Senmiao Technology Limited (AIHS) 10-Q 16 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Feb. 12, 2021
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	Senmiao Technology Ltd
Entity Central Index Key	0001711012
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	AIHS
Entity Common Stock, Shares Outstanding		49,273,517
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Current assets
Cash and cash equivalents	$ 3,537,630	$ 833,888
Restricted cash	5,190	0
Accounts receivable, net, current portion	1,165,695	660,645
Inventories	428,503	1,000,675
Finance lease receivables, net, current portion	672,960	459,110
Prepayments, other receivables and other assets, net	2,906,688	2,798,780
Due from related parties	69,099	26,461
Current assets - discontinued operations	490,235	826,580
Total current assets	9,276,000	6,606,139
Property and equipment, net
Property and equipment, net	1,104,104	469,201
Property and equipment, net - discontinued operations	7,884	11,206
Total Property and equipment, net	1,111,988	480,407
Other assets
Operating lease right-of-use assets, net	398,563	473,661
Operating lease right-of-use assets, net, related parties	358,850	236,305
Financing lease right-of-use assets, net	5,697,293	5,440,362
Intangible assets, net	979,000	777,621
Goodwill	145,954	0
Accounts receivable, net, non-current	448,658	882,078
Finance lease receivables, net, non-current	501,250	734,145
Total other assets	8,529,568	8,544,172
Total assets	18,917,556	15,630,718
Current liabilities
Borrowings from financial institutions	426,715	226,753
Accounts payable	238,871	4,065
Advance from customers	153,185	90,349
Income tax payable	25,899	16,267
Accrued expenses and other liabilities	4,772,208	2,008,391
Due to related parties and affiliates	168,837	152,679
Operating lease liabilities	142,245	149,582
Operating lease liabilities - related parties	211,622	151,655
Financing lease liabilities	5,103,911	3,473,967
Derivative liabilities	1,043,430	342,530
Current liabilities - discontinued operations	2,627,510	4,516,292
Total current liabilities	14,914,433	11,132,530
Other liabilities
Borrowings from financial institutions, non-current	47,456	64,221
Operating lease liabilities, non-current	202,408	297,167
Operating lease liabilities, non-current - related parties	179,021	88,349
Financing lease liabilities, non-current	2,789,337	2,576,094
Deferred tax liability	45,146	0
Total other liabilities	3,263,368	3,025,831
Total liabilities	18,177,801	14,158,361
Commitments and contingencies
Stockholders' equity
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 44,201,052 and 29,008,818 shares issued and outstanding at December 31 and March 31, 2020, respectively)	4,420	2,901
Additional paid-in capital	34,793,916	27,013,137
Accumulated deficit	(30,947,104)	(23,704,863)
Accumulated other comprehensive loss	(741,183)	(507,478)
Total Senmiao Technology Limited stockholders' equity	3,110,049	2,803,697
Non-controlling interests	(2,370,294)	(1,331,340)
Total equity	739,755	1,472,357
Total liabilities and equity	$ 18,917,556	$ 15,630,718

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	44,201,052	29,008,818
Common Stock, Shares, Outstanding	44,201,052	29,008,818

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 1,638,550	$ 2,745,579	$ 4,175,862	$ 13,643,429
Cost of revenues	(1,793,815)	(1,901,405)	(3,588,586)	(10,632,901)
Gross profit (loss)	(155,265)	844,174	587,276	3,010,528
Operating expenses
Selling, general and administrative expenses	(2,401,250)	(1,240,213)	(7,110,884)	(3,258,161)
Bad debts (expenses) recovery, net	187,907	(99,025)	106,835	(228,249)
Impairments of long-lived assets	(41,983)	0	(122,206)
Total operating expenses	(2,255,326)	(1,339,238)	(7,126,255)	(3,486,410)
Loss from operations	(2,410,591)	(495,064)	(6,538,979)	(475,882)
Other income (expense)
Other income (expense), net	(72,586)	(37,636)	56,795	(53,364)
Interest expense	(2,158)	(17,248)	(37,698)	(79,593)
Interest expense on finance leases	(150,227)	0	(587,457)	0
Change in fair value of derivative liabilities	(1,030,843)	(485,400)	(1,443,784)	1,509,406
Total other income (expense), net	(1,255,814)	(540,284)	(2,012,144)	1,376,449
Income (Loss) before income taxes	(3,666,405)	(1,035,348)	(8,551,123)	900,567
Income tax benefits (expenses)	(7,487)	72,648	(14,464)	(32,950)
Net income (loss) from continuing operations	(3,673,892)	(962,700)	(8,565,587)	867,617
Net loss from discontinued operations, net of applicable income taxes	(572)	(4,399,236)	(78,351)	(5,593,627)
Net loss (income) attributable to non-controlling interests from continuing operations	593,452	34,769	1,401,697	(89,264)
Net (loss) attributable to stockholders	(3,081,012)	(5,327,167)	(7,242,241)	(4,815,274)
Net loss	(3,674,464)	(5,361,936)	(8,643,938)	(4,726,010)
Other comprehensive income (loss)
Foreign currency translation adjustment	(61,953)	206,432	(215,452)	(253,983)
Comprehensive loss	(3,736,417)	(5,155,504)	(8,859,390)	(4,979,993)
Total comprehensive income (loss) attributable to noncontrolling interests	252,130	(30,015)	1,038,954	(28,467)
Total comprehensive loss attributable to stockholders	$ (3,484,287)	$ (5,185,519)	$ (7,820,436)	$ (5,008,460)
Weighted average number of common stock
Basic and diluted	43,822,321	28,825,281	36,906,608	27,733,885
Earnings (loss) per share - basic and diluted
Continuing operations	$ (0.07)	$ (0.03)	$ (0.19)	$ 0.03
Discontinued operations	$ 0	$ (0.15)	$ 0	$ (0.20)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common stock [Member]Series A warrants	Common stock [Member]Series B Warrants [Member]	Common stock [Member]	Additional paid-in capital [Member]Series A warrants	Additional paid-in capital [Member]Series B Warrants [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]Series A warrants	Accumulated deficit [Member]Series B Warrants [Member]	Accumulated deficit [Member]	Accumulated other comprehensive loss [Member]Series A warrants	Accumulated other comprehensive loss [Member]Series B Warrants [Member]	Accumulated other comprehensive loss [Member]	Non-controlling interest [Member]Series A warrants	Non-controlling interest [Member]Series B Warrants [Member]	Non-controlling interest [Member]	Series A warrants	Series B Warrants [Member]	Total
Beginning balance at Mar. 31, 2019			$ 2,595			$ 23,833,112			$ (15,031,538)			$ (428,771)			$ 7,344			$ 8,382,742
Beginning balance (in shares) at Mar. 31, 2019			25,945,255
Net income (loss)			$ 0			0			(578,360)			0			72,928			(505,432)
Issuance of common stock in registered direct offering, net of issuance costs			$ 178			5,141,946			0			0			0			5,142,124
Issuance of common stock in registered direct offering, net of issuance costs (in shares)			1,781,360
Fair value of warrants allocated to derivative liabilities			$ 0			(3,150,006)			0			0			0			(3,150,006)
Foreign currency translation adjustment			0			0			0			(57,947)			(28,276)			(86,223)
Ending balance at Jun. 30, 2019			$ 2,773			25,825,052			(15,609,898)			(486,718)			51,996			9,783,205
Ending balance (in shares) at Jun. 30, 2019			27,726,615
Beginning balance at Mar. 31, 2019			$ 2,595			23,833,112			(15,031,538)			(428,771)			7,344			8,382,742
Beginning balance (in shares) at Mar. 31, 2019			25,945,255
Net income (loss)																		(4,726,010)
Foreign currency translation adjustment																		(253,983)
Ending balance at Dec. 31, 2019			$ 2,884			26,835,804			(19,846,811)			(621,957)			35,811			6,405,731
Ending balance (in shares) at Dec. 31, 2019			28,839,803
Beginning balance at Mar. 31, 2019			$ 2,595			23,833,112			(15,031,538)			(428,771)			7,344			8,382,742
Beginning balance (in shares) at Mar. 31, 2019			25,945,255
Ending balance at Mar. 31, 2020			$ 2,901			27,013,137			(23,704,863)			(507,478)			(1,331,340)			1,472,357
Ending balance (in shares) at Mar. 31, 2020			29,008,818
Beginning balance at Jun. 30, 2019			$ 2,773			25,825,052			(15,609,898)			(486,718)			51,996			9,783,205
Beginning balance (in shares) at Jun. 30, 2019			27,726,615
Net income (loss)			$ 0			0			1,090,254			0			51,105			1,141,359
Exercise of warrants into common stock		$ 96			$ 0			$ 0			$ 0			$ 0			$ 96
Exercise of warrants into common stock (in shares)		964,741
Fair value of derivative liabilities upon exercises of warrants			0			961,631			0			0			0			961,631
Foreign currency translation adjustment			0			0			0			(276,887)			(97,305)			(374,192)
Ending balance at Sep. 30, 2019			$ 2,869			26,786,683			(14,519,644)			(763,605)			5,796			11,512,099
Ending balance (in shares) at Sep. 30, 2019			28,691,356
Net income (loss)			$ 0			0			(5,327,167)			0			(34,769)			(5,361,936)
Exercise of warrants into common stock		$ 15			$ 49,121			$ 0			$ 0			$ 0			$ 49,136
Exercise of warrants into common stock (in shares)		148,447
Foreign currency translation adjustment			0			0			0			141,648			64,784			206,432
Ending balance at Dec. 31, 2019			$ 2,884			26,835,804			(19,846,811)			(621,957)			35,811			6,405,731
Ending balance (in shares) at Dec. 31, 2019			28,839,803
Beginning balance at Mar. 31, 2020			$ 2,901			27,013,137			(23,704,863)			(507,478)			(1,331,340)			1,472,357
Beginning balance (in shares) at Mar. 31, 2020			29,008,818
Net income (loss)			$ 0			0			(1,980,485)			0			(389,699)			(2,370,184)
Foreign currency translation adjustment			0			0			0			9,404			2,313			11,717
Ending balance at Jun. 30, 2020			$ 2,901			27,013,137			(25,685,348)			(498,074)			(1,718,726)			(886,110)
Ending balance (in shares) at Jun. 30, 2020			29,008,818
Beginning balance at Mar. 31, 2020			$ 2,901			27,013,137			(23,704,863)			(507,478)			(1,331,340)			1,472,357
Beginning balance (in shares) at Mar. 31, 2020			29,008,818
Net income (loss)																		(8,643,938)
Issuance of common stock in registered direct offering, net of issuance costs (in shares)			1,113,188
Foreign currency translation adjustment																		(215,452)
Ending balance at Dec. 31, 2020			$ 4,420			34,793,916			(30,947,104)			(741,183)			(2,370,294)			739,755
Ending balance (in shares) at Dec. 31, 2020			44,201,052
Beginning balance at Jun. 30, 2020			$ 2,901			27,013,137			(25,685,348)			(498,074)			(1,718,726)			(886,110)
Beginning balance (in shares) at Jun. 30, 2020			29,008,818
Net income (loss)			$ 0			0			(2,180,744)			0			(418,546)			(2,599,290)
Exercise of warrants into common stock	$ 5			$ 74,995			$ 0			$ 0			$ 0			$ 75,000
Exercise of warrants into common stock (in shares)	50,000
Fair value of derivative liabilities upon exercises of warrants			0			56,662			0			0			0			56,662
Issuance of common stock and warrants in registered direct offering, net of issuance costs			$ 1,380			6,096,917			0			0			0			6,098,297
Issuance of common stock and warrants in registered direct offering, net of issuance costs (in shares)			13,800,000
Fair value of warrants allocated to derivative liabilities			$ 0			(241,919)			0			0			0			(241,919)
Issuance of common stock for consulting service			$ 50			444,950			0			0			0			445,000
Issuance of common stock for consulting service (in shares)			500,000
Foreign currency translation adjustment			$ 0			0			0			(184,324)			19,108			(165,216)
Ending balance at Sep. 30, 2020			$ 4,336			33,444,742			(27,866,092)			(682,398)			(2,118,164)			2,782,424
Ending balance (in shares) at Sep. 30, 2020			43,358,818
Net income (loss)			$ 0			0			(3,081,012)			0			(593,452)			(3,674,464)
Exercise of warrants into common stock	$ 84			$ 421,033			$ 0			$ 0			$ 0			$ 421,117
Exercise of warrants into common stock (in shares)	842,234
Fair value of derivative liabilities upon exercises of warrants			0			928,141			0			0			0			928,141
Acquisition of business entities			0			0			0			0			344,490			344,490
Foreign currency translation adjustment			0			0			0			(58,785)			(3,168)			(61,953)
Ending balance at Dec. 31, 2020			$ 4,420			$ 34,793,916			$ (30,947,104)			$ (741,183)			$ (2,370,294)			$ 739,755
Ending balance (in shares) at Dec. 31, 2020			44,201,052

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (8,643,938)	$ (4,726,010)
Net loss from discontinued operations	(78,351)	(5,593,627)
Net income (loss) from continuing operations	(8,565,587)	867,617
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of property and equipment	175,884	82,672
Stock compensation expense	445,000	0
Amortization of right-of-use assets	3,119,274	89,095
Amortization of intangible assets	59,209	197
Provision (recovery) for doubtful accounts	(106,835)	228,249
Impairment loss of financing lease right-of-use assets	122,206	0
Loss (gain) on disposal of equipment	(420)	4,593
Change in fair value of derivative liabilities	1,443,784	(1,509,406)
Change in operating assets and liabilities
Accounts receivable	227,174	(2,985,722)
Inventories	226,852	(72,278)
Prepayments, other receivables and other assets	137,701	(1,226,099)
Finance lease receivables	113,911	(1,146,021)
Accounts payable	174,160	55,464
Advances from customers	52,453	29,693
Income tax payable	7,847	5,860
Accrued expenses and other liabilities	2,223,905	548,545
Operating lease liabilities	(132,885)	(80,297)
Operating lease liabilities - related parties	68,326	0
Net cash used in operating activities from continuing operations	(208,041)	(5,107,838)
Net cash used in operating activities from discontinued operations	(1,578,633)	(1,896,242)
Net Cash used in Operating Activities	(1,786,674)	(7,004,080)
Cash Flows from Investing Activities:
Purchases of property and equipment	(199,896)	(414,958)
Prepayment of intangible assets	0	(470,000)
Cash acquired from acquisition of XXTX, net of cash paid to XXTX	7,975	0
Net cash used in investing activities from continuing operations	(191,921)	(884,958)
Net cash provided by(used in) investing activities from discontinued operations	(2,258)	1,822
Net Cash Used in Investing Activities	(194,179)	(883,136)
Cash Flows from Financing Activities:
Net proceeds from issuance of common stock in registered direct offering	0	5,142,124
Net proceeds from issuance of common stock and warrants in an underwritten public offering	6,098,297	0
Net proceeds from issuance of common stock upon warrants exercised	496,117	111
Borrowings from financial institutions	508,275	0
Repayments to stockholders	0	(90,000)
Repayments to third parties	0	(459,635)
Borrowings from related parties and affiliates	0	555,616
Repayments from related parties	0	27,577
Repayments to related parties and affiliates	(213,342)	(1,554,423)
Repayments of current borrowings from financial institutions	(354,504)	(129,698)
Release of escrow receivable	0	600,000
Principal payments of finance lease liabilities	(1,771,214)	0
Net cash provided by financing activities from continuing operations	4,763,629	4,091,672
Net cash provided by (used in) financing activities from discontinued operations	(167,315)	154,103
Net Cash Provided by Financing Activities	4,596,314	4,245,775
Effect of exchange rate changes on cash, cash equivalents and restricted cash	83,332	(196,028)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,698,793	(3,837,469)
Cash, cash equivalents and restricted cash beginning of period	844,027	5,020,510
Cash, cash equivalents and restricted cash end of period	3,542,820	1,183,041
Less: Cash,cash equivalents, and restricted cash from discontinued operations		(9,520)
Cash, cash equivalents, and restricted cash from continuing operations, end of period	3,542,820	1,173,521
Supplemental Cash Flow Information
Cash paid for interest expense	35,419	79,593
Cash paid for income tax	0	0
Non-cash Transaction in Investing and Financing Activities
Recognition of right-of-use assets and lease liabilities	3,145,506	957,472
Acquisition of equipment through prepayment and financing lease	540,968	0
Allocation of fair value of derivative liabilities for issuance of common stock proceeds	(241,919)	3,150,006
Allocation of fair value of derivative liabilities to additional paid in capital upon warrants exercised	984,803	1,010,752
Acquisition of XXTX with payables	314,290	0
Goodwill recognized in acquisition of XXTX	$ 145,954	$ 0

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Restricted cash	$ 5,190	$ 0	$ 0	$ 0
Total cash and restricted cash shown in the consolidated statements of cash flows	3,542,820		1,173,521
Total cash, cash equivalent and restricted cash shown in the consolidated statements of cash flows, beginning of period	$ 3,542,820	$ 844,027	$ 1,183,041	$ 5,020,510

