Fundamentals

Select the financial statements you wish to view below.  The reports below may be viewed on either an annual or quarterly basis.

NASDAQAHG

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For the Years Ended March 31,

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2022

    

2021

    

2020

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USD

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USD

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USD

CASH FLOWS FROM OPERATING ACTIVITIES:

 

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Net (loss) from continuing operations

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(16,849,733)

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(31,552,242)

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(47,363,485)

Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:

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Gain from disposal of discontinued operations

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—

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(3,164,802)

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—

Depreciation and amortization

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​

18,390

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​

15,161

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​

120,520

Loss on disposal of property, equipment, and software

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—

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17,137

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15,993

Share-based compensation

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391,625

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55,468

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347,466

Allowance for uncollectible loans receivable

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10,375,499

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22,159,416

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14,225,449

Allowance for accounts receivable and contract assets

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—

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—

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63,849

Impairment on long-term investments

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—

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1,600,000

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29,189,836

Changes in operating assets and liabilities:

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Accounts receivable and contract assets

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13,893

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(25,427)

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(65,765)

Prepayments and other assets

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(506,821)

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(112,562)

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109,106

Other receivables

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6,013,074

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23,195,854

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(32,265,179)

Inventories

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(7,795,822)

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—

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—

Deferred tax assets/liabilities

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—

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—

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3,308,297

Right-of-use assets

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—

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​

700,148

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(984,818)

Accounts payable, accrued expenses and other current liabilities

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(104,240)

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(82,096)

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(176,600)

Interest payments on unsecured senior notes and short-term bank loan

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—

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(2,114,388)

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(2,413,014)

Taxes payable

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(184,236)

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336,883

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(334,234)

Lease liabilities

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—

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(787,322)

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753,622

Net cash provided by (used in) continuing operations

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(8,628,371)

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10,241,228

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(35,468,957)

Net cash (used in) discontinued operations

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—

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(182,758)

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(22,809,777)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

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(8,628,371)

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10,058,470

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(58,278,734)

CASH FLOWS FROM INVESTING ACTIVITIES:

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Cash paid for loan originations

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—

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—

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(1,596,609)

Issuance of loans

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(20,000,000)

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—

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—

Cash received from loan repayments

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41,001

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407,419

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33,759,916

Purchase of long-term investments

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—

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—

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(14,594,918)

Proceeds from disposal of property, equipment and software

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—

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—

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7,815

Acquisitions of property, equipment and software

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(4,861)

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—

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(200,360)

Net cash provided by continuing operations

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(19,963,860)

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​

407,419

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17,375,844

Net cash (used in) discontinued operations

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—

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(408,081)

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(4,600,481)

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

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(19,963,860)

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(662)

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12,775,363

CASH FLOWS FROM FINANCING ACTIVITIES:

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Proceeds from exercise of share options

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—

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5

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281,617

Cash received from third party as deposit

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—

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—

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710,429

Capital contributions by shareholders

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—

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—

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123,671

Proceeds from private placement

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10,017,200

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—

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—

Repurchase of ordinary shares

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—

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—

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(2,667,902)

Repayments of unsecured senior notes

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(10,000,000)

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(10,000,000)

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—

Amounts due from (to) related parties

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34,763,917

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925,837

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(6,653,236)

Net cash provided by (used in) continuing operations

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34,781,117

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(9,074,158)

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(8,205,421)

Net cash provided by discontinued operations

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—

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36,935

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6,653,236

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

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34,781,117

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(9,037,223)

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(1,552,185)

EFFECT OF EXCHANGE RATE CHANGE ON CASH

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607,717

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3,182,926

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608,636

NET INCREASE (DECREASE) IN CASH

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6,796,603

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4,203,511

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(46,446,920)

CASH AND CASH EQUIVALENTS - beginning of year

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15,128,719

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10,925,208

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57,372,128

CASH AND CASH EQUIVALENTS - end of year

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21,925,322

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$

15,128,719

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10,925,208

Less: cash and cash equivalents, restricted cash of discontinued operations at end of period

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—

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—

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4,257,104

Cash and cash equivalents, restricted cash of continuing operations, at end of period

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$

21,925,322

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$

15,128,719

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$

6,668,104

SUPPLEMENTAL CASH FLOW DISCLOSURES:

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Cash paid for income tax

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$

38,616

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$

9,764

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$

3,209,378

Cash paid for interest

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$

676,894

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$

2,114,388

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$

2,413,014

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:

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Accrued lease liabilities

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$

—

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$

—

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$

791,537