Company: PAVS
Filing Date: 2025-08-04
Form Type: 20-F
Source: 0001929980-25-000590
Chunk: 159

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-08-04
Form: 20-F
Item: Item 18
Chunk 159
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ITEM 18. FINANCIAL STATEMENTS

See the Index to Consolidated Financial Statements accompanying this report beginning page F-1.

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  Table of Contents  

PARANOVUS ENTERTAINMENT TECHNOLOGY LTD.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

  Table of Contents                                                                                                                  Pages  
  Report of Independent Registered Public Accounting Firm # 6907                                                                     F-2    
  Consolidated Balance Sheets as of March 31, 2025 and 2024                                                                          F-3    
  Consolidated Statements of Operations and Other Comprehensive Income (Loss) for the Years Ended March 31, 2025, 2024 and 2023      F-4    
  Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended March 31, 2025, 2024 and 2023                       F-5    
  Consolidated Statements of Cash Flows for the Years Ended March 31, 2025, 2024 and 2023                                            F-6    
  Notes to Consolidated Financial Statements                                                                                         F-7    

  F-1                
  Table of Contents  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Paranovus Entertainment Technology Ltd.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheet of Paranovus Entertainment Technology Ltd. and its subsidiaries (the “ Company”) as of March 31, 2025 and 2024, and the related consolidated statements of operations and other comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the years ended March 31, 2025, 2024 and 2023 and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years ended March 31, 2025, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America (“ U. S. GAAP”).

Substantial doubt about the Company’s ability to continue as a going concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of US$8,305,