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	9 Months Ended
	Dec. 31, 2020
ORGANIZATION AND PRINCIPAL ACTIVITIES
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES Senmiao Technology Limited (the “Company”) is a U.S. holding company incorporated in the State of Nevada on June 8, 2017. The Company provides automobile transaction and related services focusing on the ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through its wholly owned subsidiary, Yicheng Financial Leasing Co., Ltd., a PRC limited liability company (“Yicheng”), and its majority owned subsidiary, Hunan Ruixi Financial Leasing Co., Ltd., a PRC limited liability company (“Hunan Ruixi”), its wholly owned subsidiary, Hunan Ruixi Automobile Leasing Co., Ltd., a PRC limited liability company ("Ruixi Leasing"), and its variable interest entity (“VIE”), Sichuan Jinkailong Automobile Leasing Co., Ltd., a PRC limited liability company (“Jinkailong”). As described further below, since October 2020, the Company also operates an online ride-hailing platform (known as Xixingtianxia) through Hunan Xixingtianxia Technology Co., Ltd., a PRC limited liability company (“XXTX”), which is a majority owned subsidiary of Sichuan Senmiao Zecheng Business Consulting Co., Ltd., a PRC limited liability company and wholly-owned subsidiary of the Company (“Senmiao Consulting”). The Company’s ride hailing platform enables qualified ride-hailing drivers to provide application based transportation services in Chengdu, Changsha, Neijiang and Panzhihua, China. Substantially all of the Company’s operations are conducted in China. The Company previously operated an online lending platform in China through its VIE, Sichuan Senmiao Ronglian Technology Co., Ltd. (“Sichuan Senmiao”), which facilitated peer-to-peer (“P2P”) loan transactions between Chinese investors and individual and small-to-medium-sized enterprise borrowers. The Company ceased its online lending services business in October 2019. Hunan Ruixi holds a business license for automobile sales and financial leasing and has been engaged in automobile financial leasing services and automobile sales since March 2019 and January 2019, respectively. Hunan Ruixi also controls Jinkailong through its 35% equity interest and voting agreements with Jinkailong's other shareholders. Jinkailong facilitates automobile sales and financing transactions for its clients, who are primarily ride-hailing drivers and provides them operating lease and relevant after-transaction services. Yicheng has been engaged in automobile sales since June 2019. On July 4, 2020, Hunan Ruixi, Jinkailong and the other shareholders of Jinkailong entered into an agreement (the “JKL Investment Agreement”) with Hongyi Industrial Group Co., Ltd. (“Hongyi”). Pursuant to the JKL Investment Agreement, Jinkailong agreed to issue and Hongyi agreed to subscribe for an approximately 27.03% equity interest in Jinkailong in consideration of RMB50 million (approximately $7.0 million) (the “Investment”). The Investment will be made in two payments: (i) the first payment of RMB10 million (approximately $1.4 million) was due no later than December 31, 2020 and (ii) the remaining RMB40 million (approximately $5.6 million) is due within 30 days after the record-filing of the Investment has been made with the local PRC government and the other shareholders of Jinkailong having made their respective capital contributions in full in cash, but no later than December 31, 2020. As a result, Hunan Ruixi will be required to pay RMB3.5 million (approximately $0.5 million) to Jinkailong as a capital contribution. According to the latest arrangement with Hongyi, the first payment of RMB10 million has been postponed and the total investment of RMB50 million will be made before March 31, 2021. As a result, as of December 31, 2020, neither Hunan Ruixi nor the other shareholders of Jinkailong paid any capital contribution to Jinkailong, nor the record-filing of the Investment has been made with the local PRC government. As of the issuance date of these unaudited condensed consolidated financial statements, Hongyi has not made the payment. The JKL Investment Agreement also provides Hongyi certain shareholder rights, including, but not limited to, the right to receive any undistributed dividends, a right of first refusal for any equity transfer from the other shareholders of Jinkailong, a tag-along right during the performance commitment period, anti-dilution rights, redemption rights, subscription rights and priority in liquidation or dissolution of Jinkailong. Specifically, pursuant to the redemption right provision in the JKL Investment Agreement, in the event that Jinkailong (i) fails to become public through an initial public offering for a valuation of no less than RMB350 million (approximately $49.5 million) or merge with a public company for a valuation of no less than RMB300 million (approximately $42.5 million) within the six months following the performance commitment period, (ii) fails to achieve an accumulated net profit of RMB24 million (approximately $3.4 million) for the first two years of the performance commitment period or a net profit of RMB20 million (approximately $2.9 million) for the third year of the performance commitment period, or (iii) has any material and adverse change to its core business, including but not limited to being included in the list of dishonest persons and loss of over one third of its online ride-hailing taxi operating licenses, as well as bankruptcy, liquidation or cessation of operations, Hongyi shall have the right to require certain shareholders of Jinkailong (including Hunan Ruixi) to repurchase all of its equity interest in Jinkailong. Based on a repurchase formula provided for in the JKL Investment Agreement, the maximum repurchase amount that Hunan Ruixi would be subject to is RMB28,320,000 (approximately $4.0 million). On September 11, 2020, Senmiao Consulting entered into an Investment Agreement relating to XXTX with all the original shareholders of XXTX, pursuant to which Senmiao Consulting will make an investment of RMB3.16 million in XXTX in cash and obtain a 51% equity interest accordingly. On October 23, 2020, the registration procedures for the change in shareholders and registered capital were completed and XXTX became a majority owned subsidiary of Senmiao Consulting. As of the issuance date of these unaudited condensed consolidated financial statements, Senmiao Consulting has made a capital contribution of RMB1.0 million (approximately $0.2 million) to XXTX and the remaining amount is expected to be paid before December 31, 2021. As of December 31, 2020, XXTX had eight wholly owned subsidiaries and only one of them has operations. In December 2020, Senmiao Consulting formed a wholly owned subsidiary, Chengdu Kuneng Jiecheng Technology Co., Ltd. ("Kuneng"), with a registered capital of RMB10 million (approximately $1.6 million) in Chengdu City, Sichuan Province. In December 2020, Hunan Ruixi and a third party jointly formed a subsidiary, Chengdu Xichuang Technology Service Co., Ltd. ("Xichuang"), with a registered capital of RMB200,000 (approximately $32,000) in Chengdu City, Sichuan Province. Hunan Ruixi holds 70% of the equity interests of Xichuang. As of December 31, 2020, neither Kuneng nor Xichuang has commenced operating. The following diagram illustrates the Company’s corporate structure, including its subsidiaries, and VIEs, as of the issuance date of these unaudited condensed consolidated financial statements: VIE Agreements with Sichuan Senmiao According to the VIE Agreements, Sichuan Senmiao is obligated to pay Senmiao Consulting service fees equal to its net income. Sichuan Senmiao’s entire operations are controlled by the Company. Although the Company discontinued Sichuan Senmiao’s online P2P lending services business commencing in October 2019, the VIE Agreements remain in place, and such agreements are described in detail below: Equity Interest Pledge Agreement Senmiao Consulting, Sichuan Senmiao and the Sichuan Senmiao Shareholders entered into an Equity Interest Pledge Agreement, pursuant to which the Sichuan Senmiao Shareholders pledged all of their equity interest in Sichuan Senmiao to Senmiao Consulting in order to guarantee the performance of Sichuan Senmiao’s obligations under the Exclusive Business Cooperation Agreement as described below. During the term of the pledge, Senmiao Consulting is entitled to receive any dividends declared on the pledged equity interest of Sichuan Senmiao. The Equity Interest Pledge Agreement terminates when all contractual obligations under the Exclusive Business Cooperation Agreement have been fully performed. Exclusive Business Cooperation Agreement Pursuant to an Exclusive Business Cooperation Agreement entered by and among the Company, Senmiao Consulting, Sichuan Senmiao and each of Sichuan Senmiao Shareholders, Senmiao Consulting will provide Sichuan Senmiao with complete technical support, business support and related consulting services for 10 years ended September 18, 2027. The Sichuan Senmiao Shareholders and Sichuan Senmiao will not engage any third party for the same or similar consultation services without Senmiao Consulting's prior consent. Further, the Sichuan Senmiao Shareholders are entitled to receive an aggregate of 20,250,000 shares of common stock of the Company under the Exclusive Business Cooperation Agreement. Senmiao Consulting may terminate the Exclusive Business Cooperation Agreement at any time upon prior written notice to Sichuan Senmiao and the Sichuan Senmiao Shareholders. Exclusive Option Agreement Pursuant to an Exclusive Option Agreement entered by and among Senmiao Consulting, Sichuan Senmiao and the Sichuan Senmiao Shareholders, the Sichuan Senmiao Shareholders have granted Senmiao Consulting an exclusive option to purchase at any time their equity interests in Sichuan Senmiao at a purchase price equal to the capital paid by the Sichuan Senmiao Shareholders in whole or at a pro-rated price for any partial purchase. The Exclusive Option Agreement terminates after 10 years ending September 18, 2027 but can be renewed by Senmiao Consulting at its discretion. Powers of Attorney Each of the Sichuan Senmiao Shareholders has signed a power of attorney (the “Power of Attorney”), pursuant to which, each of the Sichuan Senmiao Shareholders has authorized Senmiao Consulting to act as his or her exclusive agent and attorney with respect to all rights of such individual as a shareholder of Sichuan Senmiao, including but not limited to: (a) attending shareholders’ meetings; (b) exercising all the shareholder’s rights that shareholders are entitled to under PRC laws and the Articles of Association of Sichuan Senmiao, including but not limited to voting, sale, transfer, pledge and disposition of the equity interests of Sichuan Senmiao; and (c) designating and appointing the legal representative, chairperson, director, supervisor, chief executive officer and other senior management members of Sichuan Senmiao. The Power of Attorney has the same term as the Exclusive Option Agreement. Timely Report Agreement The Company and Sichuan Senmiao entered into a Timely Report Agreement, pursuant to which, Sichuan Senmiao agrees to make its officers and directors available to the Company and promptly provide all information required by the Company so that the Company can make necessary filings to the U.S. Securities and Exchange Commission (“SEC”) and other regulatory reports in a timely fashion. The Company has concluded that it should consolidate the financial statements with Sichuan Senmiao because it is Sichuan Senmiao’s primary beneficiary based on the Power of Attorney from the Sichuan Senmiao Shareholders, who assigned their rights as shareholders of Sichuan Senmiao to Senmiao Consulting, the Company’s wholly-owned subsidiary. These rights include, but are not limited to, attending shareholders’ meetings, voting on matters submitted for shareholder approval and appointing legal representatives, directors, supervisors and senior management of Sichuan Senmiao. As a result, the Company, through Senmiao Consulting, is deemed to hold all of the voting equity interests in Sichuan Senmiao. Pursuant to Exclusive Business Cooperation Agreement, Senmiao Consulting shall provide complete technical support, business support and related consulting services for 10 years. Though not explicit in the VIE Agreements, the Company may provide financial support to Sichuan Senmiao to meet its working capital requirements and capitalization purposes. The terms of the VIE Agreements and the Company’s plan to provide financial support to Sichuan Senmiao were considered in determining that the Company is the primary beneficiary of Sichuan Senmiao. Accordingly, the financial statements of Sichuan Senmiao are consolidated in the accompanying unaudited condensed consolidated financial statements. Voting Agreement with Jinkailong’s Other Shareholders Hunan Ruixi entered into two voting agreements signed in August 2018 and February 2020, respectively, as amended (the “Voting Agreement”), with Jinkailong and other Jinkailong’s shareholders holding an aggregate of 65% equity interests and obtained 35% equity interests in Jinkailong. Pursuant to the Voting Agreements, all other Jinkailong’s shareholders will vote in concert with Hunan Ruixi on all fundamental corporate transactions in the event of a disagreement for periods of 20 years and 18 years, respectively, ending on August 25, 2038. The Company has concluded that it should consolidate the financial statements with Jinkailong because it is Jinkailong’s primary beneficiary based on the Voting Agreement. Though not explicit in the Voting Agreement by and among Jinkailong, Hunan Ruixi, and other shareholders of Hunan Ruixi, the Company may provide financial support to Jinkailong to meet its working capital requirements and capitalization purposes. The terms of the Voting Agreement and the Company’s plan to provide financial support to Jinkailong were considered in determining that the Company is the primary beneficiary of Jinkailong. Accordingly, management has determined that Jinkailong is a VIE and the financial statements of Jinkailong are consolidated in the Company’s unaudited condensed consolidated financial statements. Total assets and total liabilities of the Company’s VIEs included in the Company’s unaudited condensed consolidated financial statements as of December 31, 2020 and March 31, 2020 are as follows: December 31, 2020 March 31, 2020 (Unaudited) Current assets: Cash and cash equivalents $ 345,944 $ 247,671 Restricted Cash 5,190 — Accounts receivable, net, current portion 667,467 66,768 Prepayments, other receivables and other assets, net 1,615,131 1,500,784 Other receivable - intercompany 1,334,567 2,211 Due from related parties 69,099 26,461 Current assets - discontinued operations (1) 668,663 1,363,972 Total current assets 4,706,061 3,207,867 Property and equipment, net: Property and equipment, net 510,856 317,427 Property and equipment, net - discontinued operations 3,540 3,895 Total property and equipment, net 514,396 321,322 Other assets: Operating lease right-of-use assets, net 284,639 317,258 Operating lease right-of-use assets, net, related parties 11,090 50,213 Financing lease right-of-use assets, net 5,110,181 5,440,362 Accounts receivable, net, non-current 357,308 720,916 Total other assets 5,763,218 6,528,749 Total assets $ 10,983,675 $ 10,057,938 Current liabilities: Borrowings from financial institutions $ 426,715 $ 226,753 Accounts payable 1,583 4,018 Advances from customers 42,332 34,374 Income tax payable 17,467 16,106 Accrued expenses and other liabilities 3,109,544 1,632,617 Other payable - intercompany 6,760,460 5,143,463 Due to related parties and affiliates 168,837 152,679 Operating lease liabilities 62,380 78,981 Operating lease liabilities - related parties 6,318 37,378 Financing lease liabilities 4,791,111 3,473,967 Current liabilities - discontinued operations (2) 2,661,279 7,561,603 Total current liabilities 18,048,026 18,361,939 Other liabilities: Borrowings from financial institutions, non-current 41,330 58,572 Operating lease liabilities, non-current 202,408 231,825 Operating lease liabilities, non-current - related parties 5,113 — Financing lease liabilities, non-current 2,515,025 2,576,094 Total other liabilities 2,763,876 2,866,491 Total liabilities $ 20,811,902 $ 21,228,430 (1) (2) Net revenue, income (loss) from operations and net loss of the VIEs that were included in the Company's unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2020 and 2019 are as follows: For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net revenue from continuing operations $ 1,157,146 $ 549,330 $ 2,925,839 $ 2,302,940 Net revenue from discontinued operations $ 1,642 $ 4,294 $ 6,196 $ 112,618 Income (loss) from operations from continuing operations $ (985,172) $ (53,999) $ (3,551,034) $ 600,455 Loss from operations from discontinued operations $ (2,238) $ (206,234) $ (84,692) $ (1,001,493) Net Income (loss) from continuing operations attributable to stockholders $ (972,620) $ (116,991) $ (2,911,651) $ 95,976 Net loss from discontinued operations attributable to stockholders (8,212) (4,094,558) (233,977) (4,870,090) Net loss attributable to stockholders $ (980,832) $ (4,211,549) $ (3,145,628) $ (4,774,114)

GOING CONCERN

GOING CONCERN	9 Months Ended
	Dec. 31, 2020
GOING CONCERN
GOING CONCERN	2. GOING CONCERN In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Debt financing from financial institutions and equity financings have been utilized to finance the working capital requirements of the Company. The Company’s business is capital intensive. The Company’s management has considered whether there is substantial doubt about its ability to continue as a going concern due to (1) recurring losses from operations, including net loss of approximately $8.6 million and $0.1 million from continuing operations and discontinued operations, respectively, for the nine months ended December 31, 2020, (2) accumulated deficit of approximately $30.9 million as of December 31, 2020; (3) the working capital deficit of approximately $5.6 million as of December 31, 2020; (4) operating cash outflows of approximately $0.2 million and $1.6 million from continuing operations and discontinued operations, respectively, for the nine months ended December 31, 2020 and (5) the purchase commitment of $8.3 million to be completed in 2021. Although the Company believes that it can realize its current assets in the normal course of business, the Company’s ability to repay its current obligations will depend on the future realization of its current assets and the future operating revenues generated from its operations. On February 10, 2021, the Company completed a registered direct offering of 5,072,465 shares of the Company’s common stock at $1.38 per share, pursuant to a securities purchase agreement with certain accredited investors. As a result, the Company raised approximately $5.7 million, net of placement agent fees and offering expenses, to support the Company’s working capital requirements. After the completion of the registered direct offering, the Company expects its working capital to change from a deficit of approximately $5.6 million to a positive working capital of approximately $0.1 million. However, management has determined there is substantial doubt about its ability to continue as a going concern. If the Company is unable to generate significant revenue, the Company may be required to cease or curtail its operations. Management is trying to alleviate the going concern risk through the following sources: ● ● ● In addition, pursuant to the JKL Investment Agreement mentioned above, Hongyi agreed to subscribe for a 27.03% equity interest in Jinkailong in consideration of approximately $7.0 million. Such investment from Hongyi will provide additional cash flow of approximately $7.0 million to support Jinkailong’s working capital requirements. According to the latest arrangement with Hongyi, the first payment of $1.4 million has been postponed and the total investment of $7.0 million will be made before March 31, 2021 and as of the issuance date of these unaudited condensed consolidated financial statements, Hongyi has not made the payment. Based on the above considerations, management is of the opinion that the Company would not have sufficient funds to meet its working capital requirements and debt obligations as they become due one year from the issuance date of these financial statements. However, there is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonable terms, or at all. There are a number of factors that could potentially arise that could undermine the Company’s plans, such as (i) the impact of the COVID-19 pandemic on the Company’s business and areas of operations in China, (ii) changes in the demand for the Company’s services, (iii) PRC government policies, (iv) economic conditions in China and worldwide, (v) competitive pricing in the automobile transaction and related service and ride-hailing industries, (vi) changes in the Company’s relationships with key business partners, (vii) that financial institutions in China may not able to provide continued financial support to the Company’s customers, and (viii) the perception of PRC-based companies in the U.S. capital markets. The Company’s inability to secure needed financing when required could require material changes to the Company’s business plans and could have a material adverse effect on the Company’s viability and results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The accompanying interim unaudited condensed consolidated financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim financial information as of December 31, 2020 and for the three and nine months ended December 31, 2020 and 2019 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with U.S. GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended March 31, 2020, which was filed with the SEC on July 9, 2020. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of December 31, 2020, its unaudited results of operations for the three and nine months ended December 31, 2020 and 2019, and its unaudited cash flows for the nine months ended December 31, 2020 and 2019, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. (b) Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of the subsidiaries and VIEs. All inter-company accounts and transactions have been eliminated in consolidation. (c) Foreign currency translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company and its subsidiaries and VIEs is U.S. dollars (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the functional currency of the economic environment in which its operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries and VIEs are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: December 31, 2020 March 31, 2020 Balance sheet items, except for equity accounts 6.5306 7.0824 For the Three Months Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss 6.6224 7.0600 For the Nine Months Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.8726 6.9620 (d) Use of estimates In presenting the unaudited condensed consolidated financial statements in accordance with U.S. GAAP, management make estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgement and available information. Accordingly, actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The inputs into our judgments and estimates consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, lease classification and liabilities, finance lease receivables, inventory obsolescence, right-of-use assets, determinations of the useful lives and valuation of long-lived assets and goodwill, estimates of allowances for doubtful accounts and prepayments, estimates of impairment of intangible assets, valuation of deferred tax assets, estimated fair value used in business acquisitions, valuation of derivative liabilities, allocation of fair value of derivative liabilities, issuance of common stock and warrants exercised and other provisions and contingencies. (e) Fair values of financial instruments Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. The three levels of valuation hierarchy are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2020 and March 31, 2020: Carrying Value at Fair Value Measurement at December 31, 2020 December 31, 2020 (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities $ 1,043,430 $ — $ — $ 1,043,430 Fair Value Measurement at Carrying Value at March 31, 2020 March 31, 2020 Level 1 Level 2 Level 3 Derivative liabilities $ 342,530 $ — $ — $ 342,530 The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended December 31, 2020 and for the year ended March 31, 2020: For the Nine Months Ended For the Year Ended December 31, 2020 March 31, 2020 (Unaudited) Beginning balance $ 342,530 $ — Derivative liabilities recognized at grant date on June 20, 2019 — 3,150,006 Derivative liabilities recognized at grant date on August 4, 2020 241,919 — Change in fair value of derivative liabilities 1,443,784 (1,796,724) Fair value of Series B warrants exercised — (1,010,752) Fair value of Series A warrants exercised (984,803) — Ending balance $ 1,043,430 $ 342,530 On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock, (ii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock and (iii) placement agent warrants to purchase up to 142,509 shares of common stock. On August 6, 2020, the Company completed a public offering of 12,000,000 shares of the Company’s common stock at $0.50 per share (the “Offering Price”), pursuant to an underwriting agreement with The Benchmark Company, LLC and Axiom Capital Management, Inc., as representatives of the several underwriters (the “Underwriters”). On August 13, 2020, the Underwriters exercised their rights to purchase an additional 1,800,000 shares of common stock at the Offering Price. In connection with the offering, the Company issued the Underwriters, on a private placement basis, warrants to purchase up to 568,000 shares of common stock (the “Underwriters’ Warrants”). The Underwriters’ Warrants are exercisable for a period of five years commencing six months from August 4, 2020 at a price per share equal to 125% of the Offering Price and are exercisable on a “cashless” basis. The strike price of the Company’s Series A and Series B warrants, the placement agent warrants and the Underwriters’ Warrants are denominated in US$ and the Company's functional currency is RMB, therefore, those warrant shares are not considered indexed to the Company's own stock which should be classified as derivative liability. The Company's Series A and Series B warrants, the placement agent warrants and the Underwriters’ Warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date), August 4, 2020 (the grant date), March 31, 2020 and December 31, 2020. June 20, 2019 August 4, 2020 Series A Series B Placement Agent Underwriters' Warrants Warrants Warrants Warrants # of shares exercisable 1,336,021 1,116,320 142,509 568,000 Valuation date 6/20/2019 6/20/2019 6/20/2019 8/4/2020 Exercise price $ 3.72 $ 3.72 $ 3.38 $ 0.63 Stock price $ 2.8 $ 2.8 $ 2.8 $ 0.51 Expected term (years) 4.00 1.00 4.00 5.00 Risk-free interest rate 1.77 % 1.91 % 1.77 % 0.19 % Expected volatility 86 % 91 % 86 % 129 % March 31, 2020 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 3,132 142,509 Valuation date 3/31/2020 3/31/2020 3/31/2020 Exercise price $ 1.50 $ 0.0001 $ 3.38 Stock price $ 0.44 $ 0.44 $ 0.44 Expected term (years) 3.22 0.22 3.22 Risk-free interest rate 0.30 % 0.11 % 0.30 % Expected volatility 122 % 127 % 122 % December 31, 2020 Placement Series A Agent Underwriters' Warrants Warrants Warrants # of shares exercisable 443,787 142,509 568,000 Valuation date 12/31/2020 12/31/2020 12/31/2020 Exercise price $ 0.5 $ 0.5 $ 0.63 Stock price $ 1.07 $ 1.07 $ 1.07 Expected term (years) 2.47 2.47 4.59 Risk-free interest rate 0.15 % 0.15 % 0.31 % Expected volatility 133 % 133 % 133 % As of December 31, 2020 and March 31, 2020, financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, restricted cash, accounts receivable, inventories, finance lease receivables, prepayments, other receivables and other assets, due from related parties, borrowings from financial institutions, accounts payable, advance from customers, lease liabilities, accrued expenses and other liabilities, due to related parties and affiliates, and operating and financing lease liabilities, which approximate their fair values because of the short-term nature of these instruments, and non-current liabilities of borrowings from financial institutions, which approximate their fair values because of the stated loan interest rate to the rate charged by similar financial institutions. The non-current portion of accounts receivables, finance lease receivables, and operating and financing lease liabilities were recorded at gross adjusted for the interest using the effective interest rate method. The Company believes that the effective interest rates underlying these instruments approximate their fair values because the Company used its incremental borrowing rate to recognize the present value of these instruments as of December 31, 2020 and March 31, 2020. Other than as listed above, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value. (f) Business combinations and non-controlling interests The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the unaudited condensed consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the unaudited condensed consolidated income statements. For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations and comprehensive loss. Cash flows related to transactions with non-controlling interests are presented under financing activities in the unaudited condensed consolidated statements of cash flows (g) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company's management team. Historically, the Company had one single operating and reportable segment, namely the provision of an online lending services. During the year ended March 31, 2019, the Company acquired Hunan Ruixi and Jinkailong. During the nine months ended December 31, 2020, the Company acquired XXTX. The Company evaluated how the CODM manages the businesses of the Company to maximize efficiency in allocating resources and assessing performance. The Company has discontinued the online P2P lending services segment and has only one segment in the periods after October 17, 2019. (h) Cash and cash equivalents Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds received from automobile purchasers as payment for automobiles, related insurances and taxes to be paid on behalf of the automobile purchasers, which funds were held at the third party platforms’ fund accounts and which are unrestricted and immediately available for withdrawal and use. (i) Restricted cash Restricted cash consists of fund held in the bank accounts of Jinkailong was frozen by a court order due to the default of Langyue Automobile Services Co., Ltd. (“Langyue”), a prior business partner whom Jinkailong provided a guarantee to, under the Master Contract (as defined below in Note 18). As of December 31, 2020, the freeze on all bank accounts, except two accounts in a bank in the process of being unfrozen, have been released. The restricted cash of Jinkailong was RMB33,892 (approximately $5,190) as of December 31, 2020 and has been fully released on January 7, 2021. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. Earlier adoption is permitted. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company adopted this guidance in all periods presented. (j) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, and are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2020 and March 31, 2020, allowance for doubtful accounts amounted to $79,355 and $379,689, respectively. (k) Inventories Inventories consist of automobiles which are held primarily for sale and for leasing purposes, and are stated at lower of cost or net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances. (l) Finance lease receivables, net Finance lease receivables, which result from sales-type leases, are measured at discounted present value of (i) future minimum lease payments, (ii) any residual value not subject to a bargain purchase option as a finance lease receivables on its balance sheet and (iii) accrued interest on the balance of the finance lease receivables based on the interest rate inherent in the applicable lease over the term of the lease. Management also periodically evaluates individual customer's financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Finance lease receivables is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2020 and March 31, 2020, the Company determined no allowance for doubtful accounts was necessary for finance lease receivables. As of December 31, 2020 and March 31, 2020, finance lease receivables consisted of the following: December 31, March 31, 2020 2020 (Unaudited) Minimum lease payments receivable 1,566,517 1,606,230 Less: Unearned interest (392,307) (412,975) Financing lease receivables, net $ 1,174,210 $ 1,193,255 Finance lease receivables, net, current portion $ 672,960 $ 459,110 Finance lease receivables, net, non-current portion $ 501,250 $ 734,145 Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2020 are as follows: Minimum future payments receivable Twelve months ending December 31, 2021 $ 488,137 Twelve months ending December 31, 2022 692,388 Twelve months ending December 31, 2023 353,208 Twelve months ending December 31, 2024 32,784 Total $ 1,566,517 (m) Property and equipment, net Property and equipment primarily consist of computer equipment, which is stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the estimated useful life. The useful life of property and equipment is summarized as follows: Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment 2 - 5 years Office equipment 3 - 5 years Automobiles 3 - 5 years The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the three and nine months ended December 31, 2020, the impairment for property and equipment was $10,342. For the three and nine months ended December 31, 2019, there was no impairment recorded for property and equipment. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statements of operations and comprehensive loss. (n) Intangible assets, net Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Categories Useful life Software 5-10 years Online ride-hailing platform operating license 5 years Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the three and nine months ended December 31, 2020 and 2019, there was no impairment of intangible assets. (o) Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive income (loss). Impairment losses on goodwill are not reversed. The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. The Company has the opinion to access qualitative factors to determine whether it is necessary to perform the two-step in accordance with ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantities impairment test described below is required. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying value of a reporting unit's goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being a discounted cash flow. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive income (loss). Impairment losses on goodwill are not reversed. For the nine months ended December 31, 2020 and 2019, no impairment was recorded for goodwill. (p) Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of outstanding shares of common stock, adjusted for outstanding shares of common stock that are subject to repurchase. For the calculation of diluted income (loss) per share, net income (loss) attributable to stockholders for basic earnings (loss) per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net earnings (loss) per share if their inclusion is anti-dilutive. (q) Derivative liabilities A contract is designated as an asset or a liability and is carried at fair value on the Company's balance sheet, with any changes in fair value recorded in the Company's results of operations. The Company then determines which options, warrants and embedded features require liability accounting and records the fair value as a derivative liability. The changes in the values of these instruments are shown in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as "change in fair value of derivative liabilities". (r) Revenue recognition The Company recognized its revenue under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. It also requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. To achieve that core principle, the Company applies the five steps defined under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration to collect is substantially probable. As of December 31, 2020, the Company had outstanding contracts for automobile transaction and related services amounting to $534,065, of which $316,715 is expected to be completed within twelve months after December 31, 2020, and $217,350 is expected to be completed after December 31, 2021. Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Automobile Transaction and Related Services (Continuing Operations) - Revenues from sales of automobiles $ 104,329 $ 1,987,433 $ 527,961 $ 10,828,063 - Operating lease revenues from automobile rentals 939,645 — 2,136,078 — - Service fees from automobile purchase services 18,968 352,351 179,545 1,609,361 - Facilitation fees from automobile transactions 30 21,031 1,646 164,294 - Service fees from management and guarantee services 41,523 128,893 315,124 313,548 - Financing revenues 74,155 44,149 178,589 105,413 - Other service fees 155,365 211,722 532,384 622,750 Total Revenues from Automobile Transaction and Related Services (Continuing Operations) 1,334,015 2,745,579 3,871,327 13,643,429 Online Ride-hailing Platform Services (Continuing Operations) 304,535 — 304,535 — Online Lending Services (Discontinued Operations) - Transaction fees 56 1,160 2,572 72,394 - Service fees 1,586 3,134 3,624 24,990 - Website development revenue — — — 15,234 Total Revenues from Online Lending Services (Discontinued Operations) 1,642 4,294 6,196 112,618 Total Revenues $ 1,640,192 $ 2,749,873 $ 4,182,058 $ 13,756,047 Automobile transaction and related services Sales of automobiles – The Company generates revenue from sales of automobiles to the customers of Jinkailong and Hunan Ruixi. The control over the automobile is transferred to the purchaser along with the delivery of automobile. The amount of the revenue is based on the sale price agreed by Hunan Ruixi or Yicheng and the counterparties, including Jinkailong, who acts on behalf of its customers. The Company recognizes revenues when the automobile is delivered and control is transferred to the purchaser at a point in time. Service fees from automobile purchase services – Services fees from automobile purchase services are paid by automobile purchasers for a series of the services provided to them throughout the purchase process such as credit assessment, preparation of financing application materials, assistance with closing of financing transactions, license and plate registration, payment of taxes and fees, purchase of insurance, installment of GPS devices, ride-hailing driver qualification and other administrative procedures. The amount of these fees is based on the sales price of the automobiles and relevant services provided. The Company recognizes revenue when all the services are completed and the automobile is delivered to the purchaser at a point in time. Facilitation fees from automobile transactions – Facilitation fees from automobile purchase transactions are paid by the Company’s customers including third-party sales teams or the automobile purchasers for the facilitation of the sales and financing of automobiles. The Company attracts automobile purchasers through third-party sales teams or its own sales department. For the sales facilitated between third-party sales teams and automobile purchasers, the Company charges the fees to the third-party sales teams, which derived from the commission paid by the automobile purchasers to the third-party sales teams. Relating to sales facilitated between automobile

