Organic Agricultural Co Ltd

CIK:0001749849|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 297,435	$ 93,531	$ 1,288,614	$ 170,792
Cost of sales	213,847	83,514	880,535	146,276
Gross profit	83,588	10,017	408,079	24,516
Selling, general and administrative expenses	(32,326)	9,564	267,512	544,920
Operating income (loss)	115,914	453	140,567	(520,404)
Other income (loss)		(46)	17	2,435
Income (loss) before provision for income taxes	115,914	407	140,584	(517,969)
Provision for income taxes	1,826		1,826
Net income (loss) from continuing operations	114,088	407	138,758	(517,969)
Gain on the sale of discontinued operations, net of income taxes (Note 3)				68,359
(Loss) from discontinued operations, net of income taxes (Note 3)				(1)
Net income (loss)	114,088	407	138,758	(449,611)
Less: (loss) from discontinued operations attributable to non-controlling interests
Net income (loss) attributable to common shareholders	114,088	407	138,758	(449,611)
Amounts attributable to common shareholders:
Net income (loss) from continuing operations	114,088	407	138,758	(517,969)
Net income from discontinued operations				68,358
Net income (loss) attributable to common shareholders	$ 114,088	$ 407	$ 138,758	$ (449,611)
Income (loss) per share – continuing operations – basic (in Dollars per share)	$ 0	$ 0	$ 0	$ (0.01)
Income (loss) per share discontinued operations – basic (in Dollars per share)	0	0	0	0
Basic income (loss) per share (in Dollars per share)	$ 0	$ 0	$ 0	$ (0.01)
Weighted average number of shares outstanding- basic (in Shares)	93,726,994	87,309,961	93,726,994	84,835,023
Other comprehensive income (loss):
Net income (loss)	$ 114,088	$ 407	$ 138,758	$ (449,611)
Foreign currency translation adjustment	(60,220)	(74,897)	68,385	163,193
Comprehensive income (loss)	53,868	(74,490)	207,143	(286,418)
Less: comprehensive income attributable to non-controlling interests				3,672
Comprehensive income (loss) attributable to the common shareholders	$ 53,868	$ (74,490)	$ 207,143	$ (290,090)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net income (loss) from continuing operations	$ 138,758	$ (517,969)
Net income from discontinued operations		68,358
Shares issued as compensation		16,986
Gain on sale of discontinued operations		(68,359)
Exchange loss	59,204	192,194
Changes in operating assets and liabilities, discontinued operations		(5,381)
Changes in operating assets and liabilities, continuing operations:
Accounts receivable	(296,490)	(6,331)
Prepaid and deferred expenses	(15,831)	19,944
Inventories	(1,036)	32,003
Other receivables	(3,170)	(1,372)
Accounts payable and accrued expenses	(45,460)	(35,138)
Customer deposits	10,072	(502)
Due to (from) related parties	30,913	(3,013)
Other payables	1,870	(112)
Net cash (used in) operating activities	(121,170)	(308,692)
Cash Flows from Investing Activities
Cash disbursed on divestment of Tianci Wanguan		(288)
Net cash (used in) investing activities		(288)
Cash Flows from Financing Activities
Proceeds from sale of common stock	132,699	13,968
Net cash provided by financing activities	132,699	13,968
Effect of exchange rate fluctuations on cash	(904)	(29,485)
Net increase (decrease) in cash	10,625	(324,497)
Cash, beginning of period-continuing operations	49,862	402,449
Cash, beginning of period-discontinued operations		6,014
Cash, beginning of period	49,862	408,463
Cash, end of period-continuing operations	60,487	83,966
Cash, end of period-discontinued operations
Cash, end of period	60,487	83,966
Supplemental disclosure of cash flow information:
Cash paid for income taxes
Cash paid for interest
Supplemental disclosure of non-cash activities:
Gain on sale of discontinued operations		68,359
Shares issued for compensation		16,986
Issuance of common stock as cash was not received		$ 866,032

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash	$ 60,487	$ 49,862
Accounts receivable	313,385	14,357
Prepaid expenses	16,723	756
Inventories	146,324	149,757
Other receivables	25,060	22,533
Total current assets	564,263	237,589
Total assets	564,263	237,589
Current liabilities:
Accounts payable and accrued expenses	15,671	61,469
Customer deposits	157,079	151,435
Other payables	2,599	733
Total current liabilities	201,195	214,363
Total liabilities	201,195	214,363
Shareholders’ equity:
Preferred stock; $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding at December 31, 2023 and March 31, 2023
Common stock; $0.001 par value, 274,000,000 shares authorized; 93,726,994 shares issued and outstanding at December 31, 2023 and March 31, 2023	93,727	93,727
Additional paid-in capital	5,153,407	5,153,407
Subscription receivable	(705,396)	(838,095)
(Deficit)	(4,221,111)	(4,359,869)
Other comprehensive income (loss)	42,441	(25,944)
Total shareholders’ equity of the Company	363,068	23,226
Non-controlling interest
Total shareholders’ equity	363,068	23,226
Total liabilities and shareholders’ equity	564,263	237,589
Related Party
Current assets:
Due from related parties	2,284	324
Current liabilities:
Due to related parties	$ 25,846	$ 726