental period. On May 14, 2021, Yuxinqi signed a new lease agreement (approximately 370 square meters). Under the terms, Yuxinqi reduced the rental area due to a leak in the building, and committed to make annual lease payments of RMB184,005 (approximately US$28,000, including VAT tax) for the period from December 20, 2020 to January 19, 2022. As of March 31, 2021 and 2020, US$37,617 and $18,630 were accounted as lease liabilities (current), $18,330 and $25,727 were accounted as a lease right-of-use asset, respectively. The Company’s adoption of the new lease standard included new processes and controls regarding asset financing transactions, financial reporting and a system-related implementation required for the new lease standard. The impact of the adoption of the new lease standard included the recognition of right-of-use (“ROU”) asset and lease liabilities. For the years ended March 31, 2021 and 2020, the amortization was $26,076 and $39,273, respectively. As of March 31, 2021, the Company has the following amounts recorded on the Company’s consolidated balance sheet: As of 2021 Assets Right-of-use asset (non-current) $ 18,330 Total $ 18,330 Liabilities Lease liability (current) $ 37,617 Total $ 37,617 Office lease: Remaining Lease Term 1 year, renewal option Incremental borrowing rate 4.9 % Future annual minimum lease payments for non-cancellable operating leases are as follows: Year Ending March 31 2022 $ 39,460 Thereafter - Total 39,460 Less: imputed interest 1,843 Total $ 37,617 Reconciliation to lease liabilities: Lease liabilities - current $ 37,617 Lease Liabilities $ 37,617 |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 10. CONTINGENCIES Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. The Company was not subject to any material loss contingencies as of March 31, 2021 and 2020 and through the date of this report. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Management of the Company determined that there were no reportable subsequent events to be adjusted for and/or disclosed as of June 29, 2021 except as follows: The COVID-19 pandemic has had a significant adverse impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing challenges in sales and has suffered a significant decrease in revenues which has increased financial uncertainty. Our future business outlook and expectations are very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the impact of this unprecedented event on our business, financial results or financial condition. On April 2, 2021 the Company entered into an agreement with Jilin Jiufu Zhenyuan Technology Development Co., Ltd (“Jilin Jiufu”), to sell 4,119,500 shares of the Company’s common stock to Jilin Jiufu for a total of 6,000,000 Renminbi (approximately US $920,000). On April 15, 2021, Jilin Jiufu paid in full for the shares. The Company also agreed to increase the number of directors by one and appoint a nominee to be named by Jilin Jiufu. On April 6, 2021, the Company’s Board of Directors increased the number of members of the Board of Directors from four to five, and elected Yongchun Zhang to serve as a member of the Board of Directors in accordance with this agreement. After this election, it had met the agreement with Jinlin Jiufu. The Company has entered into agreements with 25 market development partners for the period from April 1, 2021 to December 31, 2021. During this period, the market development partners are to promote and develop sales business according to the Company’s requirements. As incentive, the Company issued 345,000 common shares to the 25 market development partners at the unit price of USD2.2 per share (closing price on March 23, 2021) on April 12, 2021 valued at USD759,000. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Going concern | Going concern Management has determined there is substantial doubt about our ability to continue as a going concern as a result of our lack of significant revenues and recurring losses. If we are unable to generate significant revenue or secure additional financing, we may be required to cease or curtail our operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s operations have been financed primarily by proceeds from sales of shares. The Company received $46,400 during the 2021 fiscal year and subsequently, $920,000 in April 2021 from sales of shares. These funds were used for working capital. Hao Shuping, Shen Zhenai, Xun Jianjun were the primary sources of financing for the early operations of the entity and will continue to provide support in the future if there is a need for additional financing. Management intends to expand product offerings to include value-added products, both products based on rice and products based on other food stuffs, such as organic red beans and millet. The marketing personnel