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SHARE CAPITAL AND RESERVES	12 Months Ended
Mar. 31, 2023
Share Capital And Reserves
SHARE CAPITAL AND RESERVES	19. SHARE CAPITAL AND RESERVES Ordinary shares In August 2022, the Company completed its IPO and 5,000,000 ordinary shares were issued and sold to the public, with proceeds of approximately $20.2 million, net of underwriter commissions and relevant offering expenses. In September, 2022, 391,666 shares were issued upon cashless exercise of Underwriter Warrants. On February 3, 2023, 3,370,000 shares were issued as pre-delivery shares to the placement agents. In January 2023, the Company increased its authorized share capital and the authorized share capital is US$250,000 divided into 250,000,000 ordinary shares with par value of US$0.001 per share. There are 35,454,670 and 26,693,004 ordinary shares issued and outstanding at March 31, 2023 and 2022, respectively. Statutory reserve In accordance with the relevant laws and regulations of the PRC, the subsidiary of the Company established in the PRC is required to transfer 10% of its profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until the reserve balance reaches 50% of the subsidiary’s paid-up capital. Such reserve may be used to offset accumulated losses or increase the registered capital of the subsidiary, subject to the approval from the PRC authorities, and are not available for dividend distribution to the shareholders. The amount appropriated to statutory reserve for the years ended March 31, 2023 and 2022 were $14,636 and $Nil, respectively. The balance of paid-up statutory reserve was $28,457 and $13,821 as of March 31, 2023 and 2022, respectively.

SHARE CAPITAL AND RESERVES

12 Months Ended

Mar. 31, 2023

19. SHARE CAPITAL AND RESERVES

Ordinary shares

In August 2022, the Company completed its IPO and 5,000,000 ordinary shares were issued and sold to the public, with proceeds of approximately $20.2 million, net of underwriter commissions and relevant offering expenses.

In September, 2022, 391,666 shares were issued upon cashless exercise of Underwriter Warrants.

On February 3, 2023, 3,370,000 shares were issued as pre-delivery shares to the placement agents.

In January 2023, the Company increased its authorized share capital and the authorized share capital is US$250,000 divided into 250,000,000 ordinary shares with par value of US$0.001 per share. There are 35,454,670 and 26,693,004 ordinary shares issued and outstanding at March 31, 2023 and 2022, respectively.

Statutory reserve

In accordance with the relevant laws and regulations of the PRC, the subsidiary of the Company established in the PRC is required to transfer 10% of its profit after taxation prepared in accordance with the accounting regulations of the PRC to the statutory reserve until the reserve balance reaches 50% of the subsidiary’s paid-up capital. Such reserve may be used to offset accumulated losses or increase the registered capital of the subsidiary, subject to the approval from the PRC authorities, and are not available for dividend distribution to the shareholders. The amount appropriated to statutory reserve for the years ended March 31, 2023 and 2022 were $14,636 and $Nil, respectively. The balance of paid-up statutory reserve was $28,457 and $13,821 as of March 31, 2023 and 2022, respectively.