BUSINESS COMBINATION

BUSINESS COMBINATION	9 Months Ended
	Dec. 31, 2020
BUSINESS COMBINATION
BUSINESS COMBINATION	4. On September 11, 2020, Senmiao Consulting entered into an Investment Agreement relating to XXTX with all the original shareholders of XXTX, pursuant to which Senmiao Consulting agreed to make an investment of RMB3.16 million (approximately $0.5 million) in XXTX in cash in exchange for a 51% equity interest. On October 23, 2020, the registration procedures for the change in shareholders and registered capital were completed and XXTX became a majority owned subsidiary of Senmiao Consulting. As of the issuance date of these financial statements, Senmiao Consulting has made a capital contribution of RMB1.0 million (approximately $0.2 million) to XXTX and the remaining amount is expected to be paid before December 31, 2021. The Company operates a ride-hailing platform through XXTX. The Company's acquisition of XXTX was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of XXTX based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date, which represents the net purchase price allocation on the date of the acquisition of XXTX based on valuation performed by an independent valuation firm engaged by the Company and translated the fair value from RMB to USD using the exchange rate on October 23, 2020 at the rate of USD 1.00 to RMB 6.69. As of December 31, 2020, the Company acquired $7,975 in cash, net of cash paid to XXTX in the acquisition of XXTX. The remaining purchase consideration of $0.3 million is expected to be paid by the Company by December 31, 2021. Fair value Cash and cash equivalents $ 105,386 Other current assets 525,005 Plant and equipment 790 Intangible assets 265,536 Total assets 896,717 Total liabilities (230,247) Net assets of XXTX 666,470 Less: fair value of non-controlling interest (336,441) Fair value of net assets acquired 330,029 Goodwill 142,544 Total purchase consideration $ 472,573

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Dec. 31, 2020
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	5. DISCONTINUED OPERATIONS On October 17, 2019, the Board approved the Plan under which the Company has discontinued and is winding down its online P2P lending services business. The Company determined that the continued operation of its online P2P lending services business was not viable in light of the recently tightened regulations on online peer-to-peer lending in China generally and the unofficial request from local regulator to reduce the Company’s online peer-to-peer lending transaction volume on a monthly basis. The Company also determined that the discontinuation of its online P2P lending services business would allow the Company to focus its resources on its automobile financing facilitation and transaction business. In connection with the Plan, the Company ceased facilitation of loan transactions on its online lending platform and assumed all the outstanding loans from investors on the platform. The decision and action taken by the Company of discontinuing the online lending services business represented a major shift that will have a major effect on the Company’s operations and financial results, which triggers discontinued operations accounting in accordance with ASC 205-20-45. The fair value of discontinued operations, determined as of October 17, 2019, includes estimated consideration expected to be received, less costs to sell. After consideration of the determination of fair value of the discontinued operations including the assumption of all the outstanding loans from investors on the platform, $143,668 of accounts receivable, $3,760,599 of other receivables, and $143,943 of prepayments for impaired intangible assets were indicated as of the date the Company’s Board of Directors approved the winding down of the Company’s online P2P lending services business on October 17, 2019, and the Company recognized $4,048,210 provision for doubtful accounts as of September 30, 2019 in related to the Company's online lending services business, while the Company did not recognize any additional provision for doubtful accounts for the nine months ended December 31, 2020. The following table sets forth the reconciliation of the carrying amounts of major classes of assets and liabilities from discontinued operations in the unaudited condensed consolidated balance sheet as of December 31, 2020 and the audited condensed consolidated balance sheet as of March 31, 2020. Carrying amounts of major classes of assets included as part of discontinued operations: December 31, March 31, 2020 2020 (Unaudited) Current assets Cash and cash equivalents $ — $ 10,139 Prepayments, other receivables and other assets, net 490,235 816,441 Total current assets 490,235 826,580 Property and equipment, net 7,884 11,206 Total assets $ 498,119 $ 837,786 Carrying amounts of major classes of liabilities included as part of discontinued operations: December 31, March 31, 2020 2020 (Unaudited) Current liabilities Accrued expenses and other liabilities $ 2,578,550 $ 4,204,012 Due to stockholders 48,960 182,095 Due to related parties and affiliates — 76,286 Lease liabilities — 53,899 Total current liabilities 2,627,510 4,516,292 Total liabilities $ 2,627,510 $ 4,516,292 The following table sets forth the reconciliation of the amounts of major classes of income and losses from discontinued operations in the unaudited condensed consolidated statements of operations and comprehensive loss for three months and nine months ended December 31, 2020 and 2019. For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $ 1,642 $ 4,294 $ 6,196 $ 112,618 Operating expenses Selling, general and administrative expenses (2,450) (387,895) (90,888) (1,387,059) Provision for doubtful accounts — (3,998,953) — (4,036,281) Amortization of intangible assets — (3,866) — (30,321) Impairments of intangible assets and goodwill — — — (264,958) Total operating expenses (2,450) (4,390,714) (90,888) (5,718,619) Loss from discontinued operations (808) (4,386,420) (84,692) (5,606,001) Other income (expenses), net 236 (12,816) 6,341 12,374 Loss before income taxes (572) (4,399,236) (78,351) (5,593,627) Income tax expenses — — — — Net loss attributable to stockholders $ (572) $ (4,399,236) $ (78,351) $ (5,593,627)

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	9 Months Ended
	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	6. ACCOUNTS RECEIVABLE, NET Accounts receivable include a portion of bundled lease arrangements on fixed minimum monthly payments to be paid by the automobile purchasers arising from automobile sales and services fees, net of unearned interest income, discounted using the Company’s lease pricing interest rates. As of December 31, 2020 and March 31, 2020, accounts receivable were comprised of the following: December 31, March 31 2020 2020 (Unaudited) Receivables of automobile sales due from automobile purchasers $ 1,361,635 $ 1,172,765 Receivables of service fees due from automobile purchasers 266,528 854,730 Receivables of online ride hailing fees from online ride-hailing drivers 121,091 — Less: Unearned interest (55,546) (105,083) Less: Allowance for doubtful accounts (79,355) (379,689) Accounts receivable, net $ 1,614,353 $ 1,542,723 Accounts receivable, net, current portion $ 1,165,695 $ 660,645 Accounts receivable, net, non-current portion $ 448,658 $ 882,078 Movement of allowance for doubtful accounts for the nine months ended December 31, 2020 and the fiscal year ended March 31, 2020 are as follows: December 31, 2020 March 31, 2020 (Unaudited) Beginning balance $ 379,689 $ — Addition 280,174 1,797,816 Recovery (343,836) — Write off (252,211) (1,410,736) Translation adjustment 15,539 (7,391) Ending balance $ 79,355 $ 379,689

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2020
INVENTORIES
INVENTORIES	7. INVENTORIES December 31, March 31, 2020 2020 (Unaudited) Automobiles (i) $ 428,503 $ 1,000,675 (i) As of December 31, 2020, the Company owned 25 automobiles with a total value of $367,570 for operating lease, one automobile with a value of $13,361 for financing lease, and three automobiles with a total value of $47,572 for either leasing or sale. As of December 31, 2020 and March 31, 2020, management compared the cost of automobiles with their net realizable value and determined no inventory write-down was necessary for these automobiles.

PREPAYMENTS, OTHER RECEIVABLES

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	9 Months Ended
	Dec. 31, 2020
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	8. PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS As of December 31, 2020 and March 31, 2020, the prepayments, receivables and other assets were comprised of the following: December 31, 2020 March 31, 2020 (Unaudited) Receivables from borrowers of online lending platform, net (i) $ 490,235 $ 811,504 Due from automobile purchasers, net (ii) 936,122 1,385,352 Prepaid expenses (iii) 923,007 331,319 Receivables from aggregation platforms (iv) — Deposits (v) 411,857 489,638 Prepayments for automobiles (vi) 48,340 365,932 Value added tax (“VAT”) recoverable 130,096 146,964 Employee advances 19,516 11,937 Others 25,664 72,575 Total prepayments, receivables and other assets 3,396,923 3,615,221 Total prepayments, receivables and other assets - discontinued operations (490,235) (816,441) Total prepayments, receivables and other assets - continuing operations $ 2,906,688 $ 2,798,780 (i) Receivables from borrowers of online lending platform, net The balance of receivables from borrowers of online lending platform represented the outstanding loans the Company assumed from investors on the Company’s discontinued P2P lending platform, which will be collected from related borrowers. As of December 31, 2020 and March 31, 2020, the Company recorded allowance of $3,907,189 and $3,688,800, respectively, against doubtful receivables. (ii) Due from automobile purchasers, net The balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of December 31, 2020 and March 31, 2020, the Company recorded allowance of $30,632 and $347,954, respectively, against doubtful receivables. During the nine months ended December 31, 2020 and 2019, the Company wrote off balance due from automobile purchasers of $270,442and $0, respectively, while recovered allowance against the balance due from automobile purchasers of $43,173 and $0, respectively. (iii) Prepaid expense The balance of prepaid expense represented automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense and etc. that will expire within one year. (iv) Receivables from aggregation platforms The balance of receivables from aggregation platforms represented the amount due from the collaborated aggregation platforms based on the confirmed billings, which will be disbursed to the drivers who completed their rides through the Company's online ride-hailing platform. (v) Deposits The balance of deposits mainly represented the security deposit made by the Company to various financial institutions and Didi Chuxing Technology Co., Ltd., an online ride-hailing platform. (vi) Prepayments for automobiles The balance represented amounts advanced to dealers and a leasing company for automobiles and to other third parties for automobiles related taxes and insurances.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	9. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: December 31, 2020 March 31, 2020 (Unaudited) Leasehold improvements $ 192,672 $ 177,659 Electronic devices 51,858 40,720 Office equipment, fixtures and furniture 92,139 79,271 Vehicles 1,115,829 320,949 Subtotal 1,452,498 618,599 Less: accumulated depreciation and amortization (340,510) (138,192) Total property and equipment, net 1,111,988 480,407 Total property and equipment, net - discontinued operations (7,884) (11,206) Total property and equipment, net - continuing operations $ 1,104,104 $ 469,201 Depreciation expense from continuing operations for the three months ended December 31, 2020 and 2019 amounted to $69,276 and $32,276, respectively. Depreciation expense from discontinued operations for the three months ended December 31, 2020 and 2019 amounted to $2,097 and $2,719, respectively. Depreciation expense from continuing operations for the nine months ended December 31, 2020 and 2019 amounted to $175,884 and $82,672, respectively. Depreciation expense from discontinued operations for the nine months ended December 31, 2020 and 2019 amounted to $6,365 and $8,339, respectively.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	9 Months Ended
	Dec. 31, 2020
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	10. INTANGIBLE ASSETS, NET Intangible assets consisted of the following: December 31, 2020 March 31, 2020 (Unaudited) Software 794,698 791,216 Online ride-hailing platform operating licenses 280,188 — Less: Accumulated amortization (95,886) (13,595) Total intangible assets, net $ 979,000 $ 777,621 Amortization expense from continuing operations totaled $17,539 and $99 for the three months ended December 31, 2020 and 2019, respectively. Amortization expense from discontinued operations totaled $0 and $3,851 for the three months ended December 31, 2020 and 2019, respectively. Amortization expense from continuing operations totaled $59,209 and $197 for the nine months ended December 31, 2020 and 2019, respectively. Amortization expense from discontinued operations totaled $0 and $30,321 for the nine months ended December 31, 2020 and 2019, respectively. The following table sets forth the Company’s amortization expense for the next five years ending: Amortization expenses Twelve months ending December 31, 2021 $ 143,259 Twelve months ending December 31, 2022 143,261 Twelve months ending December 31, 2023 139,614 Twelve months ending December 31, 2024 134,399 Twelve months ending December 31, 2025 99,717 Thereafter 318,750 Total $ 979,000

BORROWINGS FROM FINANCIAL INSTI

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT	9 Months Ended
	Dec. 31, 2020
BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT
BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT	11. BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NON-CURRENT The borrowings from certain financial institutions in China represented the short-term loans of $250,055 from a bank and the difference between the actual proceeds disbursed by the financial institution to Jinkailong and the total amount of principal to be responsible for and repaid by the automobile purchasers of $224,116 as of December 31, 2020. Such borrowings totaled $474,171 and $290,974 bearing interest rates ranging between 6.2% and 8.1% per annum as of December 31, 2020 and March 31, 2020, respectively, of which $47,456 and $64,221, respectively, is to be repaid over a period of 13 to 24 months. The interest expense for the three months ended December 31, 2020 and 2019 was $2,158 and $16,498, respectively. The interest expense for the nine months ended December 31, 2020 and 2019 was $37,698 and $37,827, respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	12. ACCRUED EXPENSES AND OTHER LIABILITIES December 31, March 31, 2020 2020 (Unaudited) Payables to investors of online lending platform (i) $ 2,083,878 $ 3,668,957 Accrued payroll and welfare 1,092,744 890,912 Deposits (ii) 1,694,397 543,843 Payables to drivers from aggregation platforms (iii) — Loan repayments received on behalf of financial institutions (iv) 853,344 374,535 Other payable (v) 152,705 83,810 Payables for expenditures on automobile transaction and related services 88,492 373,026 Accrued expenses 54,602 104,264 Other taxes payable 442,493 173,056 Total accrued expenses and other liabilities 7,350,758 6,212,403 Total accrued expenses and other liabilities - discontinued operations (2,578,550) (4,204,012) Total accrued expenses and other liabilities - continuing operations $ 4,772,208 $ 2,008,391 (i) The balance of payables to investors of online lending platform represented the outstanding loans from investors on the Company’ discontinued P2P lending platform, which was assumed by the Company in connection with the Plan to discontinue its online lending services business. (ii) The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default. The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee. (iii) The balance of payables to drivers from aggregation platforms represented the amount the Company collected on behalf of drivers who completed their transaction through the Company's online ride-hailing platform base on the confirmed billings. (iv) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions. (v) The balance of other payable represented amount due to suppliers and vendors for operation purposes.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Dec. 31, 2020
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	13. EMPLOYEE BENEFIT PLAN The Company has made employee benefit plan in accordance with relevant PRC regulations, including retirement insurance, unemployment insurance, medical insurance, housing fund, work injury insurance and maternity insurance. The contributions made by the Company were $61,262 and $74,518 for the three months ended December 31, 2020 and 2019, respectively, for continuing operations of the Company. The contributions made by the Company were $16,886 and $61,447 for the three months ended December 31, 2020 and 2019, respectively, for the Company’s discontinued operations. The contributions made by the Company were $130,427 and $169,458 for the nine months ended December 31, 2020 and 2019, respectively, for continuing operations of the Company. The contributions made by the Company were $45,457 and $158,184 for the nine months ended December 31, 2020 and 2019, respectively, for the Company’s discontinued operations. As of December 31, 2020 and March 31, 2020, the Company did not make adequate employee benefit contributions in the amount of $290,552 and $170,856, respectively, for continuing operations of the Company. As of December 31, 2020 and March 31, 2020, the Company did not make adequate employee benefit contributions in the amount of $529,204 and $454,151, respectively, for discontinued operations of the Company. The Company accrued the amount in accrued payroll and welfare.