of the Company are opening new marketing channels and hope to build a stable base of customers. In this manner, Management hopes to generate sufficient operating cash inflow to support its future operations and development of the Company in addition to capital raised from sales of shares and shareholders’ support based on need. |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation when applicable. The Company’s consolidated financial statements are expressed in U.S. Dollars and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. The consolidated financial statements include the assets, liabilities, and net income or loss of these subsidiaries. The Company’s subsidiaries as of March 31, 2021 are listed as follows: Name Place of Attributable Organic Agricultural (Samoa) Co., Ltd. Samoa 100 Organic Agricultural Company Limited (Hong Kong) Hong Kong 100 Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited China 100 Heilongjiang Yuxinqi Agricultural Technology Development Company Limited China 100 Tianci Wanguan (Xiamen) Digital Technology Company Limited China 51 |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ from those estimates. One significant item subject to such estimates and assumptions is the inventory valuation allowance. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. |
Cash | Cash Cash consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. All highly liquid investments with original stated maturities of three months or less are classified as cash. The Company’s cash consist of cash on hand and cash in bank, as of March 31, 2021 and 2020. |
Revenue recognition | Revenue recognition Effective April 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the commercial sales of products and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities as described below. The Company sells paddy and selenium-enriched paddy products, rice and other agricultural products. All revenue is recognized when it is both earned and realized. The Company’s policy is to recognize the sale when the products, ownership and risk of loss have transferred to the purchasers, and collection of the sales proceeds, if not prepaid, is reasonably assured, all of which generally occur when the customer receives the products. Accordingly, revenue is recognized at the point in time when delivery is made. Given the nature of this revenue generated by the Company’s business and the applicable rules guiding revenue recognition, the Company’s revenue recognition practices do not include estimates that materially affect results of operations nor does the Company have any policy for return of products. |
Fair value measurements | Fair value measurements The Company applies the provisions of FASB ASC 820, Fair Value Measurements Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that are to be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices, other than those in Level 1, in markets that are not active or for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Financial assets and liabilities of the Company primarily consists of cash, accounts receivable, prepaid expenses, inventories, other receivables, accounts payable and accrued liabilities, customer deposits, due to related parties, and other payables. As at March 31, 2021 and 2020, the carrying values of these financial instruments approximated their fair values due to the short-term nature of these instruments. |
Functional currency and foreign currency translation | Functional currency and foreign currency translation An entity’s functional currency is the currency of the primary economic environment in which it operates. Normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. The functional currency of the Company is the Chinese Renminbi (“RMB’), except the functional currency of Organic Agricultural HK is the Hong Kong Dollar (“HKD”), and the functional currency of Organic Agricultural Samoa and Organic Agricultural is the United States dollar (“US Dollars” “USD” or “$”). The reporting currency of these consolidated financial statements is in US Dollars. The financial statements of the Company, which are prepared using the RMB and the HKD, are translated into the Company’s reporting currency, the US Dollar. Assets and liabilities are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders’ equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income or loss. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Foreign currency exchange gains and losses resulting from these transactions are included in operations. The exchange rates used for foreign currency translation are as follows: For the years ended 2021 2020 (USD to RMB/USD to HKD) (USD to RMB/USD to HKD) Assets and liabilities period end exchange rate 6.5565/7.7744 7.0896/7.7529 Revenue and expenses period average 6.7791/7.7527 6.9662/7.8164 |
