On August 16, 2023, Datasea Inc. closed the transaction. The company announced that it ha issued 529,100 shares at an issue price of $1.35 per share for the gross proceeds of $714,285 in the first tranche. The Investor was required to pay the remainder amount of $3,285,714 to the Company by October 15, 2023. This payment was delayed due to adjustments in the Investor's internal funding plan.

On October 15, 2023, the Investor sought an extension from the Company to defer the payment of the outstanding balance of $3,285,714.29 until March 31, 2024. The Company approved the Investor?s request. The Investor can pay the remaining balance either in a lump sum or in two installments. The Company retains the discretion to decide whether to continue the execution of the Agreement at any time before or after March 31, 2024.