Company: PAVS
Filing Date: 2025-08-04
Form Type: 20-F
Source: 0001929980-25-000590
Chunk: 182

Company: Paranovus Entertainment Technology Ltd.
Filing Date: 2025-08-04
Form: 20-F
Item: Item 18
Chunk 182
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 the result of the normal business transactions stated above. The balances were all unsecured, non-interest bearing and payable on demand.

  F-25               
  Table of Contents  

NOTE9 - OTHER PAYABLES AND ACCRUED LIABILITIES

Other payables and accrued liabilities consisted of the following as of March 31, 2025 and 2024:

                                       As of                         As of                     
                                                                                               
                                       March 31,                     March 31,                 
                                       202 5                         202 4                     
 ───────────────────────────────────────────────────────────────────────────────────────────────
  Advances from customers              $                 73,321      $                 73,953  
  Loan payable to the third party                     2,250,000                     2,250,000  
  Interest payable                                      218,630                        39,167  
  Deposit                                                50,000                        50,000  
  Others                                                 29,612                        32,955  
  Total                                $              2,621,563      $              2,446,075  

NOTE 10 - SHAREHOLDERS’ EQUITY

Ordinary shares

Paranovus Cayman was incorporated under the laws of the Cayman Islands on February 9, 2018. The Company issued50,000ordinary shares with par value of $1to exchange for the ownership in Fujian Happiness from the former shareholders to Happiness Fuzhou.

A Reorganization of the legal structure was completed in August 2018. The Reorganization involved the incorporation of Paranovus Entertainment Technology Limited, a Cayman Islands holding company; Happiness Biology Technology Group Limited, a holding company established in Hong Kong, PRC; Happiness (Fuzhou) E-commerce Co., Ltd, a holding company established in Fujian, PRC; and the transfer of100% ownership of Fujian Happiness from the former shareholders to Happiness Fuzhou.

In May 2018, the Company received $627,628(RMB 4.0 million) from two investors into Fujian Happiness.

On March 4, 2019, the Company subdivided its50,000ordinary shares into90,000,000Ordinary shares and 10,000,000 Preferred shares. The authorized ordinary shares became100,000,000shares and the par value changed from $1to $0.0005. On the same day, the Company cancelled77,223,100ordinary shares and sold additional223,100ordinary shares.