Income taxes | Income taxes The Company follows FASB ASC Topic 740, Income Taxes ASC 740-10-30 requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under ASC 740-10-40, previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The application of tax laws and regulations is subject to legal and factual interpretations, judgments and uncertainties. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policies, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or the deferred tax asset valuation allowance. China According to the “PRC Income Tax Law”, Tianci Liantian, Tianci Wanguan and Yuxinqi are subject to the 25% standard enterprise income tax rate in the PRC. United States The Company is subject to the U.S. corporation tax rate of 21%. Samoa Organic Agricultural (Samoa) Co., Ltd was incorporated in Samoa and, under the current laws of Samoa, it is not subject to income tax. Hong Kong Organic Agricultural Company Limited (Hong Kong) was incorporated in Hong Kong and is subject to Hong Kong profits tax. Organic Agricultural Company Limited (Hong Kong) is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong. The applicable statutory tax rate is 16.5%. |
Earnings (loss) per share | Earnings (loss) per share The Company computes earnings (loss) Earnings Per Share Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the treasury stock method and the potential common shares associated with convertible debt using the if-converted method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS. |
Share-based compensation | Share-based compensation The Company follows the provisions of FASB ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and recognized over its vesting period. No equity instruments were granted during the years ended March 31, 2021 and 2020, and no share-based compensation expense has been recognized. |
Segment information and geographic data | Segment information and geographic data The Company is operating in one segment in accordance with the accounting guidance in FASB ASC Topic 280, Segment Reporting |
Concentration of credit risk | Concentration of credit and customer risks The Company maintains cash balances in two banks in China. In China, the insurance coverage of each bank is RMB500,000 (approximately USD$76,000). As of March 31, 2021, the Company had no balances in excess of the insurance amounts. During the fiscal year of 2021, major customers Jiufu Zhenyuan, Shouhang Commerce and Huiye generated 31%, 27% and 22% of revenue, respectively. During the fiscal year of 2020, Beiqinhai, Huiye and Jiufu Zhenyuan generated 33%, 24% and 24% of revenue, respectively. |
Risks and uncertainties | Risks and uncertainties The COVID-19 pandemic has had a significant adverse impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing challenges in sales and has suffered a significant decrease in revenues which has increased financial uncertainty. Our future business outlook and expectations are very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which the COVID-19 affects our business, financial results and financial condition include: the duration, spread and severity of the pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreak interrupts the economic recovery. |
Recently adopted accounting standards | Recently adopted accounting standards Leases In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an additional, optional transition method related to implementing the new lease standard. ASU 2018-11 provides that companies can initially apply the new lease standard at adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the guidance as of April 1, 2019. There was no cumulative-effect adjustment to the Company’s opening balance of retained earnings in the period of adoption. See Note 9 - Leases for further details. We do not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of company's subsidiaries | Name Place of Attributable Organic Agricultural (Samoa) Co., Ltd. Samoa 100 Organic Agricultural Company Limited (Hong Kong) Hong Kong 100 Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited China 100 Heilongjiang Yuxinqi Agricultural Technology Development Company Limited China 100 Tianci Wanguan (Xiamen) Digital Technology Company Limited China 51 |
Schedule of exchange rates used for foreign currency translation | For the years ended 2021 2020 (USD to RMB/USD to HKD) (USD to RMB/USD to HKD) Assets and liabilities period end exchange rate 6.5565/7.7744 7.0896/7.7529 Revenue and expenses period average 6.7791/7.7527 6.9662/7.8164 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of income (loss) from discontinued operations | For the years ended 2021 2020 (Unaudited) (Unaudited) Net sales $ 37,317 $ 774,232 Cost of sales 36,574 717,155 Gross profit 743 57,077 Selling, general and administrative expenses - 499 Operating income 743 56,578 Other income (loss) - 435 Income before income taxes 743 57,013 Income tax (expense) benefit - - Income from discontinued operations, net of income taxes 743 57,013 Less: net income attributable to non-controlling interest (364 ) (27,936 ) Net income from discontinued operations attributable to controlling interest $ 379 $ 29,077 |
