Company: PAVS
Filing Date: 2025-08-04
Form Type: 20-F
Source: 0001929980-25-000590
Chunk: 106

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-08-04
Form: 20-F
Item: Item 5
Chunk 106
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 2024, we sold all of the equity interests of Happiness Hong Kong with its automobile sales business for approximately HK$10,000 as consideration. Beginning on July 7, 2024, we no longer retained any financial interest over automobile sales business and accordingly deconsolidated this business’ financial statements from our consolidated financial statements and accordingly deconsolidated automobile sales business’ financial statements from our consolidated financial statements.

Net loss

As a result of the factors described above, our net loss for the fiscal year ended March 31, 2025 was $8,305,429, representing an decrease of $1,621,895 or 16.34%, compared with net loss of $9,927,324 for the fiscal year ended March 31, 2024.

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Year Ended March 31, 202 4 Compared to Year Ended March 31, 202 3

Selling and Marketing Expenses

We incurred $94 in selling and marketing expenses for the fiscal year ended March 31, 2024, representing a decrease of $911,017 or 99.99%, compared with $911,111 for the fiscal year ended March 31, 2023. The decrease was primarily due to the decreased advertising costs, and network flow fee.

General and Administrative Expenses

We incurred $2,462,001 in general and administrative expenses for the fiscal year ended March 31, 2024, representing a decrease of $629,477 or 20.36%, compared with $3,091,478 for the fiscal year ended March 31, 2023. The decrease was primarily attributable to the decreased headcount and service fee result from the business strategy structure optimization.

Goodwill impairment

We recognized $1,807,848 in goodwill impairment for the fiscal year ended March 31, 2024, representing a increase of $1,807,848 or 100.00%, compared with $0 for the fiscal year ended March 31, 2023. The increase was primarily due to failure to reach the projected performance. We have assessed and recorded the goodwill impairment of 2lab3 amounted to $1,807,848 as of March 31, 2024.

Operat ing loss

As a result of the factors described above, our operating loss was $4,269,943 for the fiscal year ended March 31, 2024, compared with operating loss of $4,002,589 for the fiscal