EQUITY

EQUITY	9 Months Ended
	Dec. 31, 2020
EQUITY
EQUITY	14. EQUITY Warrants IPO Warrants The registration statement relating to the Company’s initial public offering also included the underwriters’ common stock purchase warrants to purchase 337,940 shares of common stock ("IPO Underwriter's Warrants"). Each five-year warrant entitles warrant holder to purchase one share of the Company’s common stock at the price of $4.80 per share and is not exercisable for a period of 180 days from March 16, 2018. As of December 31, 2020, there were 37,940 IPO Underwriter's Warrants outstanding. Registered Direct Offering Warrants The Company adopted the provisions of ASC 815 on determining what types of instruments or embedded features in an instrument held by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in ASC 815. Warrants issued in connection with the direct equity offering with exercise prices denominated in US dollars are no longer considered indexed to the Company’s stock, as their exercise price is not in the Company’s functional currency (RMB), and therefore no longer qualify for the scope exception and must be accounted for as a derivative. These warrants are classified as liabilities under the caption “Derivative liabilities” in the unaudited condensed consolidated statements of balance sheets and recorded at estimated fair value at each reporting date, computed using the Black-Scholes valuation model. Changes in the liability from period to period are recorded in the unaudited condensed consolidated statements of operations and comprehensive loss under the caption “Change in fair value of derivative liabilities.” The Company allocated the proceeds received between the common stock and warrants first to warrants based on the fair value on the date the proceeds were received with the balance to common stock. The value of the warrants was determined using the Black-Scholes valuation model using the following assumptions: volatility 86%; risk free interest rate 1.77%; dividend yield of 0% and expected term of 4 years of the Investor Series A Warrants, 1 year of the Series B Warrants, and 4 years of the placement agent warrants. The volatility of the Company’s common stock was estimated by management based on the historical volatility of its common stock, the risk free interest rate was based on Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants. The expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. The value of the warrants was based on the Company’s common stock closing price of $2.80 on June 20, 2019 which was the date the warrants were issued. Net proceeds were allocated as the follows: Warrants $ 3,150,006 Common stock 1,992,118 Total net proceeds $ 5,142,124 Subsequent to the initial recording, the change in the fair value of the warrants, determined under the Black-Scholes valuation model, at each reporting date will result in either an increase or decrease the amount recorded as liability, based on the fluctuations with the Company’s stock price with a corresponding adjustment to other income (or expense). During the three and nine months ended December 31, 2020, the change of fair value was a loss of $786,200 and $1,148,417, respectively, recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the increase in fair value of the liabilities since March 31, 2020. During the three and nine months ended December 31, 2019, the change of fair value was a loss of $485,400 and a gain of $1,509,406, respectively, was recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the increase in fair value of the liabilities since granted. At December 31, 2020 and March 31, 2020, the fair value of the derivative instrument totaled $506,143 and $342,530, respectively. The fair value of derivative instrument of $1,995,556 was allocated to additional paid-in-capital upon exercise of warrants as of the exercise date. Fair value of derivative instrument was allocated as the following exercise date: Fair value of derivative instrument allocated to additional paid-in- Exercised date capital August 12, 2019 $ 699,523 August 13, 2019 262,108 October 9, 2019 49,122 July 9, 2020 56,662 October 20, 2020 315,790 November 24, 2020 197,926 November 25, 2020 414,425 Total $ 1,995,556 Underwriters’ Warrants The Company adopted the provisions of ASC 815 on determining what types of instruments or embedded features in an instrument held by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in ASC 815. Warrants issued in connection with the direct equity offering with exercise prices denominated in US dollars are no longer considered indexed to the Company’s stock, as their exercise price is not in the Company’s functional currency (RMB), and therefore no longer qualify for the scope exception and must be accounted for as a derivative. The Underwriters’ Warrants are classified as liabilities under the caption “Derivative liabilities” in the unaudited condensed consolidated statements of balance sheets and recorded at an estimated fair value at each reporting date, computed using the Black-Scholes valuation model. Changes in the liability from period to period are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) under the caption “Change in fair value of derivative liabilities.” The Company allocated the proceeds received between the common stock and warrants first to warrants based on the fair value on the date the proceeds were received with the balance to common stock. The value of the warrants was determined using the Black-Scholes valuation model using the following assumptions: volatility 129%; risk free interest rate 0.19%; dividend yield of 0% and expected term of 5 years of the Underwriters’ Warrants. The volatility of the Company’s common stock was estimated by management based on the historical volatility of the Company’s common stock, the risk free interest rate was based on Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants (0.51), the expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. The value of the warrants was based on the closing price of the Company’s common stock of $0.51 on August 4, 2020, which was the date the warrants were issued. Net proceeds were allocated as the follows: Warrants $ 241,919 Common stock 5,856,378 Total net proceeds $ 6,098,297 Subsequent to the initial recording, the change in the fair value of the warrants, determined under the Black-Scholes valuation model, at each reporting date will result in either an increase or decrease the amount recorded as liability, based on the fluctuations with the Company’s stock price with a corresponding adjustment to other income (or expense). During the three and nine months ended December 31, 2020, the change of fair value was a loss of $244,643 and $295,367, respectively, recognized in the accompanying income statement based on the increase in fair value of the liabilities since issuance. At December 31, 2020, the fair value of the derivative instrument totaled $537,287. The Company has warrants outstanding as follows: Weighted Average Average Remaining Warrants Warrants Exercise Contractual Outstanding Exercisable Price Life Balance, March 31, 2019 37,940 37,940 $ 4.80 3.96 Granted 2,594,850 2,594,850 $ 3.70 Forfeited — — — — Exercised (1,113,188) (1,113,188) — — Balance, March 31, 2020 1,519,602 1,519,602 $ 1.76 3.21 Granted 568,000 568,000 $ 0.63 5.00 Forfeited (3,132) (3,132) — — Exercised (892,234) (892,234) — — Balance, December 31, 2020 (Unaudited) $ Restricted Stock Units On October 29, 2020, the Board approved the issuance of an aggregate of 127,273 restricted stock units (“RSUs”) to directors, officers and certain employees as stock compensation for their services for the year ending March 31, 2021. Total RSUs granted to these directors, officers and employees were valued at an aggregate fair value of $140,000. These RSUs will vest in four equal quarterly installments on January 29, 2021, April 29, 2021, July 29, 2021 and October 29, 2021 or in full upon the occurrence of a change in control of the Company, provided that the director, officer or the employee remains in service through the applicable vesting date. The RSUs will be settled by the Company’s issuance of shares of common stock in certificated or uncertificated form upon the earlier of (i) vesting date, (ii) a change in control and (ii) termination of the services of the director, officer or employee due to a "separation of service" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, or the death or disability of such director, officer or employee. As of December 31, 2020, no RSUs have been vested. As of the issuance date of issuance of these unaudited condensed consolidated financial statements, the first installment of RSUs vested but has not been settled by the Company. The Company expects to settle the vested RSUs by issuance of shares of common stock within 2021 and account for the vested RSUs as an addition to both expenses and additional paid-in capital. Equity Incentive Plan At the 2018 Annual Meeting of Stockholders of the Company held on November 8, 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan for employees, officers, directors and consultants of the Company and its affiliates. A committee consisting of at least two independent directors appointed by the Board or in the absence of such a committee, the board of directors, will be responsible for the general administration of the Equity Incentive Plan. All awards granted under the Equity Incentive Plan will be governed by separate award agreements between the Company and the participants. As of December 31, 2020, the Company has granted an aggregate of 303,788 RSUs and issued an aggregate of 169,015 shares upon settlement of vested RSUs under the Equity Incentive Plan. 2019 Registered Direct Offering On April 15, 2019, the SEC declared effective the Company’s Registration Statement on Form S-3, pursuant to which, along with the accompanying prospectus, the Company registered up to $80,000,000 in aggregate principal amount of its common stock, preferred stock, debt securities, warrants, rights and/or units. On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,360 shares of its common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock and (iii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock. The Company sold the shares of common stock at a price of $3.38 per share (the “Share Purchase Price”). The Company received gross proceeds from the offering of approximately $6.0 million, and net proceeds from the offering of approximately $5.1 million after deducting estimated offering expenses payable by the Company. The Series A warrants are exercisable immediately upon issuance at an exercise price of $3.72 per share and will expire on the fourth (4th) anniversary of the original issue date. In the event that on December 20, 2019, the exercise price is greater than the Six Month Adjustment Price as defined below, on the trading day immediately following December 20, 2019 (the “Six Month Measuring Date”), the exercise price shall automatically adjust to the Six Month Adjustment Price (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events). Six Month Adjustment Price means the greater of (x) $1.50 (as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction) and (y) 100% of the quotient of (I) the sum of the five lowest VWAPs of the common stock during the ten consecutive trading day period ending and including the Six Month Measuring Date, divided by (II) five. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction during such period. The exercise price of the Series A warrant was adjusted pursuant to this formula from $3.72 to $1.50 per share on December 20, 2019. The Company used the adjusted exercise price to value its derivative liability on its December 31, 2019 financial statements and reporting periods onwards with changes in fair value of warrant liabilities from period to period are recorded in the unaudited condensed consolidated statements of operations and comprehensive loss under the caption "Change in fair value of derivative liabilities". The exercise price of the Series A warrant was further adjusted to $0.50 per share on August 7, 2020 as a result of the Company’s issuance of shares of common stock in its underwritten public offering in August 2020, which has been recorded in the financial statements in the three months ended December 31, 2020. In addition, the exercise price of the placement agent warrants from the June 2019 registered direct offering was voluntarily adjusted by the Company from $3.72 to $0.50 per share on August 18, 2020. The Series B warrants are pre-funded warrants and were issued as a true-up with respect to the shares of common stock. The maximum aggregate number of shares of common stock issuable upon exercise of the Series B warrants is 1,116,320. Initially, the Series B warrants shall not be exercisable for any shares of common stock. In the event that on the fiftieth (50th) day after the closing date (the “Adjustment Measuring Time”), the closing price of the common stock is less than the Share Purchase Price, then the number of shares of common stock issuable upon exercise of the Series B warrants shall be adjusted (upward or downward, as applicable) to the greater of (i) zero (0) and (ii) such aggregate number of shares of common stock equal to fifty percent (50%) of the difference of (A) the quotient of (x) the Share Purchase Price divided by (y) the Market Price (as defined in Purchase Agreement) as of the Adjustment Measuring Time, less (B) the aggregate number of shares of common stock issued to the investors at the closing (as adjusted for share splits, share dividends, share combinations, recapitalizations and similar events). The exercise price of the Series B warrant was adjusted from $3.72 to $0.0001 per share on August 12, 2019. The Company used the adjusted exercise price to value its derivative liability on its September 30, 2019 financial statements and reporting period onwards with changes in fair value of warrant liabilities from period to period are recorded in the unaudited condensed consolidated statements of operations and comprehensive loss under the caption "Change in fair value of derivative liabilities. As of December 31, 2020, the Company has issued an aggregate of 1,113,188 shares of common stock to certain investors in the June 2019 offering upon exercise of the pre-funded Series B warrants for a total consideration of $111. Exercise of Warrants On July 9, 2020, one of the holders of Series A warrants exercised the warrants to purchase 50,000 shares of the Company’s common stock at an exercise price of $1.50 per share generating gross proceeds of $75,000 to the Company. On October 20, 2020, one of the holders of Series A warrants exercised the warrants to purchase 337,500 shares of the Company's common stock at an exercise price of $0.5 per share generating gross proceeds of $168,750 to the Company. On November 24, 2020, one of the holders of Series A warrants exercised the warrants to purchase 171,894 shares of the Company's common stock at an exercise price of $0.5 per share generating gross proceeds of $85,947 to the Company. On November 25, 2020, one of the holders of Series A warrants exercised the warrants to purchase 332,840 shares of the Company's common stock at an exercise price of $0.5 per share generating gross proceeds of $166,420 to the Company. Underwritten Public Offering and Exercise of the Over-Allotment Option On August 4, 2020, the Company entered into an underwriting agreement with The Benchmark Company, LLC and Axiom Capital Management, Inc., as representatives of the Underwriters, relating to an underwritten public offering of 12,000,000 shares of the Company’s common stock at the Offering Price. Pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters a 45-day option to purchase up to an additional 1,800,000 shares of common stock to cover over-allotments, if any, at the Offering Price less the underwriting discounts and commissions. An underwriting discount of 7% was applied to the Offering Price, except for shares of common stock purchased by certain existing investors of the Company (the “Excluded Investors”), an underwriting discount of 6% was applied. On August 6, 2020, the Company completed the underwritten offering. The net proceeds to the Company from this offering, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, were approximately $5.3 million. On August 13, 2020, the Underwriters exercised their over-allotment option to purchase an additional 1,800,000 shares of common stock at $0.50 per share. This transaction was completed on August 13, 2020. Net proceeds from the exercise of the underwriters’ over-allotment option were approximately $0.8 million net of underwriting discounts and commissions and offering expenses. In connection with the underwritten offering, the Company issued the Underwriters or their permitted designees, on a private placement basis, the Underwriters’ Warrants to purchase up to 568,000 shares of common stock. These warrants are valid for a period of five years and exercisable commencing six months from August 4, 2020 at a price per share equal to 125% of the Offering Price and are exercisable on a “cashless” basis. Common stock issued for consulting services On July 23, 2020, the Company entered into a consulting agreement with FirsTrust China Ltd. (the “Consultant”), pursuant to which the Company engaged the Consultant to provide certain management, operation and business development advisory services for a period of twelve months. As compensation for the services, the Company agreed to issue the Consultant an aggregate of 500,000 shares of its common stock, par value $0.0001. These shares were valued at $445,000, based on the closing price of the Company’s common stock on July 23, 2020 of $0.89 per share. Pursuant to the agreement, these shares issued to the Consultant are not subject to vesting or forfeiture, and the Company has no recourse and no substantial disincentives against the Consultant if the services disrupt before the termination or expiration of the service period. As a result, these shares issued to the Consultant should be expensed on the date of issuance. For the three and nine months ended December 31, 2020, these shares was recorded as stock compensation of $0 and $445,000, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	15. INCOME TAXES The United States of America The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income taxes with tax rate of 21%. The State of Nevada does not impose any state corporate income tax. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The Tax Act also stablished the Global Intangible Low-Taxed Income (GILTI), a new inclusion rule affecting non-routine income earned by foreign subsidiaries. For the nine months ended December 31, 2020 and 2019, the Company’s foreign subsidiaries in China were operating at loss on a consolidated basis which resulted in no GILTI tax. The Company's net operating loss from U.S for the nine months ended December 31, 2020 amounted to approximately $0.8 million. As of December 31, 2020, the Company’s net operating loss carryforward for U.S. income taxes was approximately $4.0 million. The net operating loss carryforward will not expire and is available to reduce future years’ taxable income, but limited to 80% of income until utilized. Management believes that the utilization of the benefit from this loss appears uncertain due to the Company’s operating history. Accordingly, the Company has recorded a 100% valuation allowance on the deferred tax asset to reduce the deferred tax assets to zero on the unaudited condensed consolidated balance sheets. As of December 31 and March 31, 2020, valuation allowances for deferred tax assets were approximately $0.84 million and $0.53 million, respectively. Management reviews the valuation allowance periodically and makes changes accordingly. PRC Senmiao Consulting, Sichuan Senmiao, Hunan Ruixi, Ruixi Leasing, Jinkailong, Yicheng, XXTX and its subsidiaries are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws. The EIT rate for companies operating in the PRC is 25%. Income taxes in the PRC are consist of: For the Three Months ended December 31, For the Nine Months ended December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current income tax expenses (benefit) $ 7,487 $ (72,648) $ 14,464 $ 155,722 Deferred income tax expenses (benefit) $ — $ $ — $ (122,772) Total income tax expenses (benefit) $ 7,487 $ (72,648) $ 14,464 $ 32,950 As of December 31, 2020 and March 31, 2020, the Company’s PRC entities from continuing operations had net operating loss carryforwards of approximately $6.7 million and $1.7 million, respectively, which will expire starting from 2023 and ending in 2024. In addition, allowance for doubtful accounts must be approved by the Chinese tax authority prior to being deducted as an expense item on the tax return. The bad debt allowances are incurred in Company’s PRC subsidiaries and VIEs which were operating at losses, the Company believes it is more likely than not that its PRC operations will be unable to fully utilize its deferred tax assets related to the net operating loss carryforwards in the PRC. As a result, the Company provided 100% allowance on all deferred tax assets on net operating loss carryforwards in the PRC of $1,666,131 and $414,996 related to its operations in the PRC at December 31, 2020 and March 31, 2020, respectively and provided 100% allowance on all deferred tax assets on allowance for doubtful account of $7,826 and $178,381 related to its operations in the PRC at December 31, 2020 and March 31, 2020, respectively. The tax effects of temporary differences from continuing operations that give rise to the Company's deferred tax assets and liabilities are as follows: December 31, March 31, 2020 2020 (Unaudited) Net operating loss carryforwards in the PRC $ 1,666,131 $ 414,996 Net operating loss carryforwards in the U.S. 841,268 527,365 Allowance for doubtful account 7,826 178,381 Less: valuation allowance (2,515,225) (1,120,742) Deferred tax assets, net $ — $ — Deferred tax liabilities: Capitalized intangible assets cost 45,146 — Deferred tax liabilities, net 45,146 As of December 31, 2020 and March 31, 2020, the Company's PRC entities associated with the discontinued P2P lending operations had net operating loss carryforwards of approximately $10.5 million and $8.8 million, respectively, which will expire in 2023 to 2024. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. At December 31, 2020 and March 31, 2020, full valuation allowance is provided against the deferred tax assets based upon management’s assessment as to their realization. The tax effects of temporary differences from discontinued operations that give rise to the Company’s deferred tax assets are as follows: December 31, 2020 March 31, 2020 (Unaudited) Net operating loss carryforwards in the PRC $ 2,636,245 $ 2,206,673 Less: valuation allowance (2,636,245) (2,206,673) $ — $ —

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	9 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS AND BALANCES
RELATED PARTY TRANSACTIONS AND BALANCES	16. RELATED PARTY TRANSACTIONS AND BALANCES 1. 1) As of December 31, and March 31, 2020, balances due from related parties were $53,786 and $12,341, respectively, and represented operation costs of four related parties paid by the Company on their behalf, amounts received by the Company on behalf of a related party for refund of insurance claims, and amounts collected by a related party on behalf of the Company from the automobile purchasers, including certain installment payments and facilitation fees. In addition, another $15,313 and $14,120 represents advances to the non-controlling shareholders of Hunan Ruixi for operational purposes as of December 31, 2020 and March 31, 2020, respectively. The balances due from related parties were all non-interest bearing and due on demand. 2) Due to stockholders comprised of amounts payable to two stockholders named below and are unsecured, interest free and due on demand. December 31, March 31, 2020 2020 (Unaudited) Jun Wang $ 48,960 $ 73,384 Xiang Hu — 108,711 Total due to stockholders $ 48,960 $ 182,095 Total due to stockholders - discontinued operations (48,960) (182,095) Total due to stockholders - continuing operations $ — $ — 3) December 31, March 31, 2020 2020 (Unaudited) Loan payable to related parties (i) $ 140,122 $ 202,487 Others (ii) 28,715 26,478 Total due to related parties and affiliates 168,837 228,965 Total due to related parties and affiliates - discontinued operations — (76,286) Total due to related parties and affiliates - continuing operations $ 168,837 $ 152,679 (i) As of December 31, 2020 and March 31, 2020, the balances represented borrowings from three related parties, which are unsecured, interest free and due in the fiscal year of 2021. (ii) As of December 31, 2020 and March 31, 2020, the balances represented $28,715 and 26,478, respectively of payables to three other related parties for operational purposes. These balances are interest free and due on demand. Interest expense for the three months ended December 31, 2020 and 2019 were $0 and $750, respectively. Interest expense for the nine months ended December 31, 2020 and 2019 were $0 and $28,772, respectively. 2. In December 2017, the Company entered into loan agreements with two stockholders, who agreed to grant lines of credit of approximating $955,000 and $159,000, respectively, to the Company for five years. The lines of credit are non-interest bearing, effective from January 2017. As of December 31, 2020, the outstanding balances due to these two stockholders in the discontinued operations were $48,960 and $0, respectively. As of March 31, 2020, the outstanding balances in the discontinued operations to these two stockholders were $73,384 and $108,711, respectively. The Company entered into two office lease agreements which were set to expire on January 1, 2020. On April 1, 2020, the two office leases were amended with a leasing term from April 1, 2020 to March 31, 2023. As of December 31, 2020 and March 31, 2020, operating lease right-of-use assets of these leases in the continuing operations amounted to $244,175 and $105,432, respectively. As of December 31, 2020 and March 31, 2020, current leases liabilities of these leases in the continuing operations amounted to $141,239 and $78,482, respectively. Non-current lease liabilities of these leases in the continuing operation amounted to $112,570 and $0 as of December 31, 2020 and March 31, 2020, respectively. As of December 31, 2020 and March 31, 2020, current leases liabilities of these leases in the discontinued operations amounted to $0 and $53,899, respectively. For the three months ended December 31, 2020 and 2019, the Company incurred $29,206 and $27,415, respectively, in rental expenses to this related party. For the nine months ended December 31, 2020 and 2019, the Company incurred $87,617 and $82,246, respectively, in rental expenses to this related party. In November 2018, Hunan Ruixi entered into an office lease agreement with Hunan Dingchentai Investment Co., Ltd. ("Dingchentai"), a company where one of our independent directors serves as legal representative and general manager. The term of the lease agreement was from November 1, 2018 to October 31, 2023 and the rent was approximately $44,250 per year, payable on a quarterly basis. The original lease agreement with Dingchentai was terminated on July 1, 2019. The Company entered into another lease with Dingchentai on substantially similar terms on September 27, 2019. As of December 31, 2020 and March 31, 2020, operating lease right-of-use assets of this lease in the continuing operations amounted $114,675 and $130,873, respectively. As of December 31, 2020, current leases liabilities and non-current leases liabilities of this lease in the continuing operations amounted $70,383 and $66,451, respectively. As of March 31, 2020, current leases liabilities and non-current leases liabilities of this lease in the continuing operations amounted $73,173 and $88,349, respectively. For the three months ended December 31, 2020 and 2019, the Company incurred expense of $11,080 and $20,725 in rent to Dingchentai, respectively. For the nine months ended December 31, 2020 and 2019, the Company incurred $33,239 and $31,180, respectively, in rental expenses to this related party. In June 2019 and January 2020, the Company entered into two automobile maintenance services contracts with Sichuan Qihuaxin Automobile Services Co., Ltd and Sichuan Yousen Automobile Maintenance Service Co., Ltd, which companies are controlled by one of the non-controlling shareholders of Sichuan Jinkailong. During the three months ended December 31, 2020, the Company paid automobile maintenance fees of $0 and $196,858 to those companies as mentioned above, respectively. During the nine months ended December 31, 2020, the Company paid automobile maintenance fees of $29,469 and $360,927 to those companies as mentioned above, respectively.