Schedule of major classes of assets and liabilities | March 31, ASSETS Cash $ 1,340 Inventories, net 557,085 Total current assets, discontinued operations 558,425 Lease right-of-use assets 1,981,547 Total assets, discontinued operations $ 2,539,972 LIABILITIES Due to related parties $ 37,146 Lease liabilities (current) 298,259 Total current liabilities, discontinued operations 335,405 Lease liabilities (non-current) 1,424,600 Total liabilities, discontinued operations $ 1,760,005 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Prepaid Expenses Disclosure [Abstract] | |
Schedule of prepaid expenses | March 31, March 31, Prepayments for expenses $ 370 $ 32,882 Prepayments of processing charges and products to be purchased: Baoqing County Fengnian Agricultural Product Purchase and Sale Ltd. 5,715 5,643 Heilongjiang Yaohe County Heifengyuan Apiculture Ltd. 5,416 10,264 Total $ 11,501 $ 48,789 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | March 31, March 31, Rice and other products $ 112,132 $ 41,153 Packing and other materials 9,594 15,457 Total inventories at cost $ 121,726 $ 56,610 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation income (loss) before income taxes | For the years ended 2021 2020 United States $ (58,858 ) $ (311,432 ) Foreign (159,341 ) (192,183 ) (Loss) before income taxes $ (218,199 ) $ (503,615 ) |
Schedule of difference between the U.S. federal statutory income tax rate and the company's effective tax rate | March 31, March 31, U.S. federal statutory income tax rate 21 % 21 % U.S. Valuation allowance (21 )% (21 )% Rates for Tianci Liangtian and Yuxinqi, net 25 % 25 % PRC Valuation allowance (25 )% (25 )% The Company’s effective tax rate (0 )% (0 )% |
Schedule of earliest tax year that remain subject to examination by major jurisdiction | The year as of U.S. Federal March 31, 2019 China December 31, 2017 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of other payables | March 31, 2021 2020 Advances for purchase of shares $ - $ 8,167 Other 2,435 244 $ 2,435 $ 8,411 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of amount due to related parties | March 31, 2021 2020 Hao Shuping $ - $ 38,874 Shen Zhenai 81,341 37,647 Xun Jianjun 8,398 7,767 $ 89,739 $ 84,288 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Rightofuse Assets And Lease Liabilities [Abstract] | |
Schedule of consolidated balance sheet | As of 2021 Assets Right-of-use asset (non-current) $ 18,330 Total $ 18,330 Liabilities Lease liability (current) $ 37,617 Total $ 37,617 |
Schedule of lease term | Office lease: Remaining Lease Term 1 year, renewal option Incremental borrowing rate 4.9 % |
Schedule of Future annual minimum lease payments for non-cancellable operating leases | Year Ending March 31 2022 $ 39,460 Thereafter - Total 39,460 Less: imputed interest 1,843 Total $ 37,617 Reconciliation to lease liabilities: Lease liabilities - current $ 37,617 Lease Liabilities $ 37,617 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) | 1 Months Ended | |||||||
Apr. 24, 2020USD ($) | Apr. 24, 2020CNY (¥) | May 16, 2018$ / sharesshares | Mar. 31, 2017USD ($)shares | Nov. 06, 2020shares | Nov. 05, 2020 | Jan. 01, 2018 | Mar. 31, 2017CNY (¥) | |
Organic Agricultural HK [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 51.00% | |||||||
Unbounded IOT Block Chain Limited [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 49.00% | |||||||
Shares issued (in Shares) | 20,000,000 | |||||||
Organic Agricultural HK [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 51.00% | |||||||
Hao Shuping [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 51.00% | 51.00% | ||||||
Organic Agricultural [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 48.80% | |||||||
Shares issued (in Shares) | 10,000,000 | |||||||
Common stock (in Dollars per share) | $ / shares | $ 0.001 | |||||||
Percentage of exchange outstanding share | 100.00% | |||||||
Tianci Liangtian [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 51.00% | 51.00% | ||||||
Debt owed | $ | $ 518,321 | |||||||
Repayments of debt (in Yuan Renminbi) | ¥ | ¥ 3,672,002 | |||||||
Lvxin [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Debt owed | $ 36,380 | ¥ 257,731 | ||||||
