Zhong Yuan Bio-Technology Holdings Ltd

CIK:0001672886|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
NET SALES	$ 2,278,246	$ 1,662,600	$ 2,328,526	$ 1,635,420
Cost of sales	(206,374)	(144,683)	(846,968)	(281,962)
Gross profit			1,481,558	1,353,458
General and administrative expenses	(897,517)	(917,773)	(1,042,007)	(574,634)
Research and development expenses	(493,839)	(526,760)	(680,313)	(211,037)
Selling and marketing expenses	(413,959)	(1,679,720)	(888,424)	(582,382)
Total	(2,011,689)	(3,268,936)
Operating loss	266,557	(1,606,336)	(1,129,186)	(14,595)
Other income (expenses)
Loss on disposal of a subsidiary		(90,493)
Other income (expenses)	(8,338)	7,249	3,198	11,133
Government grant	69,900	58,212	46,740
Interest. income	24,473	605	163	90
Interest expense	(81,317)	(46,723)	35,361	24,650
Total other income(expenses), net	4,718	(71,150)	14,740	(13,427)
Loss before income tax	271,275	(1,677,486)	(1,114,446)	(28,022)
Income tax expense	594	8,840	(11,119)	0
Net profit (loss) from continuing operations	271,869	(1,668,646)
Net loss from discontinued operation		(535,480)
Net profit (loss) before allocation to non-controlling interest	271,869	(2,204,126)	(1,125,565)	(28,022)
Other comprehensive loss
Foreign currency translation adjustment	81,211	(76,380)	14,335	(48,705)
Comprehensive loss	353,080	(2,280,506)	(1,111,230)	(76,727)
Comprehensive (loss) attributable to non-controlling interest	(30,870)	(52,220)
Comprehensive income attributable to ordinary stockholders	383,950	(2,228,286)
Net profit (loss) from continuing operations attributable to:
Ordinary stockholders	302,210	(1,613,777)
Non-controlling interest	(30,341)	(54,869)
Total	271,869	(1,668,646)
Net loss from discontinued operations attributable to:
Ordinary stockholders		(535,480)
Non-controlling interest	0	0
Total		(535,480)
Net profit (loss) attributable to:
Ordinary stockholders	302,210	(2,149,257)
Non-controlling interest	(30,341)	(54,869)
Net loss	$ 271,869	$ (2,204,126)	$ (1,125,565)	$ (28,022)
Profit (Loss) per share - Basic
Continuing operations	$ 0.02	$ (0.09)
Loss from discontinued operations, per basic share		(0.03)		$ (0.16)
Profit (Loss) per share	0.02	(0.12)		(0.16)
Profit (Loss) per share – Fully Diluted
Continuing operations	0.02	(0.09)
Loss from discontinued operations, per diluted share		(0.03)		(0.16)
Profit (Loss) per share	$ 0.02	$ (0.12)		$ (0.16)
Weighted average number of shares outstanding
Weighted average number of shares outstanding, basic	17,692,853	17,666,043		17,145,000
Weighted average number of shares outstanding, diluted	17,992,853	17,666,043		17,145,000
Zhong [Member]
Profit (Loss) per share - Basic
Loss from discontinued operations, per basic share			$ (6.51)
Profit (Loss) per share – Fully Diluted
Loss from discontinued operations, per diluted share			$ (6.51)
Weighted average number of shares outstanding
Weighted average number of shares outstanding, basic			17,283,258
Weighted average number of shares outstanding, diluted			17,283,258
As Reclassified [Member]
NET SALES			$ 2,328,526
Cost of sales			(420,273)
General and administrative expenses			(1,025,725)
Research and development expenses			(680,313)
Selling and marketing expenses			(887,974)
Total			(3,014,285)
Operating loss			(685,759)
Other income (expenses)
Loss on disposal of a subsidiary
Other income (expenses)			2,553
Government grant			46,740
Interest. income			163
Interest expense			(35,241)
Total other income(expenses), net			14,215
Loss before income tax			(671,544)
Income tax expense			(11,119)
Net profit (loss) from continuing operations			(682,663)
Net loss from discontinued operation			(442,902)
Net profit (loss) before allocation to non-controlling interest			(1,125,565)
Other comprehensive loss
Foreign currency translation adjustment			14,335
Comprehensive loss			(1,111,230)
Comprehensive (loss) attributable to non-controlling interest
Comprehensive income attributable to ordinary stockholders			(1,111,230)
Net profit (loss) from continuing operations attributable to:
Ordinary stockholders			(682,663)
Non-controlling interest			0
Total			(682,663)
Net loss from discontinued operations attributable to:
Ordinary stockholders			(442,902)
Non-controlling interest			0
Total			(442,902)
Net profit (loss) attributable to:
Ordinary stockholders			(1,125,565)
Non-controlling interest			0
Net loss			$ (1,125,565)
Profit (Loss) per share - Basic
Continuing operations			$ (0.04)
Loss from discontinued operations, per basic share			(0.03)
Profit (Loss) per share			(0.07)
Profit (Loss) per share – Fully Diluted
Continuing operations			(0.04)
Loss from discontinued operations, per diluted share			(0.03)
Profit (Loss) per share			$ (0.07)
Weighted average number of shares outstanding
Weighted average number of shares outstanding, basic			17,283,258
Weighted average number of shares outstanding, diluted			17,283,258
Net Product Sales [Member]
NET SALES	$ 1,256,169	$ 1,489,053	$ 1,799,074
Research and development services [Member]
NET SALES	564,870	173,547	529,452
Cost of sales
Gross profit	564,870	173,547
Royalty Revenues [Member]
NET SALES	193,434
Event Organizing Revenues [Member]
NET SALES	$ 263,773

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Net profit (loss):
From continuing operations	$ 271,869	$ (1,668,646)
From discontinued operations		(535,480)
Net loss	271,869	(2,204,126)	$ (1,125,565)	$ (28,022)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	2,030	3,743	4,694	5,990
Loss on disposal of computer and office equipment, fixtures, and furniture	141	997
Amortization of right-of-use assets	120,499	155,099	178,681	176,382
Inventory provision included in cost of sales			240,312	0
Inventory loss included in cost of sales			186,383	0
Stock-based compensation expense	0	54,506	318,137	0
Write off of other receivables			30,920	0
Write off of amounts due from related companies		156,826
Loss on disposal of a subsidiary		90,493
Changes in operating assets and liabilities:
Accounts receivable	(436,923)	(174,940)	70,611	65,142
Loan receivable	(679,790)
Inventories	101,816	(78,802)	(182,531)	162,276
Prepaid expenses and other current assets	(112,070)	(94,869)	46,058	(254,853)
Accounts payables			0	(706)
Value added and other taxes payable			0	42,691
Accrued expenses and other payables	(13,388)	586,656	(23,447)	140,295
Net cash used in continuing operations	(745,816)	(968,937)
Net cash used in discontinued operation		(56,422)
Net cash (used in)/provided by operating activities	(745,816)	(1,025,359)	(255,747)	309,195
Cash flows from investing activities:
Purchase of property, plant and equipment		(22,369)	0	(5,632)
Net cash on acquisition			0	4,644
Cash consideration received from the disposal of a subsidiary		140,500
Net cash provided by continuing operations		118,131
Net cash provided by discontinued operation
Net cash used in investing activities		118,131	0	(988)
Cash flows from financing activities:
Proceeds from private placement	110,380	533,501	234,000	50,000
Payment for cancellation of shares			0	(50,000)
Proceeds from bank loans	1,561,983	1,022,502	567,431	663,505
Repayment of bank loan	(969,976)	(427,751)	(402,254)	(460,030)
Advance from a director	12,703
Repayment from related companies		246,831
Advances to related companies		(79,320)	(136,135)	(299,010)
Net cash provided by continuing operations	715,090	1,295,763
Net cash provided by discontinued operation
Net cash used in financing activities	715,090	1,295,763	263,042	(95,535)
Effect of exchange rate changes on cash	(101,853)	(212,418)	(100,166)	(78,872)
Net (decrease)/increase in cash	(132,579)	176,117	(92,871)	133,800
Cash at beginning of year	277,836	101,491	194,590	60,790
Cash at beginning of year held by discontinued operation		228
Cash at end of year held by discontinued operation			228
Cash at end of year	145,257	277,836	101,491	194,590
Supplemental information:
Cash paid for income tax		621
Cash paid for interests	81,317	46,723	35,361	24,250
Major non-cash transactions:
Right of use assets obtained in exchange for operating lease obligations		28,390	37,611	1,148,422
Equity investment consideration received from the disposal of a subsidiary		562,000
Cash at end of year	$ 145,257	277,836	101,491	194,590
Cash paid for income tax			11,119	660
As Reclassified [Member]
Net profit (loss):