LEASE

LEASE	9 Months Ended
	Dec. 31, 2020
LEASE
LEASE	17. LEASE Lessor The Company's operating leases for automobile rentals have rental periods that are typically short term, generally is twelve months or less. Revenue recognition section of Note 3 (r), the Company discloses that revenue earned from automobile rentals, wherein an identified asset is transferred to the customer and the customer has the ability to control that asset, is accounted for under Topic 842 upon adoption for the year ended March 31, 2020. The Company did not have any automobile rentals operations prior to April 1, 2019, which the Company would have accounted for such revenue under Topic 606 for the year ended March 31, 2019. Lessee As of December 31, 2020 and March 31, 2020, the Company has engaged in offices and showroom leases which were classified as operating leases. In addition, the Company had automobiles leases which were classified as finance lease. The Company occupies various offices under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognized the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate of the automobile loans on the remaining balance of the liability. The ROU and lease liabilities are determined based on the present value of the future minimum rental payments of the lease as of the adoption date, using an effective interest rate of 6.0%, which is determined using an incremental borrowing rate with similar term in the PRC. As of December 31, 2020, the average remaining operating and finance lease term of its existing leases is 1.8 and 1.7 years, respectively. Operating and finance lease expenses consist of the following: For the Three Months Ended For the Nine Months Ended Classification December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating lease cost Lease expenses Selling, general and administrative $ 93,646 $ 77,767 $ 299,526 $ 286,943 Finance lease cost Amortization of leased asset Cost of revenue 758,091 — 1,524,439 — Amortization of leased asset Selling, general and administrative 382,727 — 1,455,527 — Interest on lease liabilities Interest expenses on finance leases 150,227 — 587,457 — Total lease expenses $ 1,384,691 $ 77,767 $ 3,866,949 $ 286,943 Operating lease expenses from continuing operations totaled $93,646 and $50,690 for the three months ended December 31, 2020 and 2019, respectively. Operating lease expenses from discontinued operations totaled $0 and $27,077 for the three months ended December 31, 2020 and 2019, respectively. Operating lease expenses from continuing operations totaled $299,526 and $202,751 for the nine months ended December 31, 2020 and 2019, respectively. Operating lease expenses from discontinued operations totaled $0 and $84,192 for the nine months ended December 31, 2020 and 2019, respectively. Interest expenses on finance leases from continuing operations totaled $150,227 and $0 for the three months ended December 31, 2020 and 2019, respectively. Interest expenses on finance leases from continuing operations totaled $587,457 and $0 for the nine months ended December 31, 2020 and 2019, respectively. The following table sets forth the Company’s minimum lease payments in future periods: Operating lease Finance lease payments payments Total Twelve months ending December 31, 2021 $ $ $ 6,776,687 Twelve months ending December 31, 2022 2,223,877 Twelve months ending December 31, 2023 213,547 Twelve months ending December 31, 2024 — 48,322 Total lease payments 9,262,433 Less: discount (66,105) (567,784) (633,889) Present value of lease liabilities 8,628,544 Less: Present value of lease liabilities - discontinued operations — — — Present value of lease liabilities - continuing operations $ $ $ 8,628,544