Lou Zhengui [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Debt obligation description | In exchange for the 51% interest in Lvxin, Lou Zhengui assumed the obligation to satisfy a debt of 300,000 RMB (approx. US$42,350) owed by Tianci Liangtian to Hao Shuping, a member of the Company’s Board of Directors. | In exchange for the 51% interest in Lvxin, Lou Zhengui assumed the obligation to satisfy a debt of 300,000 RMB (approx. US$42,350) owed by Tianci Liangtian to Hao Shuping, a member of the Company’s Board of Directors. | ||||||
Equity Transfer Agreement [Member] | Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited [Member] | Hao Shuping [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Percentage of equity interest acquired | 51.00% | |||||||
Equity Transfer Agreement [Member] | Hao Shuping [Member] | ||||||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | ||||||||
Cash | $ 305,472 | ¥ 2,029,586 | ||||||
Number of share issued (in Shares) | 152,736 | |||||||
Value of share issue (in Dollars) | $ | $ 152,736 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020 | Mar. 31, 2021CNY (¥) | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Received from sale of shares (in Dollars) | $ 46,400 | |||
Income tax rate | 0.00% | 0.00% | ||
U.S. corporation tax rate | 21.00% | 21.00% | ||
Applicable statutory tax rate | 16.50% | |||
Insurance coverage | $ 76,000 | ¥ 500,000 | ||
Subsequent Event [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Received from sale of shares (in Dollars) | $ 920,000 | |||
PRC [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Income tax rate | 25.00% | |||
Customer Concentration Risk [Member] | Jiufu Zhenyuan [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of concentration risk | 31.00% | |||
Customer Concentration Risk [Member] | Shouhang Commerce [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of concentration risk | 27.00% | |||
Customer Concentration Risk [Member] | Huiye [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of concentration risk | 22.00% | |||
Supplier Concentration Risk [Member] | Jiufu Zhenyuan [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of concentration risk | 24.00% | |||
Supplier Concentration Risk [Member] | Huiye [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of concentration risk | 24.00% | |||
Supplier Concentration Risk [Member] | Beiqinhai [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Percentage of concentration risk | 33.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of company's subsidiaries | 12 Months Ended |
Mar. 31, 2021 | |
Organic Agricultural (Samoa) Co., Ltd. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | Samoa |
Attributable equity interest | 100.00% |
Organic Agricultural Company Limited (Hong Kong) [Member] | HKD [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | Hong Kong |
Attributable equity interest | 100.00% |
Heilongjiang Tianci Liangtian Agricultural Technology Development Company Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | China |
Attributable equity interest | 100.00% |
Heilongjiang Yuxinqi Agricultural Technology Development Company Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | China |
Attributable equity interest | 100.00% |
Tianci Wanguan (Xiamen) Digital Technology Company Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Place of Incorporation | China |
Attributable equity interest | 51.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue and expenses [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation [Line Items] | ||
Description of foreign currency translation | period average | |
USD to RMB [Member] | Revenue and expenses [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation [Line Items] | ||
Foreign currency translation | 6.7791 | 6.9662 |
USD to HKD [Member] | Revenue and expenses [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation [Line Items] | ||
Foreign currency translation | 7.7527 | 7.8164 |
Assets and liabilities [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation [Line Items] | ||
Description of foreign currency translation | period end exchange rate | |
Assets and liabilities [Member] | USD to RMB [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation [Line Items] | ||
Foreign currency translation | 6.5565 | 7.0896 |
Assets and liabilities [Member] | USD to HKD [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of exchange rates used for foreign currency translation [Line Items] | ||
Foreign currency translation | 7.7744 | 7.7529 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Schedule of income (loss) from discontinued operations - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of income (loss) from discontinued operations [Abstract] | ||
Net sales | $ 37,317 | $ 774,232 |
Cost of sales | 36,574 | 717,155 |
Gross profit | 743 | 57,077 |
Selling, general and administrative expenses | 499 | |
Operating income | 743 | 56,578 |
Other income (loss) | 435 | |
