RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

During the nine months ended December 31, 2023, Mr. Jiang, Libin, the President and a director of the Company, advanced the Company $2,075(2022:0) for operating expenses, received $0(2022:$14,115) from the Company as repayments. These advances are due on demand, non-interest bearing, and unsecured unless further disclosed.

Mr. Jiang, Libin is entitled to extra monthly salary of $20,000 from January 2021 to March 2023. As of December, 31, 2023 and March 31,2023, the accrued salary payable was $550,863 and $551,144 respectively.

On December 18, 2019, the Company signed a Letter of intent for Equity Acquisition (the “LOI Agreement”) as part of a joint venture plan between the Company and Ji’an Chengpin Mining Co., Ltd, a unrelated third-party company. The Company received $128,221 (RMB 910,000) from the acquiree as earnest money deposit to secure the transfer of Mr. Jiang Libin’ shares as part of the LOI Agreement. On July 24, 2020, the LOI Agreement was terminated by all parties and the earnest money deposit of $128,221 (RMB 910,000) was not required to be returned to the acquiree according pursuant to the Termination Agreement. As a result, the earnest money deposit was classified as amount payable to Mr. Jiang. The amounts are due on demand, non-interest bearing, and unsecured.

On October 1, 2023, the Company entered an lease agreement with Yinfu Guohui Sports Development Co., Ltd(Yinfu Guohui), a related company controlled by Mr. Jiang Libin, leasing part of the Company’s office space with rent of $2,818 (RMB20,000) per month from October 1, 2023 to September 30, 2025. Rental income of $8,393 for the current quarter was included in other income.

The amounts due to related parties are no fixed terms of payment, non-interest bearing, and unsecured.

Due to related parties was summarized as follows.

	December 31, 2023		March 31, 2023
Salary payable to Mr. Jiang, Libin	$	550,863	$	551,144
Salary payable to Mr. Huang Jing		13,143		12,998
Borrowing from Mr. Jiang, Libin		1,463,816		1,531,695
Advance received from Yinfu Guohui		59,179		-
Deposit received from Yinfu Guohui		1,550		-
	$	2,088,551	$	2,095,837