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES Purchase Commitments On January 19, 2021, the Company entered into a contract with an automobile dealer for the purchase of a total of 500 automobiles for an aggregate purchase price of approximately $8,330,000. The purchase is expected to be completed by the end of 2021. Contingencies In measuring the credit risk of guarantee services to automobile purchasers, the Company primarily reflects the “probability of default” by the automobile purchasers on its contractual obligations and considers the current financial position of the automobile purchasers and its likely future development. The Company manages the credit risk of automobile purchasers by performing preliminary credit checks of each automobile purchaser and ongoing monitoring every month. By using the current credit loss model, management is of the opinion that the Company is bearing the credit risk to repay the principal and interests to the financial institutions if automobile purchasers default on their payments for more than three months. Management also periodically re-evaluates probability of default of automobile purchasers to make adjustments in the allowance when necessary as the Company is the guarantor of the loans. Contingent liabilities for automobile purchasers Historically, most of the automobile purchasers would pay the Company their previous defaulted amounts within one to three months. In December 2019, a novel strain of coronavirus, or COVID-19, surfaced and it has spread rapidly to many parts of China and other parts of the world, including the United States. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. Because substantially all of the Company’s operations are conducted in China, the COVID-19 outbreak has materially and adversely affected, and may continue to affect, the Company’s business operations, financial condition and operating results for 2020 and 2021, including but not limited to decrease in revenues, slower collection of accounts receivables and additional allowance for doubtful accounts. Some of the Company’s customers exited the ride-hailing business and tendered their automobiles to the Company for sublease or sale to generate income or proceeds to cover payments owed to financial institutions and the Company. For the three and nine months ended December 31, 2020, the Company recognized an estimated provision loss of approximately $17,000 and $119,000, respectively for the guarantee services because the drivers who exited the ride-hailing business were not able to make the monthly payments. As of December 31, 2020, the maximum contingent liabilities the Company would be exposed to was approximately $14,898,000 (including approximately $202,000 related to the discontinued P2P business), assuming all the automobile purchasers were in default. Automobiles are used as collateral to secure the payment obligations of the automobile purchasers under the financing agreements. The Company estimated the fair market value of the collateral to be approximately $10,561,000 as of December 31, 2020, based on the market price and the useful life of such collateral, which represents approximately 70.9% of the maximum contingent liabilities. As of December 31, 2020, approximately $3,358,000, including interests of $201,000, due to financial institutions, of all the automobile purchases we serviced were past due mainly due to the COVID-19 epidemic in China. Contingent liability of Jinkailong On May 25, 2018, Chengdu Industrial Impawn Co., Ltd (“Impawn”) signed a pledge and pawn contract (the “Master Contact”) with Langyue, pursuant to which, Impawn shall provide loans to Langyue up to RMB20 million (approximately $2.9 million). In connection with the Master Contract, Jinkailong entered into a guaranty with Impawn and agreed to provide guarantee on all the payments (including principal, interests, compensations and other expenses) of Langyue jointly and severally with seven other guarantors, one of which is a shareholder of Jinkailong. Langyue used RMB7,019,652 (approximately $1,003,000) of the loans from Impawn and re-loaned it to automobile purchasers referred by Jinkailong from June 2018 to September 2018, which were also guaranteed by Jinkailong. Langyue did not pay Impawn the monthly installment of June 2020 timely. In July 2020, Impawn sent the Collection Letter and Notice to Langyue to demand payment of the interest and penalty of RMB100,300 (approximately $14,330). On September 18, 2020, Impawn initiated a legal action with the People's Court of Sichuan Pilot Free Trade Zone (the “Court”) for an order to collect and enforce the repayment of the total outstanding principal, interest and penalty for an aggregate of RMB9,992,728 (approximately $1,428,000) and other expenses by freezing all bank accounts of Langyue and all related guarantors. On October 14, 2020, the cash in the bank accounts of Jinkailong, totaling RMB175,335 (approximately $25,050) was frozen by the Court and became restricted cash accordingly. On December 24, 2020, Jinkailong, a shareholder of Jinkailong and Impawn signed a settlement agreement ("Settlement Agreement"). Impawn agreed to release the pledge of Jinkailong’s 75 automobiles, provided that Jinkailong and such shareholder repay an aggregate of RMB4,026,594 (approximately $617,000) in monthly installments over 35 months. In addition, upon the initial payment of RMB600,000 (approximately $92,000) by Jinkailong and such shareholder, Impawn will request the court to release the frozen bank accounts of Jinkailong. The Settlement Agreement further provides that it does not release the guarantee obligations of Jinkailong and in the event Langyue’s loan is not fully repaid at the end of the 35 months, Impawn reserves the right to pursue further actions against Jinkailong and such shareholder for the outstanding balance of the loan. As of December 31, 2020, the original maximum contingent liabilities related to the loans from Langyue to automobile purchasers which Jinkailong would be exposed to was approximately RMB2,787,000 (approximately $427,000), which has been included in the amount of contingent liabilities of automobile purchasers as mentioned above. So Jinkailong recorded the additional $93,000 for the gap between the total amount to be paid pursuant to the Settle Agreement and the remaining principal of loans from Impawn as guarantee expenses in the unaudited condensed consolidated financial statements. Jinkailong will collect monthly installment payments from online ride-hailing drivers who lease those 75 automobiles to repay for the remaining balance of Impawns and recognize guarantee expenses if any. However, as Jinkailong has undertaken the joint and several liability guarantee for all of Langyue’s loans from Impawn, Jinkailong may be required to pay all the outstanding balance of approximately $1,428,000 to Impawn in the future. As of December 31, 2020, the freeze on all except two bank accounts was released. The restricted cash of Jinkailong was RMB33,892 (approximately $5,190) as of December 31, 2020 which was subsequently released on January 7, 2021. From time to time, the Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Except the contingent liabilities for Langyue, other amounts accrued, as well as the total amount of reasonable possible losses with the respect to such matters, individually and in the aggregate, are not deemed to be material to the interim unaudited condensed consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS 2021 Registered Direct Offering On February 10, 2021, the Company completed a registered direct offering of 5,072,465 shares of the Company’s common stock at $1.38 per share, pursuant to a securities purchase agreement with certain accredited investors. As a result, the Company raised approximately $5.7 million, net of placement agent fees and offering expenses, to support the Company’s working capital requirements. In connection with the offering, the Company issued the placement agent warrants to purchase up to 380,435 shares of its common stock . These warrants are exercisable for a period of five years commencing 180 days from February 8, 2020 at a price of $1.38 per share and are exercisable on a “cashless” basis .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	(a) Basis of presentation The accompanying interim unaudited condensed consolidated financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim financial information as of December 31, 2020 and for the three and nine months ended December 31, 2020 and 2019 have been prepared without audit, pursuant to the rules and regulations of the SEC and pursuant to Regulation S-X. Certain information and footnote disclosures, which are normally included in annual financial statements prepared in accordance with U.S. GAAP, have been omitted pursuant to those rules and regulations. The unaudited interim financial information should be read in conjunction with the audited financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended March 31, 2020, which was filed with the SEC on July 9, 2020. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of December 31, 2020, its unaudited results of operations for the three and nine months ended December 31, 2020 and 2019, and its unaudited cash flows for the nine months ended December 31, 2020 and 2019, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Basis of consolidation	(b) Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of the subsidiaries and VIEs. All inter-company accounts and transactions have been eliminated in consolidation.
Foreign currency translation	(c) Foreign currency translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company and its subsidiaries and VIEs is U.S. dollars (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the functional currency of the economic environment in which its operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries and VIEs are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: December 31, 2020 March 31, 2020 Balance sheet items, except for equity accounts 6.5306 7.0824 For the Three Months Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss 6.6224 7.0600 For the Nine Months Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.8726 6.9620
Use of estimates	(d) Use of estimates In presenting the unaudited condensed consolidated financial statements in accordance with U.S. GAAP, management make estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgement and available information. Accordingly, actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The inputs into our judgments and estimates consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, lease classification and liabilities, finance lease receivables, inventory obsolescence, right-of-use assets, determinations of the useful lives and valuation of long-lived assets and goodwill, estimates of allowances for doubtful accounts and prepayments, estimates of impairment of intangible assets, valuation of deferred tax assets, estimated fair value used in business acquisitions, valuation of derivative liabilities, allocation of fair value of derivative liabilities, issuance of common stock and warrants exercised and other provisions and contingencies.
Fair values of financial instruments	(e) Fair values of financial instruments Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. The three levels of valuation hierarchy are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2020 and March 31, 2020: Carrying Value at Fair Value Measurement at December 31, 2020 December 31, 2020 (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities $ 1,043,430 $ — $ — $ 1,043,430 Fair Value Measurement at Carrying Value at March 31, 2020 March 31, 2020 Level 1 Level 2 Level 3 Derivative liabilities $ 342,530 $ — $ — $ 342,530 The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended December 31, 2020 and for the year ended March 31, 2020: For the Nine Months Ended For the Year Ended December 31, 2020 March 31, 2020 (Unaudited) Beginning balance $ 342,530 $ — Derivative liabilities recognized at grant date on June 20, 2019 — 3,150,006 Derivative liabilities recognized at grant date on August 4, 2020 241,919 — Change in fair value of derivative liabilities 1,443,784 (1,796,724) Fair value of Series B warrants exercised — (1,010,752) Fair value of Series A warrants exercised (984,803) — Ending balance $ 1,043,430 $ 342,530 On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock, (ii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock and (iii) placement agent warrants to purchase up to 142,509 shares of common stock. On August 6, 2020, the Company completed a public offering of 12,000,000 shares of the Company’s common stock at $0.50 per share (the “Offering Price”), pursuant to an underwriting agreement with The Benchmark Company, LLC and Axiom Capital Management, Inc., as representatives of the several underwriters (the “Underwriters”). On August 13, 2020, the Underwriters exercised their rights to purchase an additional 1,800,000 shares of common stock at the Offering Price. In connection with the offering, the Company issued the Underwriters, on a private placement basis, warrants to purchase up to 568,000 shares of common stock (the “Underwriters’ Warrants”). The Underwriters’ Warrants are exercisable for a period of five years commencing six months from August 4, 2020 at a price per share equal to 125% of the Offering Price and are exercisable on a “cashless” basis. The strike price of the Company’s Series A and Series B warrants, the placement agent warrants and the Underwriters’ Warrants are denominated in US$ and the Company's functional currency is RMB, therefore, those warrant shares are not considered indexed to the Company's own stock which should be classified as derivative liability. The Company's Series A and Series B warrants, the placement agent warrants and the Underwriters’ Warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date), August 4, 2020 (the grant date), March 31, 2020 and December 31, 2020. June 20, 2019 August 4, 2020 Series A Series B Placement Agent Underwriters' Warrants Warrants Warrants Warrants # of shares exercisable 1,336,021 1,116,320 142,509 568,000 Valuation date 6/20/2019 6/20/2019 6/20/2019 8/4/2020 Exercise price $ 3.72 $ 3.72 $ 3.38 $ 0.63 Stock price $ 2.8 $ 2.8 $ 2.8 $ 0.51 Expected term (years) 4.00 1.00 4.00 5.00 Risk-free interest rate 1.77 % 1.91 % 1.77 % 0.19 % Expected volatility 86 % 91 % 86 % 129 % March 31, 2020 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 3,132 142,509 Valuation date 3/31/2020 3/31/2020 3/31/2020 Exercise price $ 1.50 $ 0.0001 $ 3.38 Stock price $ 0.44 $ 0.44 $ 0.44 Expected term (years) 3.22 0.22 3.22 Risk-free interest rate 0.30 % 0.11 % 0.30 % Expected volatility 122 % 127 % 122 % December 31, 2020 Placement Series A Agent Underwriters' Warrants Warrants Warrants # of shares exercisable 443,787 142,509 568,000 Valuation date 12/31/2020 12/31/2020 12/31/2020 Exercise price $ 0.5 $ 0.5 $ 0.63 Stock price $ 1.07 $ 1.07 $ 1.07 Expected term (years) 2.47 2.47 4.59 Risk-free interest rate 0.15 % 0.15 % 0.31 % Expected volatility 133 % 133 % 133 % As of December 31, 2020 and March 31, 2020, financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, restricted cash, accounts receivable, inventories, finance lease receivables, prepayments, other receivables and other assets, due from related parties, borrowings from financial institutions, accounts payable, advance from customers, lease liabilities, accrued expenses and other liabilities, due to related parties and affiliates, and operating and financing lease liabilities, which approximate their fair values because of the short-term nature of these instruments, and non-current liabilities of borrowings from financial institutions, which approximate their fair values because of the stated loan interest rate to the rate charged by similar financial institutions. The non-current portion of accounts receivables, finance lease receivables, and operating and financing lease liabilities were recorded at gross adjusted for the interest using the effective interest rate method. The Company believes that the effective interest rates underlying these instruments approximate their fair values because the Company used its incremental borrowing rate to recognize the present value of these instruments as of December 31, 2020 and March 31, 2020. Other than as listed above, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value.
Business combinations and non-controlling interests	(f) Business combinations and non-controlling interests The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the unaudited condensed consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the unaudited condensed consolidated income statements. For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations and comprehensive loss. Cash flows related to transactions with non-controlling interests are presented under financing activities in the unaudited condensed consolidated statements of cash flows
Segment reporting	(g) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company's management team. Historically, the Company had one single operating and reportable segment, namely the provision of an online lending services. During the year ended March 31, 2019, the Company acquired Hunan Ruixi and Jinkailong. During the nine months ended December 31, 2020, the Company acquired XXTX. The Company evaluated how the CODM manages the businesses of the Company to maximize efficiency in allocating resources and assessing performance. The Company has discontinued the online P2P lending services segment and has only one segment in the periods after October 17, 2019.
Cash and cash equivalents	(h) Cash and cash equivalents Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds received from automobile purchasers as payment for automobiles, related insurances and taxes to be paid on behalf of the automobile purchasers, which funds were held at the third party platforms’ fund accounts and which are unrestricted and immediately available for withdrawal and use.
Restricted cash	(i) Restricted cash Restricted cash consists of fund held in the bank accounts of Jinkailong was frozen by a court order due to the default of Langyue Automobile Services Co., Ltd. (“Langyue”), a prior business partner whom Jinkailong provided a guarantee to, under the Master Contract (as defined below in Note 18). As of December 31, 2020, the freeze on all bank accounts, except two accounts in a bank in the process of being unfrozen, have been released. The restricted cash of Jinkailong was RMB33,892 (approximately $5,190) as of December 31, 2020 and has been fully released on January 7, 2021. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. Earlier adoption is permitted. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company adopted this guidance in all periods presented.
Accounts receivable, net	(j) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, and are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2020 and March 31, 2020, allowance for doubtful accounts amounted to $79,355 and $379,689, respectively.
Inventories	(k) Inventories Inventories consist of automobiles which are held primarily for sale and for leasing purposes, and are stated at lower of cost or net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances.
Finance lease receivables, net	(l) Finance lease receivables, net Finance lease receivables, which result from sales-type leases, are measured at discounted present value of (i) future minimum lease payments, (ii) any residual value not subject to a bargain purchase option as a finance lease receivables on its balance sheet and (iii) accrued interest on the balance of the finance lease receivables based on the interest rate inherent in the applicable lease over the term of the lease. Management also periodically evaluates individual customer's financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Finance lease receivables is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2020 and March 31, 2020, the Company determined no allowance for doubtful accounts was necessary for finance lease receivables. As of December 31, 2020 and March 31, 2020, finance lease receivables consisted of the following: December 31, March 31, 2020 2020 (Unaudited) Minimum lease payments receivable 1,566,517 1,606,230 Less: Unearned interest (392,307) (412,975) Financing lease receivables, net $ 1,174,210 $ 1,193,255 Finance lease receivables, net, current portion $ 672,960 $ 459,110 Finance lease receivables, net, non-current portion $ 501,250 $ 734,145 Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2020 are as follows: Minimum future payments receivable Twelve months ending December 31, 2021 $ 488,137 Twelve months ending December 31, 2022 692,388 Twelve months ending December 31, 2023 353,208 Twelve months ending December 31, 2024 32,784 Total $ 1,566,517
Property and equipment, net	(m) Property and equipment, net Property and equipment primarily consist of computer equipment, which is stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the estimated useful life. The useful life of property and equipment is summarized as follows: Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment 2 - 5 years Office equipment 3 - 5 years Automobiles 3 - 5 years The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the three and nine months ended December 31, 2020, the impairment for property and equipment was $10,342. For the three and nine months ended December 31, 2019, there was no impairment recorded for property and equipment. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statements of operations and comprehensive loss.
Intangible assets, net	(n) Intangible assets, net Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Categories Useful life Software 5-10 years Online ride-hailing platform operating license 5 years Separately identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for identifiable intangible assets is based on the amount by which the carrying amount of the assets exceeds the fair value of the assets. For the three and nine months ended December 31, 2020 and 2019, there was no impairment of intangible assets.
Goodwill	(o) Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive income (loss). Impairment losses on goodwill are not reversed. The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. The Company has the opinion to access qualitative factors to determine whether it is necessary to perform the two-step in accordance with ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantities impairment test described below is required. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying value of a reporting unit's goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being a discounted cash flow. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the consolidated statements of operations and comprehensive income (loss). Impairment losses on goodwill are not reversed. For the nine months ended December 31, 2020 and 2019, no impairment was recorded for goodwill.
Earnings (loss) per share	(p) Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of outstanding shares of common stock, adjusted for outstanding shares of common stock that are subject to repurchase. For the calculation of diluted income (loss) per share, net income (loss) attributable to stockholders for basic earnings (loss) per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net earnings (loss) per share if their inclusion is anti-dilutive.
Derivative liabilities	(q) Derivative liabilities A contract is designated as an asset or a liability and is carried at fair value on the Company's balance sheet, with any changes in fair value recorded in the Company's results of operations. The Company then determines which options, warrants and embedded features require liability accounting and records the fair value as a derivative liability. The changes in the values of these instruments are shown in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as "change in fair value of derivative liabilities".
Revenue recognition	(r) Revenue recognition The Company recognized its revenue under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. It also requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. To achieve that core principle, the Company applies the five steps defined under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration to collect is substantially probable. As of December 31, 2020, the Company had outstanding contracts for automobile transaction and related services amounting to $534,065, of which $316,715 is expected to be completed within twelve months after December 31, 2020, and $217,350 is expected to be completed after December 31, 2021. Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Automobile Transaction and Related Services (Continuing Operations) - Revenues from sales of automobiles $ 104,329 $ 1,987,433 $ 527,961 $ 10,828,063 - Operating lease revenues from automobile rentals 939,645 — 2,136,078 — - Service fees from automobile purchase services 18,968 352,351 179,545 1,609,361 - Facilitation fees from automobile transactions 30 21,031 1,646 164,294 - Service fees from management and guarantee services 41,523 128,893 315,124 313,548 - Financing revenues 74,155 44,149 178,589 105,413 - Other service fees 155,365 211,722 532,384 622,750 Total Revenues from Automobile Transaction and Related Services (Continuing Operations) 1,334,015 2,745,579 3,871,327 13,643,429 Online Ride-hailing Platform Services (Continuing Operations) 304,535 — 304,535 — Online Lending Services (Discontinued Operations) - Transaction fees 56 1,160 2,572 72,394 - Service fees 1,586 3,134 3,624 24,990 - Website development revenue — — — 15,234 Total Revenues from Online Lending Services (Discontinued Operations) 1,642 4,294 6,196 112,618 Total Revenues $ 1,640,192 $ 2,749,873 $ 4,182,058 $ 13,756,047 Automobile transaction and related services Sales of automobiles – The Company generates revenue from sales of automobiles to the customers of Jinkailong and Hunan Ruixi. The control over the automobile is transferred to the purchaser along with the delivery of automobile. The amount of the revenue is based on the sale price agreed by Hunan Ruixi or Yicheng and the counterparties, including Jinkailong, who acts on behalf of its customers. The Company recognizes revenues when the automobile is delivered and control is transferred to the purchaser at a point in time. Service fees from automobile purchase services – Services fees from automobile purchase services are paid by automobile purchasers for a series of the services provided to them throughout the purchase process such as credit assessment, preparation of financing application materials, assistance with closing of financing transactions, license and plate registration, payment of taxes and fees, purchase of insurance, installment of GPS devices, ride-hailing driver qualification and other administrative procedures. The amount of these fees is based on the sales price of the automobiles and relevant services provided. The Company recognizes revenue when all the services are completed and the automobile is delivered to the purchaser at a point in time. Facilitation fees from automobile transactions – Facilitation fees from automobile purchase transactions are paid by the Company’s customers including third-party sales teams or the automobile purchasers for the facilitation of the sales and financing of automobiles. The Company attracts automobile purchasers through third-party sales teams or its own sales department. For the sales facilitated between third-party sales teams and automobile purchasers, the Company charges the fees to the third-party sales teams, which derived from the commission paid by the automobile purchasers to the third-party sales teams. Relating to sales facilitated between automobile purchasers and dealers, the Company charges the fees to the automobile purchasers. The Company recognizes revenue from facilitation fees when the titles are transferred to the purchasers at a point in time. The amount of fees is based on the type of automobile and negotiation with each sales team or automobile purchaser. The fees charged to third-party sales teams or automobile purchasers are paid before the automobile purchase transactions are consummated. These fees are non-refundable upon the delivery of automobiles. Service fees from management and guarantee services – Over 95% of the Company’s customers are online ride-hailing drivers. The drivers sign affiliation agreements with the Company, pursuant to which the Company provides them with management and guarantee services during the affiliation period. Service fees for management and guarantee services are paid by such automobile purchasers on a monthly basis for the management and guarantee services provided during the affiliation period. The Company recognizes revenue over the affiliation period when performance obligations are completed. Financing revenues – Interest income from the lease arising from the Company’s sales-type leases and bundled lease arrangements are recognized as financing revenues over the lease term based on the effective rate of interest in the lease. Operating lease revenues from automobile rentals -The Company generates revenue from sub-leasing automobiles from some online ride-hailing drivers or leasing its own automobiles. The Company recognizes revenue wherein the automobile is transferred to the leasee and the leasee has the ability to control the asset, is accounted for under ASC Topic 842. Rental transactions are satisfied over the rental period. Rental periods are short term in nature, generally are twelve months or less. Online ride-hailing platform services The Company generates revenue from providing services to online ride-hailing drivers (“Drivers”) to assist them in providing transportation services to riders (“Riders”) looking for taxi/ride-hailing services. The Company earns commissions for each completed ride in an amount equal to the difference between an upfront quoted fare and the amount earned by a Driver based on actual time and distance for the ride charged to the Rider. As a result, the Company bears a single performance obligation in the transaction of connecting Drivers with Riders to facilitate the completion of a successful transportation service for Riders. The Company recognizes revenue upon completion of a ride as the single performance obligation is satisfied and the Company has the right to receive payment for the services rendered upon the completion of the ride. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the service provided to the Rider and is the principal (i.e. “gross”), or it arranges for other parties to provide the service to the Rider and is an agent (i.e. “net”). Since the Company is not primarily responsible for ride-hailing services provided to Riders, it does not have inventory risk related to the services. Thus, the Company recognizes revenue at a net basis. Leases On April 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update, as well as additional amendments and targeted improvements issued in 2018 and early 2019, supersedes existing lease accounting guidance found under ASC 840, Leases (“ASC 840”). The accounting for lessors does not fundamentally change with this update except for changes to conform and align guidance to the lessee guidance, as well as to the revenue recognition guidance in ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606). Some of these conforming changes, such as those related to the definition of lease term and minimum lease payments, resulted in certain lease arrangements, that would have been previously accounted for as operating leases, to be classified and accounted for as sales-type leases with a corresponding up-front recognition of automobile sales revenue when the lessee obtained control over the automobile. The two primary accounting provisions the Company uses to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Automobile included in arrangements meeting these conditions are accounted for as sales-type leases. Interest income from the lease is recognized in financing revenues over the lease term. Automobile included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. The Company excludes from the measurement of its lease revenues any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. The Company considers the economic life of most of the automobiles to be three to four years, since this represents the most common lease term for its automobiles and the automobiles will be used for ride-hailing services. The Company believes three to four years is representative of the period during which an automobile is expected to be economically usable, with normal service, for the purpose for which it is intended. A portion of the Company’s direct sales of automobile to end customers are made through bundled lease arrangements which typically include automobile, services (automobile purchase services, facilitation services, and management and guarantee services) and financing components where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. Revenues under these bundled lease arrangements are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement and the financing components. Lease deliverables include the automobile and financing, while the non-lease deliverables generally consist of the services and repayment of advanced fees made on behalf of its customers. The Company considers the fixed payments for purposes of allocation to the lease elements of the contract. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed lease payments that the customer is obligated to make over the lease term. Amounts allocated to the automobile and financing elements are then subjected to the accounting estimates under ASC 842 to ensure the values reflect standalone selling prices. The remainder of any fixed payments are allocated to non-lease elements (automobile purchase services, facilitation fees, and management and guarantee services), for which these revenues are recognized in a manner consistent with the guidance for service fees from automobile purchase services, facilitation fees from automobile transactions, and service fees from management and guarantee services as discussed above. The Company’s lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon the local prevailing rates in the marketplace where its customer will be able to obtain an automobile loan under similar terms from the bank. The Company reassesses its pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. As of December 31, 2020, the Company's pricing interest rate was 6.0% per annum.
Income taxes	(s) Income taxes Deferred income tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provisions or benefits for income taxes consists of tax estimated from taxable income plus or minus deferred tax expenses (benefits) if applicable. Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of December 31, 2020 and March 31, 2020. As of December 31, 2020, the calendar years ended December 31, 2015 through 2019 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities. The Company presents deferred tax assets and liabilities as non-current in the balance sheet based on an analysis of each taxpaying component within a jurisdiction.
Comprehensive income (loss)	(t) Comprehensive income (loss) Comprehensive income (loss) includes net loss and foreign currency adjustments. Comprehensive income (loss) is reported in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Accumulated other comprehensive income (loss), as presented on the unaudited condensed consolidated balance sheets are the cumulative foreign currency translation adjustments.
Share-based awards	(u) Share-based awards Share-based awards granted to the Company’s employees are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are required, or (ii) using the accelerated attribution method, net of estimated forfeitures, over the requisite service period. The fair value of restricted shares is determined with reference to the fair value of the underlying shares. At each date of measurement, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards granted by the Company, including but not limited to the fair value of the underlying shares, expected life, expected volatility and expected forfeiture rates. The Company is required to consider many factors and make certain assumptions during this assessment. If any of the assumptions used to determine the fair value of the share-based awards changes significantly, share-based compensation expense may differ materially in the future from that recorded in the current reporting period.
Leases	(v) Leases On April 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). This update supersedes existing lease accounting guidance found under ASC 840, and requires the recognition of right-of-use (“ROU”) assets and lease obligations (“lease liabilities”) by lessees for those leases currently classified as operating leases under existing lease guidance. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Short term leases with a term of twelve months or less are not required to be recognized. Lessor accounting is generally the same under ASC 842 as compared to ASC 840 except with an additional requirement to assess collectability to support classification as a direct financing lease. Also, in order to derecognize the asset and record revenue, collection of payments due must be probable for sales-type leases and the lessees of sales-type leases will need to obtain control over the leased asset. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease a single lease component. The impact of the adoption of the ASC 842, as of April 1, 2019, the Company recognized $246,227 ROU assets and $247,325 lease liabilities, primarily related to operating leases of facilities. The adoption of this standard resulted in the recording of operating lease assets and operating lease liabilities as of April 1, 2019, with no related impact on the Company's unaudited condensed consolidated statement of changes in stockholders' equity or unaudited condensed consolidated statements of operations and comprehensive loss. Beginning in the year ended March 31, 2020, the Company entered into certain agreements as a lessor under which it leased automobiles for a short-term period (usually under 12 months) to ride-hailing car service drivers. The Company also entered into certain agreements as a lessee to lease automobiles and to conduct its automobiles rental operations. If any of the following criteria are met, the Company classifies the lease as a finance lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): · The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; · The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; · The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; · The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or · The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. The Company combines lease and non-lease components in its contracts under Topic 842, when permissible. Finance and operating lease ROU assets and lease liabilities are recognized at the adoption date of April 1, 2019 or the commencement date, whichever is earlier, based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company use its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally consider the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The finance or operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognizes the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate of the automobile loans on the remaining balance of the liability. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the three and nine months ended December 31, 2020, the Company recognized impairment loss of $31,641 and $111,864 on its finance lease ROU assets, respectively.
Significant risks and uncertainties	(w) Significant risks and uncertainties 1) Credit risk a. Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of these assets to credit risk is their carrying amount as of the balance sheet dates. On December 31, 2020 and March 31, 2020, approximately $1,122,000 and $2,600, respectively, was deposited with a bank in the United States which is insured by the U.S. government up to $250,000. On December 31, 2020 and March 31, 2020, approximately $2,227,000 and $820,000, respectively, were deposited in financial institutions located in mainland China, which were insured by the government authority. Under the Deposit Insurance System in China, an enterprise's deposits at one bank is insured for a maximum of approximately $70,000 (RMB500,000). To limit exposure to credit risk relating to deposits, the Company primarily place cash deposits with large financial institutions in China which management believes are of high credit quality. The Company’s operations are carried out entirely in mainland China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the social, political, economic and legal environments in the PRC as well as by the general state of the PRC economy. In addition, the Company’s business may be influenced by changes in PRC government laws, rules and policies with respect to, among other matters, the response to the COVID-19 pandemic, anti-inflationary measures, currency conversion and remittance of currency outside of China, rates and methods of taxation and other factors. b. In measuring the credit risk of accounts receivables due from the automobile purchasers (the "customers"), the Company mainly reflects the “probability of default” by the customer on its contractual obligations and considers the current financial position of the customer and the risk exposures to the customer and its likely future development. However, as the Company only commenced the automobile transaction and related services since November 2018, there was limited historic default data and other information to make an estimate on the expected credit losses. Historically, most of the automobile purchasers would pay the Company their previously defaulted amounts within one to three months. As a result, the Company would provide full provisions on accounts receivable if the customers default on repayments for over three months. As of December 31, 2020 and March 31, 2020, the Company provided an allowance for doubtful accounts of $79,355 and $379,689, respectively. For the nine months ended December 31, 2020 and 2019, the Company wrote off accounts receivable of $252,211 and $0, respectively, which represents due from automobile purchasers. In measuring the credit risk of accounts receivables due from the borrowers and investors who formally used the Company’s discontinued P2P lending platform (the “P2P customers”), the Company mainly reflects the “probability of default” by the P2P customer on its contractual obligations and considers the current financial position of the P2P customer and the risk exposures to the P2P customer and its likely future development. Historically, most of the borrowers would pay the transaction fee within one year upon (i) disbursement of the proceeds for loans or (ii) full payment of principal and interest of loan. Most of investors would pay the service fee within one year upon receipt of their investment returns. On October 17, 2019, the Board approved the Plan for the Company to discontinue and wind down its online lending services business. For the nine months ended December 31, 2020, no additional accounts receivable were written-off. 2) Foreign currency risk As of December 31, 2020 and March 31, 2020, substantially all of the Company’s operating activities and major assets and liabilities, except for the cash deposit of approximately $1,590,600 and $818,000, respectively, in U.S. dollars, are denominated in RMB, which are not freely convertible into foreign currencies. All foreign exchange transactions take place through either the People’s Bank of China (“PBOC”) or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires a payment application together with invoices and signed contracts. The value of RMB is subject to change in central government policies and international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. When there is a significant change in value of RMB, the gains and losses resulting from translation of financial statements of a foreign subsidiary will be significant affected. RMB were appreciated from 7.08 RMB into US$1.00 at March 31, 2020 to 6.53 RMB into US$1.00 at December 31, 2020. 3) VIE risk The Company believes that the VIE Agreements and the Voting Agreement are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. The shareholders of Sichuan Senmiao are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, if the shareholders of Sichuan Senmiao were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. However, the other shareholders of Jinkailong are not shareholders of the Company and there is a risk they may act in contrary to the interests of the shareholders of the Company. The Company cannot assure that when conflicts of interest arise, the shareholders of Sichuan Senmiao or the other shareholders of Jinkailong will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. In addition, the Company’s ability to control Sichuan Senmiao and Jinkailong via the VIE Agreements and Voting Agreement may not be as effective as direct equity ownership. Further, the VIE Agreements or the Voting Agreement may not be enforced in China if the PRC government or courts consider those contracts contravene PRC laws and regulations or otherwise not enforceable for public policy reasons. If the VIE Agreements or the Voting Agreement were found to be in violation of any existing PRC laws and regulations, the PRC government could: · revoke the Company’s business and operating licenses; · require the Company to discontinue or restrict operations; · restrict the Company’s right to collect revenues; · block the Company’s websites; · require the Company to restructure the operations in such a way as to compel the Company to establish a new enterprise, re-apply for the necessary licenses or relocate our businesses, staff and assets; · impose additional conditions or requirements with which the Company may not be able to comply; or · take other regulatory or enforcement actions against the Company that could be harmful to the Company’s business.
Recently issued accounting standards	(x) Recently issued accounting standards In June 2016, the FASB issued new accounting guidance ASU 2016-13 for recognition of credit losses on financial instruments, which is effective January 1, 2020, with early adoption permitted on January 1, 2019. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information and will likely result in earlier recognition of credit reserves. In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has not yet adopted this update and it will become effective on January 1, 2023 assuming the Company will remain eligible to be smaller reporting company. The Company is currently evaluating the impact of this new standard on Company's unaudited condensed consolidated financial statements and related disclosures. CECL adoption will have broad impact on the financial statements of financial services firms, which will affect key profitability and solvency measures. Some of the more notable expected changes include: - Higher allowance on financial guarantee reserve and finance lease receivable levels and related deferred tax assets. While different asset types will be impacted differently, the expectation is that reserve levels will generally increase across the board for all financial firms. - Increased reserve levels may lead to a reduction in capital levels. - As a result of higher reserving levels, the expectation is that CECL will reduce cyclicality in financial firms’ results, as higher reserving in “good times” will mean that less dramatic reserve increases will be loan related income (which will continue to be recognized on a periodic basis based on the effective interest method) and the related credit losses (which will be recognized up front at origination). This will make periods of loan expansion seem less profitable due to the immediate recognition of expected credit losses. Periods of stable or declining loan levels will look comparatively profitable as the income trickles in for loans, where losses had been previously recognized. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The Company is currently evaluating the impact of this new standard on Company's unaudited condensed consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)". The amendment in this Update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, the Board decided to reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company does not believe the adoption of this ASU would have a material effect on the Company's unaudited condensed consolidated financial statements and related disclosures. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated financial position, statements of operations and cash flows of the Company.