Income before income taxes | 743 | 57,013 |
Income tax (expense) benefit | ||
Income from discontinued operations, net of income taxes | 743 | 57,013 |
Less: net income attributable to non-controlling interest | (364) | (27,936) |
Net income from discontinued operations attributable to controlling interest | $ 379 | $ 29,077 |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of major classes of assets and liabilities | Mar. 31, 2020USD ($) |
ASSETS | |
Cash | $ 1,340 |
Inventories, net | 557,085 |
Total current assets, discontinued operations | 558,425 |
Lease right-of-use assets | 1,981,547 |
Total assets, discontinued operations | 2,539,972 |
LIABILITIES | |
Due to related parties | 37,146 |
Lease liabilities (current) | 298,259 |
Total current liabilities, discontinued operations | 335,405 |
Lease liabilities (non-current) | 1,424,600 |
Total liabilities, discontinued operations | $ 1,760,005 |
Prepaid Expenses (Details) - Sc
Prepaid Expenses (Details) - Schedule of prepaid expenses - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Prepaid Expenses (Details) - Schedule of prepaid expenses [Line Items] | ||
Prepayments for expenses | $ 370 | $ 32,882 |
Prepayments of processing charges and products to be purchased: | ||
Total | 11,501 | 48,789 |
Baoqing County Fengnian Agricultural Product Purchase and Sale Ltd. [Member] | ||
Prepaid Expenses (Details) - Schedule of prepaid expenses [Line Items] | ||
Prepayments for expenses | 5,715 | 5,643 |
Heilongjiang Yaohe County Heifengyuan Apiculture Ltd. [Member] | ||
Prepaid Expenses (Details) - Schedule of prepaid expenses [Line Items] | ||
Prepayments for expenses | $ 5,416 | $ 10,264 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Inventory [Line Items] | ||
Total inventories at cost | $ 121,726 | $ 56,610 |
Rice and other products [Member] | ||
Inventory [Line Items] | ||
Total inventories at cost | 112,132 | 41,153 |
Packing and other materials [Member] | ||
Inventory [Line Items] | ||
Total inventories at cost | $ 9,594 | $ 15,457 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes (Details) [Line Items] | ||
Percentage of allowance on all deferred tax assets | 100.00% | |
Income tax rate | 21.00% | |
Enterprise income tax | 25.00% | |
PRC [Member] | ||
Income Taxes (Details) [Line Items] | ||
Operating loss, carryforwards | $ 890,000 | |
Valuation allowance | 222,000 | $ 166,000 |
Valuation allowance increased | 56,000 | 64,000 |
United States [Member] | ||
Income Taxes (Details) [Line Items] | ||
Valuation allowance | 117,000 | 83,000 |
Valuation allowance increased | 34,000 | $ 40,000 |
Incurred loss | $ 556,000 | |
Percentage of valuation allowance | 100.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of reconciliation income (loss) before income taxes - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of reconciliation income (loss) before income taxes [Abstract] | ||
United States | $ (58,858) | $ (311,432) |
Foreign | (159,341) | (192,183) |
(Loss) before income taxes | $ (218,199) | $ (503,615) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of difference between the U.S. federal statutory income tax rate and the company's effective tax rate | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of difference between the U.S. federal statutory income tax rate and the company's effective tax rate [Abstract] | ||
U.S. federal statutory income tax rate | 21.00% | 21.00% |
U.S. Valuation allowance | (21.00%) | (21.00%) |
Rates for Tianci Liangtian and Yuxinqi, net | 25.00% | 25.00% |
PRC Valuation allowance | (25.00%) | (25.00%) |
The Company’s effective tax rate | 0.00% | 0.00% |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of earliest tax year that remain subject to examination by major jurisdiction | 12 Months Ended |
Mar. 31, 2021 | |
U.S. Federal [Member] | |
Income Taxes (Details) - Schedule of earliest tax year that remain subject to examination by major jurisdiction [Line Items] | |
Tax examination date | Mar. 31, 2019 |
China [Member] | |
Income Taxes (Details) - Schedule of earliest tax year that remain subject to examination by major jurisdiction [Line Items] | |
Tax examination date | Dec. 31, 2017 |
Other Payables (Details)
Other Payables (Details) - USD ($) | Apr. 03, 2020 | Mar. 31, 2020 |
Payables and Accruals [Abstract] | ||
Sale of common shares received amount | $ 8,167 | |
Refunded amount | $ 7,500 |
Other Payables (Details) - Sche
Other Payables (Details) - Schedule of other payables - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of other payables [Abstract] | ||
Advances for purchase of shares | $ 8,167 | |
Other | 2,435 | 244 |
Other payables | $ 2,435 | $ 8,411 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Hao Shuping [Member] | |
Related Party Transactions (Details) [Line Items] | |
