Equity

6 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

4. Equity

Reverse Stock Split

On August 10, 2021, the Company effected a reverse stock split of its common stock, without changing the par value per share, whereby each 30 issued and outstanding shares of common stock were consolidated into one share of common stock (the “Reverse Split”). The Company has retrospectively accounted for the change in the current and prior period financial statements that are presented in the condensed interim financial statements.

Common Stock

On April 29, 2021, the Company consummated a closing of a “best efforts” self-underwritten public offering of its common stock, par value $0.0001 per share (the “Offering”), in which the Company issued and sold an aggregate of 16,708 shares (501,250 shares before the Reverse Split) of its common stock at a price of $12 per share ($0.40 before the Reverse Split) to certain investors, generating gross proceeds to the Company of $200,307. Share offering costs of $94,173 were offset against the share capital in relation to the Offering.

On November 11, 2020, the Company’s board approved to issue an aggregate of 667 shares (20,000 shares before the Reverse Split) of common stock to its directors and officers as equity compensation for services they provided in 2020.

There were no treasury stock transactions during the three and six months ended September 30, 2022 and 2021.

Additional paid-in-capital

On July 22, 2022, Huihe Zheng invested additional share capital of $150,000 (HKD$1,170,000) into Company’s subsidiary, YeeTah. The additional contribution was recorded into additional paid-in-capital.

Preferred Stock

On May 17, 2021, upon receipt of a conversion notice from Huihe Zheng, the Company issued 134,976 shares (4,049,254 shares before the Reverse Split) of the Company’s common stock upon conversion of an aggregate of 368,114 shares of Series C Preferred Stock, par value $0.0001 per share, at a conversion ratio of 30 for 11 (1-for-11 before the Reverse Split), pursuant to the terms of the Certification of Designation for the Series C Preferred Stock.