Investments

12 Months Ended

Mar. 31, 2023

Investments [Abstract]

INVESTMENTS

NOTE 10 – INVESTMENTS

On December 25, 2020, the Company and an individual investor established Palpito Co., Ltd. (“Palpito”), a stock company incorporated in Japan pursuant to the laws of Japan with a registered capital of ¥61.0 million ($577,792). The Company owns 40% of Palpito and the registered capital was fully injected on December 31, 2020. Palpito is a retailer of art toys and focuses on selling artworks made by Japanese artists to both Japan and overseas markets. The investment is accounted for using the equity method because the Company has significant influence, but no control of Palpito. The Company recorded an income of $14,554, a loss of $145,828, and a loss of $29,242 for the fiscal years ended March 31, 2023, 2022, and 2021, respectively, from the investments, which is included in “Income (loss) from equity method investment” in the consolidated statements of operations and comprehensive income (loss).

The Company’s investment in unconsolidated entity consists of the following:

	March 31, 2023		March 31, 2022
Palpito	$	169,148	$	168,509
Total investment	$	169,148	$	168,509

Summarized financial information of unconsolidated entity is as follows:

	March 31, 2023		March 31, 2022
Current assets	$	1,724,166	$	659,862
Noncurrent assets		457,148		540,393
Current liabilities		1,252,473		75,957
Noncurrent liabilities		505,971		703,025

	For the Fiscal Years Ended March 31,
	2023		2022			2021
Net sales	$	1,993,678	$	2,404,172		$	148,252
Gross profit		641,860		328,249			7,315
Income (loss) from operations		12,953		(355,711	)		(72,682	)
Net income (loss)		36,384		(364,569	)		(73,106	)