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)	9 Months Ended
	Dec. 31, 2020
ORGANIZATION AND PRINCIPAL ACTIVITIES
Schedule of total assets and total liabilities VIEs	Total assets and total liabilities of the Company’s VIEs included in the Company’s unaudited condensed consolidated financial statements as of December 31, 2020 and March 31, 2020 are as follows: December 31, 2020 March 31, 2020 (Unaudited) Current assets: Cash and cash equivalents $ 345,944 $ 247,671 Restricted Cash 5,190 — Accounts receivable, net, current portion 667,467 66,768 Prepayments, other receivables and other assets, net 1,615,131 1,500,784 Other receivable - intercompany 1,334,567 2,211 Due from related parties 69,099 26,461 Current assets - discontinued operations (1) 668,663 1,363,972 Total current assets 4,706,061 3,207,867 Property and equipment, net: Property and equipment, net 510,856 317,427 Property and equipment, net - discontinued operations 3,540 3,895 Total property and equipment, net 514,396 321,322 Other assets: Operating lease right-of-use assets, net 284,639 317,258 Operating lease right-of-use assets, net, related parties 11,090 50,213 Financing lease right-of-use assets, net 5,110,181 5,440,362 Accounts receivable, net, non-current 357,308 720,916 Total other assets 5,763,218 6,528,749 Total assets $ 10,983,675 $ 10,057,938 Current liabilities: Borrowings from financial institutions $ 426,715 $ 226,753 Accounts payable 1,583 4,018 Advances from customers 42,332 34,374 Income tax payable 17,467 16,106 Accrued expenses and other liabilities 3,109,544 1,632,617 Other payable - intercompany 6,760,460 5,143,463 Due to related parties and affiliates 168,837 152,679 Operating lease liabilities 62,380 78,981 Operating lease liabilities - related parties 6,318 37,378 Financing lease liabilities 4,791,111 3,473,967 Current liabilities - discontinued operations (2) 2,661,279 7,561,603 Total current liabilities 18,048,026 18,361,939 Other liabilities: Borrowings from financial institutions, non-current 41,330 58,572 Operating lease liabilities, non-current 202,408 231,825 Operating lease liabilities, non-current - related parties 5,113 — Financing lease liabilities, non-current 2,515,025 2,576,094 Total other liabilities 2,763,876 2,866,491 Total liabilities $ 20,811,902 $ 21,228,430 (1) (2)
Schedule of net revenue, loss from operations and net loss of the VIEs	Net revenue, income (loss) from operations and net loss of the VIEs that were included in the Company's unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2020 and 2019 are as follows: For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net revenue from continuing operations $ 1,157,146 $ 549,330 $ 2,925,839 $ 2,302,940 Net revenue from discontinued operations $ 1,642 $ 4,294 $ 6,196 $ 112,618 Income (loss) from operations from continuing operations $ (985,172) $ (53,999) $ (3,551,034) $ 600,455 Loss from operations from discontinued operations $ (2,238) $ (206,234) $ (84,692) $ (1,001,493) Net Income (loss) from continuing operations attributable to stockholders $ (972,620) $ (116,991) $ (2,911,651) $ 95,976 Net loss from discontinued operations attributable to stockholders (8,212) (4,094,558) (233,977) (4,870,090) Net loss attributable to stockholders $ (980,832) $ (4,211,549) $ (3,145,628) $ (4,774,114)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of translation of amounts from RMB into US$	Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: December 31, 2020 March 31, 2020 Balance sheet items, except for equity accounts 6.5306 7.0824 For the Three Months Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss 6.6224 7.0600 For the Nine Months Ended December 31, 2020 2019 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.8726 6.9620
Schedule of financial assets and liabilities that were accounted for at fair value on a recurring basis	The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2020 and March 31, 2020: Carrying Value at Fair Value Measurement at December 31, 2020 December 31, 2020 (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities $ 1,043,430 $ — $ — $ 1,043,430 Fair Value Measurement at Carrying Value at March 31, 2020 March 31, 2020 Level 1 Level 2 Level 3 Derivative liabilities $ 342,530 $ — $ — $ 342,530
Schedule of fair value of warrants	The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended December 31, 2020 and for the year ended March 31, 2020: For the Nine Months Ended For the Year Ended December 31, 2020 March 31, 2020 (Unaudited) Beginning balance $ 342,530 $ — Derivative liabilities recognized at grant date on June 20, 2019 — 3,150,006 Derivative liabilities recognized at grant date on August 4, 2020 241,919 — Change in fair value of derivative liabilities 1,443,784 (1,796,724) Fair value of Series B warrants exercised — (1,010,752) Fair value of Series A warrants exercised (984,803) — Ending balance $ 1,043,430 $ 342,530
Schedule of estimates of fair value to warrants using Black Scholes valuation model	The Company's Series A and Series B warrants, the placement agent warrants and the Underwriters’ Warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date), August 4, 2020 (the grant date), March 31, 2020 and December 31, 2020. June 20, 2019 August 4, 2020 Series A Series B Placement Agent Underwriters' Warrants Warrants Warrants Warrants # of shares exercisable 1,336,021 1,116,320 142,509 568,000 Valuation date 6/20/2019 6/20/2019 6/20/2019 8/4/2020 Exercise price $ 3.72 $ 3.72 $ 3.38 $ 0.63 Stock price $ 2.8 $ 2.8 $ 2.8 $ 0.51 Expected term (years) 4.00 1.00 4.00 5.00 Risk-free interest rate 1.77 % 1.91 % 1.77 % 0.19 % Expected volatility 86 % 91 % 86 % 129 % March 31, 2020 Series A Series B Placement Agent Warrants Warrants Warrants # of shares exercisable 1,336,021 3,132 142,509 Valuation date 3/31/2020 3/31/2020 3/31/2020 Exercise price $ 1.50 $ 0.0001 $ 3.38 Stock price $ 0.44 $ 0.44 $ 0.44 Expected term (years) 3.22 0.22 3.22 Risk-free interest rate 0.30 % 0.11 % 0.30 % Expected volatility 122 % 127 % 122 % December 31, 2020 Placement Series A Agent Underwriters' Warrants Warrants Warrants # of shares exercisable 443,787 142,509 568,000 Valuation date 12/31/2020 12/31/2020 12/31/2020 Exercise price $ 0.5 $ 0.5 $ 0.63 Stock price $ 1.07 $ 1.07 $ 1.07 Expected term (years) 2.47 2.47 4.59 Risk-free interest rate 0.15 % 0.15 % 0.31 % Expected volatility 133 % 133 % 133 %
Schedule of finance lease receivables	As of December 31, 2020 and March 31, 2020, finance lease receivables consisted of the following: December 31, March 31, 2020 2020 (Unaudited) Minimum lease payments receivable 1,566,517 1,606,230 Less: Unearned interest (392,307) (412,975) Financing lease receivables, net $ 1,174,210 $ 1,193,255 Finance lease receivables, net, current portion $ 672,960 $ 459,110 Finance lease receivables, net, non-current portion $ 501,250 $ 734,145
Schedule of future scheduled minimum lease payments for investments in sales-type leases	Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2020 are as follows: Minimum future payments receivable Twelve months ending December 31, 2021 $ 488,137 Twelve months ending December 31, 2022 692,388 Twelve months ending December 31, 2023 353,208 Twelve months ending December 31, 2024 32,784 Total $ 1,566,517
Schedule of property and equipment	The useful life of property and equipment is summarized as follows: Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment 2 - 5 years Office equipment 3 - 5 years Automobiles 3 - 5 years
Schedule of separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method	Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Categories Useful life Software 5-10 years Online ride-hailing platform operating license 5 years
Schedule of disaggregated information of revenues	Disaggregated information of revenues by business lines are as follows: For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Automobile Transaction and Related Services (Continuing Operations) - Revenues from sales of automobiles $ 104,329 $ 1,987,433 $ 527,961 $ 10,828,063 - Operating lease revenues from automobile rentals 939,645 — 2,136,078 — - Service fees from automobile purchase services 18,968 352,351 179,545 1,609,361 - Facilitation fees from automobile transactions 30 21,031 1,646 164,294 - Service fees from management and guarantee services 41,523 128,893 315,124 313,548 - Financing revenues 74,155 44,149 178,589 105,413 - Other service fees 155,365 211,722 532,384 622,750 Total Revenues from Automobile Transaction and Related Services (Continuing Operations) 1,334,015 2,745,579 3,871,327 13,643,429 Online Ride-hailing Platform Services (Continuing Operations) 304,535 — 304,535 — Online Lending Services (Discontinued Operations) - Transaction fees 56 1,160 2,572 72,394 - Service fees 1,586 3,134 3,624 24,990 - Website development revenue — — — 15,234 Total Revenues from Online Lending Services (Discontinued Operations) 1,642 4,294 6,196 112,618 Total Revenues $ 1,640,192 $ 2,749,873 $ 4,182,058 $ 13,756,047

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	9 Months Ended
	Dec. 31, 2020
BUSINESS COMBINATION
Summary of fair value of the identifiable assets acquired and liabilities assumed	As of December 31, 2020, the Company acquired $7,975 in cash, net of cash paid to XXTX in the acquisition of XXTX. The remaining purchase consideration of $0.3 million is expected to be paid by the Company by December 31, 2021. Fair value Cash and cash equivalents $ 105,386 Other current assets 525,005 Plant and equipment 790 Intangible assets 265,536 Total assets 896,717 Total liabilities (230,247) Net assets of XXTX 666,470 Less: fair value of non-controlling interest (336,441) Fair value of net assets acquired 330,029 Goodwill 142,544 Total purchase consideration $ 472,573

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Dec. 31, 2020
DISCONTINUED OPERATIONS
Schedule of disposal Groups, Including Discontinued Operations	December 31, March 31, 2020 2020 (Unaudited) Current assets Cash and cash equivalents $ — $ 10,139 Prepayments, other receivables and other assets, net 490,235 816,441 Total current assets 490,235 826,580 Property and equipment, net 7,884 11,206 Total assets $ 498,119 $ 837,786 December 31, March 31, 2020 2020 (Unaudited) Current liabilities Accrued expenses and other liabilities $ 2,578,550 $ 4,204,012 Due to stockholders 48,960 182,095 Due to related parties and affiliates — 76,286 Lease liabilities — 53,899 Total current liabilities 2,627,510 4,516,292 Total liabilities $ 2,627,510 $ 4,516,292 For the Three Months Ended For the Nine Months Ended December 31, December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues $ 1,642 $ 4,294 $ 6,196 $ 112,618 Operating expenses Selling, general and administrative expenses (2,450) (387,895) (90,888) (1,387,059) Provision for doubtful accounts — (3,998,953) — (4,036,281) Amortization of intangible assets — (3,866) — (30,321) Impairments of intangible assets and goodwill — — — (264,958) Total operating expenses (2,450) (4,390,714) (90,888) (5,718,619) Loss from discontinued operations (808) (4,386,420) (84,692) (5,606,001) Other income (expenses), net 236 (12,816) 6,341 12,374 Loss before income taxes (572) (4,399,236) (78,351) (5,593,627) Income tax expenses — — — — Net loss attributable to stockholders $ (572) $ (4,399,236) $ (78,351) $ (5,593,627)

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	9 Months Ended
	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
Schedule of accounts receivable	As of December 31, 2020 and March 31, 2020, accounts receivable were comprised of the following: December 31, March 31 2020 2020 (Unaudited) Receivables of automobile sales due from automobile purchasers $ 1,361,635 $ 1,172,765 Receivables of service fees due from automobile purchasers 266,528 854,730 Receivables of online ride hailing fees from online ride-hailing drivers 121,091 — Less: Unearned interest (55,546) (105,083) Less: Allowance for doubtful accounts (79,355) (379,689) Accounts receivable, net $ 1,614,353 $ 1,542,723 Accounts receivable, net, current portion $ 1,165,695 $ 660,645 Accounts receivable, net, non-current portion $ 448,658 $ 882,078
Schedule of movement of allowance for doubtful accounts	Movement of allowance for doubtful accounts for the nine months ended December 31, 2020 and the fiscal year ended March 31, 2020 are as follows: December 31, 2020 March 31, 2020 (Unaudited) Beginning balance $ 379,689 $ — Addition 280,174 1,797,816 Recovery (343,836) — Write off (252,211) (1,410,736) Translation adjustment 15,539 (7,391) Ending balance $ 79,355 $ 379,689

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2020
INVENTORIES
Schedule of inventories	December 31, March 31, 2020 2020 (Unaudited) Automobiles (i) $ 428,503 $ 1,000,675 (i) As of December 31, 2020, the Company owned 25 automobiles with a total value of $367,570 for operating lease, one automobile with a value of $13,361 for financing lease, and three automobiles with a total value of $47,572 for either leasing or sale.

PREPAYMENTS, OTHER RECEIVABLE_2

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables)	9 Months Ended
	Dec. 31, 2020
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS
Schedule of prepayments, receivables and other assets	As of December 31, 2020 and March 31, 2020, the prepayments, receivables and other assets were comprised of the following: December 31, 2020 March 31, 2020 (Unaudited) Receivables from borrowers of online lending platform, net (i) $ 490,235 $ 811,504 Due from automobile purchasers, net (ii) 936,122 1,385,352 Prepaid expenses (iii) 923,007 331,319 Receivables from aggregation platforms (iv) — Deposits (v) 411,857 489,638 Prepayments for automobiles (vi) 48,340 365,932 Value added tax (“VAT”) recoverable 130,096 146,964 Employee advances 19,516 11,937 Others 25,664 72,575 Total prepayments, receivables and other assets 3,396,923 3,615,221 Total prepayments, receivables and other assets - discontinued operations (490,235) (816,441) Total prepayments, receivables and other assets - continuing operations $ 2,906,688 $ 2,798,780 (i) Receivables from borrowers of online lending platform, net The balance of receivables from borrowers of online lending platform represented the outstanding loans the Company assumed from investors on the Company’s discontinued P2P lending platform, which will be collected from related borrowers. As of December 31, 2020 and March 31, 2020, the Company recorded allowance of $3,907,189 and $3,688,800, respectively, against doubtful receivables. (ii) Due from automobile purchasers, net The balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of December 31, 2020 and March 31, 2020, the Company recorded allowance of $30,632 and $347,954, respectively, against doubtful receivables. During the nine months ended December 31, 2020 and 2019, the Company wrote off balance due from automobile purchasers of $270,442and $0, respectively, while recovered allowance against the balance due from automobile purchasers of $43,173 and $0, respectively. (iii) Prepaid expense The balance of prepaid expense represented automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense and etc. that will expire within one year. (iv) Receivables from aggregation platforms The balance of receivables from aggregation platforms represented the amount due from the collaborated aggregation platforms based on the confirmed billings, which will be disbursed to the drivers who completed their rides through the Company's online ride-hailing platform. (v) Deposits The balance of deposits mainly represented the security deposit made by the Company to various financial institutions and Didi Chuxing Technology Co., Ltd., an online ride-hailing platform. (vi) Prepayments for automobiles The balance represented amounts advanced to dealers and a leasing company for automobiles and to other third parties for automobiles related taxes and insurances.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	Property and equipment consist of the following: December 31, 2020 March 31, 2020 (Unaudited) Leasehold improvements $ 192,672 $ 177,659 Electronic devices 51,858 40,720 Office equipment, fixtures and furniture 92,139 79,271 Vehicles 1,115,829 320,949 Subtotal 1,452,498 618,599 Less: accumulated depreciation and amortization (340,510) (138,192) Total property and equipment, net 1,111,988 480,407 Total property and equipment, net - discontinued operations (7,884) (11,206) Total property and equipment, net - continuing operations $ 1,104,104 $ 469,201

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Dec. 31, 2020
INTANGIBLE ASSETS, NET
Schedule of intangible assets	Intangible assets consisted of the following: December 31, 2020 March 31, 2020 (Unaudited) Software 794,698 791,216 Online ride-hailing platform operating licenses 280,188 — Less: Accumulated amortization (95,886) (13,595) Total intangible assets, net $ 979,000 $ 777,621
Schedule of amortization expenses	The following table sets forth the Company’s amortization expense for the next five years ending: Amortization expenses Twelve months ending December 31, 2021 $ 143,259 Twelve months ending December 31, 2022 143,261 Twelve months ending December 31, 2023 139,614 Twelve months ending December 31, 2024 134,399 Twelve months ending December 31, 2025 99,717 Thereafter 318,750 Total $ 979,000

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	December 31, March 31, 2020 2020 (Unaudited) Payables to investors of online lending platform (i) $ 2,083,878 $ 3,668,957 Accrued payroll and welfare 1,092,744 890,912 Deposits (ii) 1,694,397 543,843 Payables to drivers from aggregation platforms (iii) — Loan repayments received on behalf of financial institutions (iv) 853,344 374,535 Other payable (v) 152,705 83,810 Payables for expenditures on automobile transaction and related services 88,492 373,026 Accrued expenses 54,602 104,264 Other taxes payable 442,493 173,056 Total accrued expenses and other liabilities 7,350,758 6,212,403 Total accrued expenses and other liabilities - discontinued operations (2,578,550) (4,204,012) Total accrued expenses and other liabilities - continuing operations $ 4,772,208 $ 2,008,391 (i) The balance of payables to investors of online lending platform represented the outstanding loans from investors on the Company’ discontinued P2P lending platform, which was assumed by the Company in connection with the Plan to discontinue its online lending services business. (ii) The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default. The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee. (iii) The balance of payables to drivers from aggregation platforms represented the amount the Company collected on behalf of drivers who completed their transaction through the Company's online ride-hailing platform base on the confirmed billings. (iv) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions. The balance of other payable represented amount due to suppliers and vendors for operation purposes.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Dec. 31, 2020
EQUITY
Summary of allocation of net proceeds	Net proceeds were allocated as the follows: Warrants $ 3,150,006 Common stock 1,992,118 Total net proceeds $ 5,142,124 Net proceeds were allocated as the follows: Warrants $ 241,919 Common stock 5,856,378 Total net proceeds $ 6,098,297
Summary of outstanding warrants	The Company has warrants outstanding as follows: Weighted Average Average Remaining Warrants Warrants Exercise Contractual Outstanding Exercisable Price Life Balance, March 31, 2019 37,940 37,940 $ 4.80 3.96 Granted 2,594,850 2,594,850 $ 3.70 Forfeited — — — — Exercised (1,113,188) (1,113,188) — — Balance, March 31, 2020 1,519,602 1,519,602 $ 1.76 3.21 Granted 568,000 568,000 $ 0.63 5.00 Forfeited (3,132) (3,132) — — Exercised (892,234) (892,234) — — Balance, December 31, 2020 (Unaudited) $
Schedule of fair value of derivative instrument allocated	Fair value of derivative instrument was allocated as the following exercise date: Fair value of derivative instrument allocated to additional paid-in- Exercised date capital August 12, 2019 $ 699,523 August 13, 2019 262,108 October 9, 2019 49,122 July 9, 2020 56,662 October 20, 2020 315,790 November 24, 2020 197,926 November 25, 2020 414,425 Total $ 1,995,556

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Dec. 31, 2020
Schedule of components of income tax expense	Income taxes in the PRC are consist of: For the Three Months ended December 31, For the Nine Months ended December 31, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Current income tax expenses (benefit) $ 7,487 $ (72,648) $ 14,464 $ 155,722 Deferred income tax expenses (benefit) $ — $ $ — $ (122,772) Total income tax expenses (benefit) $ 7,487 $ (72,648) $ 14,464 $ 32,950
Continuing Operations
Schedule of tax effects of temporary differences	The tax effects of temporary differences from continuing operations that give rise to the Company's deferred tax assets and liabilities are as follows: December 31, March 31, 2020 2020 (Unaudited) Net operating loss carryforwards in the PRC $ 1,666,131 $ 414,996 Net operating loss carryforwards in the U.S. 841,268 527,365 Allowance for doubtful account 7,826 178,381 Less: valuation allowance (2,515,225) (1,120,742) Deferred tax assets, net $ — $ — Deferred tax liabilities: Capitalized intangible assets cost 45,146 — Deferred tax liabilities, net 45,146
Discontinued Operations
Schedule of tax effects of temporary differences	The tax effects of temporary differences from discontinued operations that give rise to the Company’s deferred tax assets are as follows: December 31, 2020 March 31, 2020 (Unaudited) Net operating loss carryforwards in the PRC $ 2,636,245 $ 2,206,673 Less: valuation allowance (2,636,245) (2,206,673) $ — $ —

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	9 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS AND BALANCES
Summary of amounts payable to stockholders, related parties and affiliates	Due to stockholders comprised of amounts payable to two stockholders named below and are unsecured, interest free and due on demand. December 31, March 31, 2020 2020 (Unaudited) Jun Wang $ 48,960 $ 73,384 Xiang Hu — 108,711 Total due to stockholders $ 48,960 $ 182,095 Total due to stockholders - discontinued operations (48,960) (182,095) Total due to stockholders - continuing operations $ — $ — 3) December 31, March 31, 2020 2020 (Unaudited) Loan payable to related parties (i) $ 140,122 $ 202,487 Others (ii) 28,715 26,478 Total due to related parties and affiliates 168,837 228,965 Total due to related parties and affiliates - discontinued operations — (76,286) Total due to related parties and affiliates - continuing operations $ 168,837 $ 152,679 (i) As of December 31, 2020 and March 31, 2020, the balances represented borrowings from three related parties, which are unsecured, interest free and due in the fiscal year of 2021. (ii) As of December 31, 2020 and March 31, 2020, the balances represented $28,715 and 26,478, respectively of payables to three other related parties for operational purposes. These balances are interest free and due on demand.