Purchased agricultural products | $ 8,996 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of amount due to related parties - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Related Party Transactions (Details) - Schedule of amount due to related parties [Line Items] | ||
Amount due to related parties | $ 89,739 | $ 84,288 |
Hao Shuping [Member] | ||
Related Party Transactions (Details) - Schedule of amount due to related parties [Line Items] | ||
Amount due to related parties | 38,874 | |
Shen Zhenai [Member] | ||
Related Party Transactions (Details) - Schedule of amount due to related parties [Line Items] | ||
Amount due to related parties | 81,341 | 37,647 |
Xun Jianjun [Member] | ||
Related Party Transactions (Details) - Schedule of amount due to related parties [Line Items] | ||
Amount due to related parties | $ 8,398 | $ 7,767 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities (Details) | May 14, 2021USD ($)m² | May 14, 2021CNY (¥)m² | Jan. 19, 2022USD ($) | Jan. 19, 2022CNY (¥) | Mar. 31, 2021USD ($)m² | Dec. 19, 2020USD ($) | Dec. 19, 2020CNY (¥) | Mar. 31, 2020USD ($) |
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||||||||
Lease liabilities, current | $ 37,617 | $ 18,630 | ||||||
Lease right-of-use asset | 18,330 | 25,727 | ||||||
Amortization expenses | $ 26,076 | $ 39,273 | ||||||
Operating Lease Agreement [Member] | Tianci Liangtian [Member] | ||||||||
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||||||||
Area of lease office (in Square Meters) | m² | 666 | |||||||
Lease deposits | $ 1,592 | |||||||
Operating Lease Agreement [Member] | Heilongjiang Yuxinqi Agricultural Technology Development Company Limited [Member] | ||||||||
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||||||||
Annual lease payments | $ 44,000 | ¥ 290,000 | ||||||
Supplemental Agreement [Member] | Heilongjiang Yuxinqi Agricultural Technology Development Company Limited [Member] | Subsequent Event [Member] | ||||||||
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||||||||
Rent expenses | $ 10,000 | ¥ 62,570 | ||||||
Operating Lease Agreement [Member] | Heilongjiang Yuxinqi Agricultural Technology Development Company Limited [Member] | Subsequent Event [Member] | ||||||||
Right-of-Use Assets and Lease Liabilities (Details) [Line Items] | ||||||||
Area of lease office (in Square Meters) | m² | 370 | 370 | ||||||
Annual lease payments | $ 28,000 | ¥ 184,005 |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of consolidated balance sheet - Parent [Member] | Mar. 31, 2021USD ($) |
Assets | |
Right-of-use asset (non-current) | $ 18,330 |
Total | 18,330 |
Liabilities | |
Lease liability (current) | 37,617 |
Total | $ 37,617 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of lease term - Office lease: [Member] | 12 Months Ended |
Mar. 31, 2021 | |
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of lease term [Line Items] | |
Remaining Lease Term | 1 year, renewal option |
Incremental borrowing rate | 4.90% |
Right-of-Use Assets and Lease_6
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Future annual minimum lease payments for non-cancellable operating leases - Operating Leases [Member] | Mar. 31, 2021USD ($) |
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Future annual minimum lease payments for non-cancellable operating leases [Line Items] | |
2022 | $ 39,460 |
Thereafter | |
Total | 39,460 |
Less: imputed interest | 1,843 |
Total | 37,617 |
Reconciliation to lease liabilities: | |
Lease liabilities - current | 37,617 |
Lease Liabilities | $ 37,617 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 12, 2021shares | Apr. 06, 2021 | Apr. 02, 2021USD ($)shares | Apr. 02, 2021CNY (¥)shares |
Subsequent Events (Details) [Line Items] | ||||
Description of agreement | The Company has entered into agreements with 25 market development partners for the period from April 1, 2021 to December 31, 2021. During this period, the market development partners are to promote and develop sales business according to the Company’s requirements. As incentive, the Company issued 345,000 common shares to the 25 market development partners at the unit price of USD2.2 per share (closing price on March 23, 2021) on April 12, 2021 valued at USD759,000. | |||
Common shares [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Board of directors description | the Company’s Board of Directors increased the number of members of the Board of Directors from four to five, and elected Yongchun Zhang to serve as a member of the Board of Directors in accordance with this agreement. After this election, it had met the agreement with Jinlin Jiufu. | |||
Shares issued | 345,000 | |||
Subsequent Event [Member] | Common shares [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Stock issued shares | 4,119,500 | 4,119,500 | ||
Stock issued value | $ 920,000 | ¥ 6,000,000 |