From continuing operations			(682,663)
From discontinued operations			(442,902)
Net loss			(1,125,565)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment			5,376
Loss on disposal of computer and office equipment, fixtures, and furniture
Amortization of right-of-use assets			161,223
Stock-based compensation expense			318,137
Write off of other receivables			30,920
Write off of amounts due from related companies
Loss on disposal of a subsidiary
Changes in operating assets and liabilities:
Accounts receivable			70,611
Loan receivable
Inventories			6,713
Prepaid expenses and other current assets			45,198
Accrued expenses and other payables			(70,756)
Net cash used in continuing operations			(115,241)
Net cash used in discontinued operation			(137,933)
Net cash (used in)/provided by operating activities			(253,174)
Cash flows from investing activities:
Purchase of property, plant and equipment			(2,149)
Cash consideration received from the disposal of a subsidiary
Net cash provided by continuing operations			(2,149)
Net cash provided by discontinued operation
Net cash used in investing activities			(2,149)
Cash flows from financing activities:
Proceeds from private placement			234,000
Proceeds from bank loans			567,431
Repayment of bank loan			(402,254)
Advance from a director
Advances to related companies			(136,135)
Net cash provided by continuing operations			263,042
Net cash provided by discontinued operation
Net cash used in financing activities			263,042
Effect of exchange rate changes on cash			(100,590)
Net (decrease)/increase in cash			(92,871)
Cash at beginning of year		101,491	188,133
Cash at beginning of year held by discontinued operation		$ 228	6,457
Cash at end of year held by discontinued operation			228	6,457
Cash at end of year			101,491	188,133
Supplemental information:
Cash paid for income tax			11,119
Cash paid for interests			35,361
Major non-cash transactions:
Right of use assets obtained in exchange for operating lease obligations			37,611
Equity investment consideration received from the disposal of a subsidiary
Cash at end of year			$ 101,491	$ 188,133

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current assets
Cash at banks	$ 145,257	$ 277,836	$ 101,719	$ 194,590
Accounts receivable, net	790,626	353,703	194,138	264,749
Loan receivable, net	679,790
Amounts due from related companies			324,337	188,202
Inventories	29,659	131,474	1,238,316	1,487,683
Deferred offering costs	237,982	163,461
Prepaid expenses and other current assets	142,859	116,963	224,392	301,370
Total current assets	2,026,173	1,043,437	2,082,902	2,436,594
Other assets
Equity investment	562,000	562,000
Right-of-use assets	577,665	523,519	759,314	1,005,649
Property, plant and equipment, net	2,395	4,772	10,659	15,353
Total other assets	1,142,060	1,090,291	769,973	1,021,002
Total assets	3,168,233	2,133,728	2,852,875	3,457,596
Current liabilities
Bank loans	1,561,983	1,358,221	462,029	402,254
Accrued expenses and other current payables	756,830	770,218	234,408	257,854
Amount due to a director	12,703
Lease liabilities, current	151,170	79,475	139,137	101,134
Total current liabilities	2,482,686	2,207,914	835,574	761,242
Non-current liabilities
Bank loan, non-current	325,475		366,653	261,251
Lease liabilities, non-current	578,866	608,068	709,248	934,610
Total non-current liabilities	904,341	608,068	1,075,901	1,195,861
Total liabilities	3,387,027	2,815,982	1,911,475	1,957,103
Contingencies and commitment			0	0
Stockholders' equity
Ordinary shares, 50,000,000 shares authorized at par value of $0.001 each; 17,547,118 and 17,145,000 shares issued and outstanding as of March 31, 2022 and 2021, respectively	17,710	17,680	17,547	17,145
Additional paid-in capital	2,813,431	2,703,081	2,115,207	1,563,472
Accumulated losses	(3,214,881)	(3,517,091)	(1,367,834)	(242,269)
Accumulated other comprehensive income	179,191	97,451	176,480	162,145
Total stockholders' equity	(204,549)	(698,879)	941,400	1,500,493
Non-controlling interest	(14,245)	16,625
Total stockholders’ deficit	(218,794)	(682,254)	941,400	1,500,493
Total liabilities and stockholders' equity	$ 3,168,233	$ 2,133,728	$ 2,852,875	$ 3,457,596