LEASE (Tables)

LEASE (Tables)	9 Months Ended
	Dec. 31, 2020
LEASE
Schedule of Operating and finance lease expenses	For the Three Months Ended For the Nine Months Ended Classification December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Operating lease cost Lease expenses Selling, general and administrative $ 93,646 $ 77,767 $ 299,526 $ 286,943 Finance lease cost Amortization of leased asset Cost of revenue 758,091 — 1,524,439 — Amortization of leased asset Selling, general and administrative 382,727 — 1,455,527 — Interest on lease liabilities Interest expenses on finance leases 150,227 — 587,457 — Total lease expenses $ 1,384,691 $ 77,767 $ 3,866,949 $ 286,943
Schedule of minimum lease payments in future periods	The following table sets forth the Company’s minimum lease payments in future periods: Operating lease Finance lease payments payments Total Twelve months ending December 31, 2021 $ $ $ 6,776,687 Twelve months ending December 31, 2022 2,223,877 Twelve months ending December 31, 2023 213,547 Twelve months ending December 31, 2024 — 48,322 Total lease payments 9,262,433 Less: discount (66,105) (567,784) (633,889) Present value of lease liabilities 8,628,544 Less: Present value of lease liabilities - discontinued operations — — — Present value of lease liabilities - continuing operations $ $ $ 8,628,544

ORGANIZATION AND PRINCIPAL AC_3

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) - USD ($)		Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Apr. 01, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents		$ 3,537,630	$ 833,888	$ 1,173,521
Restricted cash		5,190	0	$ 0		$ 0
Accounts receivable, net, current portion		1,165,695	660,645
Prepayments, other receivables and other assets, net		2,906,688	2,798,780
Due from related parties		69,099	26,461
Current assets - discontinued operations		490,235	826,580
Total current assets		9,276,000	6,606,139
Property and equipment, net:
Property and equipment, net		1,104,104	469,201
Property and equipment, net - discontinued operations		7,884	11,206
Total Property and equipment, net		1,111,988	480,407
Other assets:
Operating lease right-of-use assets, net		398,563	473,661		$ 246,227
Operating lease right-of-use assets, net, related parties		358,850	236,305
Financing lease right-of-use assets, net		5,697,293	5,440,362
Accounts receivable, net, noncurrent		448,658	882,078
Total other assets		8,529,568	8,544,172
Total assets		18,917,556	15,630,718
Current liabilities:
Borrowings from financial institutions		426,715	226,753
Accounts payable		238,871	4,065
Advance from customers		153,185	90,349
Income tax payable		25,899	16,267
Accrued expenses and other liabilities		4,772,208	2,008,391
Due to related parties and affiliates		168,837	152,679
Operating lease liabilities		142,245	149,582
Operating lease liabilities - related parties		211,622	151,655
Financing lease liabilities		5,103,911	3,473,967
Current liabilities - discontinued operations		2,627,510	4,516,292
Total current liabilities		14,914,433	11,132,530
Other liabilities:
Borrowings from financial institutions, non-current		47,456	64,221
Operating lease liabilities, noncurrent		202,408	297,167
Operating lease liabilities, noncurrent - related parties		179,021	88,349
Financing lease liabilities, noncurrent		2,789,337	2,576,094
Total other liabilities		3,263,368	3,025,831
Total liabilities		18,177,801	14,158,361
Variable Interest Entity, Primary Beneficiary [Member]
Current assets:
Cash and cash equivalents		345,944	247,671
Restricted cash		5,190
Accounts receivable, net, current portion		667,467	66,768
Prepayments, other receivables and other assets, net		1,615,131	1,500,784
Other receivable - intercompany		1,334,567	2,211
Due from related parties		69,099	26,461
Current assets - discontinued operations	[1]	668,663	1,363,972
Total current assets		4,706,061	3,207,867
Property and equipment, net:
Property and equipment, net		510,856	317,427
Property and equipment, net - discontinued operations		3,540	3,895
Total Property and equipment, net		514,396	321,322
Other assets:
Operating lease right-of-use assets, net		284,639	317,258
Operating lease right-of-use assets, net, related parties		11,090	50,213
Financing lease right-of-use assets, net		5,110,181	5,440,362
Accounts receivable, net, noncurrent		357,308	720,916
Total other assets		5,763,218	6,528,749
Total assets		10,983,675	10,057,938
Current liabilities:
Borrowings from financial institutions		426,715	226,753
Accounts payable		1,583	4,018
Advance from customers		42,332	34,374
Income tax payable		17,467	16,106
Accrued expenses and other liabilities		3,109,544	1,632,617
Other payable - intercompany		6,760,460	5,143,463
Due to related parties and affiliates		168,837	152,679
Operating lease liabilities		62,380	78,981
Operating lease liabilities - related parties		6,318	37,378
Financing lease liabilities		4,791,111	3,473,967
Current liabilities - discontinued operations	[2]	2,661,279	7,561,603
Total current liabilities		18,048,026	18,361,939
Other liabilities:
Borrowings from financial institutions, non-current		41,330	58,572
Operating lease liabilities, noncurrent		202,408	231,825
Operating lease liabilities, noncurrent - related parties		5,113
Financing lease liabilities, noncurrent		2,515,025	2,576,094
Total other liabilities		2,763,876	2,866,491
Total liabilities		20,811,902	21,228,430
Other receivable - intercompany, included in current assets - discontinued operations		178,428	543,446
Other payable - intercompany, included in current liabilities- discontinued operations		35,912	402,406
Continuing Operations
Property and equipment, net:
Total Property and equipment, net		1,104,104	469,201
Other assets:
Operating lease right-of-use assets, net		244,175	105,432
Current liabilities:
Operating lease liabilities		141,239	78,482
Other liabilities:
Operating lease liabilities, noncurrent		112,570	0
Discontinued Operations
Property and equipment, net:
Total Property and equipment, net		7,884	11,206
Current liabilities:
Operating lease liabilities		$ 0	$ 53,899
[1]	Includes intercompany receivables of $178,428 and $543,446 as of December 31, 2020 and March 31, 2020, respectively.
[2]	Includes intercompany payables of $35,912 and $402,406 as of December 31, 2020 and March 31, 2020, respectively.

ORGANIZATION AND PRINCIPAL AC_4

ORGANIZATION AND PRINCIPAL ACTIVITIES - Consolidated Cash Flow Statement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income (loss) from operations from continuing operations	$ (3,673,892)	$ (962,700)	$ (8,565,587)	$ 867,617
Net loss from discontinued operations, net of applicable income taxes	(572)	(4,399,236)	(78,351)	(5,593,627)
Net loss attributable to stockholders	(3,081,012)	(5,327,167)	(7,242,241)	(4,815,274)
Variable Interest Entity, Primary Beneficiary [Member]
Net revenue from continuing operations	1,157,146	549,330	2,925,839	2,302,940
Net revenue from discontinued operations	1,642	4,294	6,196	112,618
Income (loss) from operations from continuing operations	(985,172)	(53,999)	(3,551,034)	600,455
Net loss from discontinued operations, net of applicable income taxes	(2,238)	(206,234)	(84,692)	(1,001,493)
Net Income (loss) from continuing operations attributable to stockholders	(972,620)	(116,991)	(2,911,651)	95,976
Net loss from discontinued operations attributable to stockholders	(8,212)	(4,094,558)	(233,977)	(4,870,090)
Net loss attributable to stockholders	$ (980,832)	$ (4,211,549)	$ (3,145,628)	$ (4,774,114)

ORGANIZATION AND PRINCIPAL AC_5

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details)	Jul. 04, 2020CNY (¥)	Jul. 04, 2020USD ($)	Feb. 29, 2020	Aug. 31, 2018	Dec. 31, 2020CNY (¥)subsidiaryshares	Dec. 31, 2020USD ($)subsidiaryshares	Sep. 11, 2020CNY (¥)	Sep. 11, 2020USD ($)	Jul. 04, 2020USD ($)
Incorporation, State Country Name					Nevada
Entity Incorporation, Date of Incorporation					Jun. 8, 2017
First payment postponed | Hongyi Industrial Group Co., Ltd
Investment in subsidiary	¥ 10,000,000					$ 1,400,000
Investment will be made before March 31, 2021 | Hongyi Industrial Group Co., Ltd
Investment in subsidiary	50,000,000					7,000,000
Hunan Ruixi [Member]
Capital contribution	¥ 3,500,000								$ 500,000
Chengdu Kuneng Jiecheng Technology Co., Ltd.
Registered capital					¥ 10,000,000	1,600,000
Chengdu Xichuang Technology Service Co., Ltd.
Registered capital					¥ 200,000	$ 32,000
Voting Agreement with Jinkailongs other shareholders [Member]
Equity Method Investment, Ownership Percentage			35.00%	65.00%
Business Agreement Term			18 years	20 years
Exclusive Option Agreement [Member]
Contract period					10 years
Hunan Xixingtianxia Technology Co., Ltd ("XXTX")
Number of wholly owned subsidiaries					8	8
Number of wholly owned subsidiaries that has operations					1	1
Hunan Xixingtianxia Technology Co., Ltd ("XXTX") | Sichuan Senmiao [Member]
Equity Method Investment, Ownership Percentage							51.00%	51.00%
Investment in subsidiary | ¥							¥ 3,160,000
Hunan Xixingtianxia Technology Co., Ltd ("XXTX") | Senmiao Consulting [Member]
Capital contribution							¥ 1,000,000	$ 200,000
Jinkailong
Equity Method Investment, Ownership Percentage	27.03%				27.03%	27.03%			27.03%
Investment in subsidiary	¥ 50,000,000					$ 7,000,000			$ 7,000,000
Jinkailong | First payment due no later than December 31, 2020
Investment in subsidiary	10,000,000								1,400,000
Jinkailong | Remaining payment due within 30 days after the record-filing of Investment, but no later than December 31, 2020
Investment in subsidiary	40,000,000								$ 5,600,000
Jinkailong | Failed to achieve
Valuation amount to become public	350,000,000	$ 49,500,000
Valuation amount to merge with public company	300,000,000	42,500,000
Accumulated net profit for first two years	24,000,000	3,400,000
Accumulated net profit for the third year of the performance commitment period	20,000,000	2,900,000
Maximum re-purchase provision	¥ 28,320,000	$ 4,000,000
Sichuan Senmiao [Member]
Number of Aggregate Common Stock Shares Issued | shares					20,250,000	20,250,000
Business Agreement Term					10 years
Sichuan Senmiao [Member] | Senmiao Consulting [Member]
Business Agreement Term					10 years
Hunan Ruixi [Member]
Equity Method Investment, Ownership Percentage					70.00%	70.00%
Hunan Ruixi [Member] | Jinkailong
Equity Method Investment, Ownership Percentage					35.00%	35.00%
Jinkailong [Member]
Equity Method Investment, Ownership Percentage					35.00%	35.00%

GOING CONCERN (Details)

GOING CONCERN (Details) $ / shares in Units, ¥ in Millions	Feb. 10, 2021USD ($)$ / sharesshares	Aug. 13, 2020USD ($)$ / sharesshares	Aug. 06, 2020USD ($)shares	Aug. 04, 2020shares	Jun. 21, 2019USD ($)$ / sharesshares	Jun. 21, 2019$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jan. 19, 2021USD ($)	Jul. 04, 2020CNY (¥)	Jul. 04, 2020USD ($)	Mar. 31, 2020USD ($)
Going Concern [Line Items]
Net income (loss) from continuing operations							$ (3,673,892)	$ (962,700)	$ (8,565,587)	$ 867,617
Net loss from discontinued operations							(572)	$ (4,399,236)	(78,351)	(5,593,627)
Working capital							(5,600,000)		(5,600,000)
Accumulated deficit							$ (30,947,104)		(30,947,104)					$ (23,704,863)
Operating cash flows from continuing operations									(208,041)	(5,107,838)
Operating cash flows from discontinued operations									(1,578,633)	(1,896,242)
Additional cashflow to support the Company's working capital need									7,000,000
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses									0	5,142,124
Net proceeds from offering										1,992,118
Shares issued (in shares) | shares						1,781,360
Price per share | $ / shares					$ 3.38	$ 3.38
Net proceeds from issuance of common stock in registered direct offering									$ 0	$ 5,142,124
Offering
Going Concern [Line Items]
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses			$ 5,300,000		$ 5,100,000
Shares issued (in shares) | shares				12,000,000	6,000,000
Price per share | $ / shares		$ 0.50
Net proceeds from issuance of common stock in registered direct offering			$ 5,300,000		$ 5,100,000
Over-Allotment option
Going Concern [Line Items]
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses		$ 800,000
Shares issued (in shares) | shares		1,800,000	1,800,000	1,800,000
Net proceeds from issuance of common stock in registered direct offering		$ 800,000
Subsequent event
Going Concern [Line Items]
Purchase commitment											$ 8,330,000
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses	$ 5,700,000
Shares issued (in shares) | shares	5,072,465
Price per share | $ / shares	$ 1.38
Net proceeds from issuance of common stock in registered direct offering	$ 5,700,000
Positive working capital	100,000
Subsequent event | Offering
Going Concern [Line Items]
Net proceeds from offering	$ 5,700,000
Shares issued (in shares) | shares	5,072,465
Price per share | $ / shares	$ 1.38
Jinkailong
Going Concern [Line Items]
Equity interest							27.03%		27.03%			27.03%	27.03%
Equity Method Investments							$ 7,000,000		$ 7,000,000			¥ 50	$ 7,000,000
Remaining payment due within 30 days after the record-filing of Investment, but no later than December 31, 2020 | Jinkailong
Going Concern [Line Items]
Equity Method Investments												40	$ 5,600,000
First payment postponed | Hongyi Industrial Group Co., Ltd
Going Concern [Line Items]
Equity Method Investments							1,400,000		1,400,000			10
Investment will be made before March 31, 2021 | Hongyi Industrial Group Co., Ltd
Going Concern [Line Items]
Equity Method Investments							$ 7,000,000		$ 7,000,000			¥ 50

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign currency translation (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Balance sheet items, except for equity accounts	6.5306		6.5306		7.0824
Items in the statements of operations and comprehensive loss	6.6224	7.0600
Items in the statements of operations and comprehensive loss, and statements of cash flows			6.8726	6.9620

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value on recurring basis (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 1,043,430		$ 342,530	$ 0
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 1,043,430		342,530
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		$ 0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		$ 1,043,430	$ 342,530

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of assets and liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Class of Warrant or Right [Line Items]
Beginning balance	$ 342,530	$ 0
Derivative liabilities recognized at grant date	241,919	3,150,006
Change in fair value of derivative liabilities	1,443,784	(1,796,724)
Fair value of warrants exercised	1,995,556
Ending balance	1,043,430	342,530
Series A warrants
Class of Warrant or Right [Line Items]
Fair value of warrants exercised	$ (984,803)
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value of warrants exercised		$ (1,010,752)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value of warrants (Details)	Jun. 21, 2019shares	Dec. 31, 2020Y	Dec. 31, 2020$ / shares	Dec. 31, 2020shares	Dec. 31, 2020	Nov. 25, 2020shares	Nov. 24, 2020shares	Oct. 20, 2020shares	Aug. 04, 2020$ / sharesshares	Jul. 09, 2020shares	Mar. 31, 2020$ / sharesshares	Jun. 20, 2019$ / sharesshares
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares	1,781,361
Series A warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	1,336,021			443,787		332,840	171,894	337,500		50,000	1,336,021	1,336,021
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	1,116,320										3,132	1,116,320
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				142,509							142,509	142,509
Placement Agent Warrants [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	142,509
Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				568,000					568,000
Exercise price [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0.50								1.50	3.72
Exercise price [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input											0.0001	3.72
Exercise price [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0.50								3.38	3.38
Exercise price [Member] | Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0.63						0.63
Stock price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input												2.80
Stock price [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.07								0.44	2.8
Stock price [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input											0.44	2.8
Stock price [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.07								0.44	2.8
Stock price [Member] | Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.07						0.51
Expected term [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		4			2.47						3.22	4
Expected term [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1									0.22	1
Expected term [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		4			2.47						3.22	4
Expected term [Member] | Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					4.59				5
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					1.77
Risk-free interest rate [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					0.15						0.30	1.77
Risk-free interest rate [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input											0.11	1.91
Risk-free interest rate [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					0.15						0.30	1.77
Risk-free interest rate [Member] | Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					0.31				0.19
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					86
Expected volatility [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					133						122	86
Expected volatility [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input											127	91
Expected volatility [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					133						122	86
Expected volatility [Member] | Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					133				129

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Finance lease receivables, net (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Capital Leases, Net Investment in Sales Type Leases [Abstract]
Gross minimum lease payments receivable	$ 1,566,517
Minimum lease payments receivable	1,566,517	$ 1,606,230
Less: Unearned interest	(392,307)	(412,975)
Financing lease receivables, net	1,174,210	1,193,255
Finance lease receivables, net, current portion	672,960	459,110
Finance lease receivables, net, noncurrent portion	501,250	$ 734,145
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Twelve months ending December 31, 2021	488,137
Twelve months ending December 31, 2022	692,388
Twelve months ending December 31, 2023	353,208
Twelve months ending December 31, 2024	32,784
Total	$ 1,566,517

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net (Details)	9 Months Ended
	Dec. 31, 2020
Minimum [Member] | Computer Equipment [Member]
Useful Life	2 years
Minimum [Member] | Office Equipment [Member]
Useful Life	3 years
Minimum [Member] | Automobiles [Member]
Useful Life	3 years
Maximum [Member] | Computer Equipment [Member]
Useful Life	5 years
Maximum [Member] | Office Equipment [Member]
Useful Life	5 years
Maximum [Member] | Automobiles [Member]
Useful Life	5 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Impairment of Intangible Assets, Finite-lived	$ 0	$ 0	$ 0	$ 0
Software [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life			5 years
Software [Member] | Maximum [Member]
Finite-Lived Intangible Asset, Useful Life			10 years
Online ride-hailing platform services
Finite-Lived Intangible Asset, Useful Life			5 years

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues by business lines
Total Revenues	$ 1,640,192	$ 2,749,873	$ 4,182,058	$ 13,756,047
Online ride-hailing platform services
Revenues by business lines
Online Lending Services	304,535	0	304,535	0
Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	1,334,015	2,745,579	3,871,327	13,643,429
Discontinued Operations
Revenues by business lines
Online Lending Services	1,642	4,294	6,196	112,618
Revenues from sales of automobiles [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	104,329	1,987,433	527,961	10,828,063
Operating lease revenues from automobile rentals [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	939,645	0	2,136,078	0
Service fees from automobile purchase services [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	18,968	352,351	179,545	1,609,361
Facilitation fees from automobile transaction [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	30	21,031	1,646	164,294
Service fees from management and guarantee services [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	41,523	128,893	315,124	313,548
Financing revenues [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	74,155	44,149	178,589	105,413
Other service fees [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	155,365	211,722	532,384	622,750
Transaction fees [Member] | Discontinued Operations
Revenues by business lines
Online Lending Services	56	1,160	2,572	72,394
Service fees [Member] | Discontinued Operations
Revenues by business lines
Online Lending Services	1,586	3,134	3,624	24,990
Website Development Revenues from Online Lending Services [Member] | Discontinued Operations
Revenues by business lines
Online Lending Services	$ 0	$ 0	$ 0	$ 15,234

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details)	Aug. 13, 2020shares	Aug. 06, 2020$ / sharesshares	Aug. 04, 2020shares	Jun. 21, 2019shares	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Apr. 01, 2019USD ($)	Mar. 31, 2019USD ($)
Allowance for doubtful accounts						$ 379,689				$ 379,689		$ 79,355		$ 0
Contract Receivable, Total												534,065
Contract Receivable, Due in Next Twelve Months												316,715
Contract Receivable, Due in Year Two												$ 217,350
Percentage of customers to which the Company provides them with management and guarantee services								95.00%
Company's pricing interest rate per annum								6.00%
Percentage of Income Taxes Benefit											50.00%	50.00%
Operating Lease, Right-of-Use Asset						473,661				473,661		$ 398,563	$ 246,227
Operating Lease, Liability												$ 735,296	$ 247,325
Percentage of remaining economic life of underlying asset								75.00%
Percentage of economic life of underlying asset								25.00%
Percentage of equal or exceeds lease payment								90.00%
Goodwill impairment loss on ROU					$ 31,641		$ 111,864	$ 31,641	$ 111,864
Impairment of property and equipment					10,342		0	10,342	0
Impairment loss on goodwill					$ 0		$ 0	0	0
Write off accounts receivables								252,211	$ 0	$ 1,410,736
Additional accounts receivable, Write off								0
Cash deposits						$ 818,000		$ 1,590,600
Foreign Currency Exchange Rate, Remeasurement						7.08				7.08	6.53	6.53
Shares issued (in shares) | shares				1,781,360
Exercisable term			5 years
Over-Allotment option
Shares issued | shares		12,000,000
Offering price | $ / shares		$ 0.50
Shares issued (in shares) | shares	1,800,000	1,800,000	1,800,000
Private-placement
Class of Warrant Number of Securities Called by Warrants | shares	568,000
Exercise price of warrants (as a percent)	125.00%		125.00%
Jinkailong [Member]
Restricted cash											¥ 33,892	$ 5,190
Automobiles [Member] | Minimum [Member]
Useful Life								3 years
Automobiles [Member] | Maximum [Member]
Useful Life								4 years
CHINA
Cash, Uninsured Amount						$ 820,000				$ 820,000		2,227,000
Maximum Insurance Claim Deposit											¥ 500,000	70,000
UNITED STATES
Deposits, Savings Deposits						$ 2,600				$ 2,600		1,122,000
Cash, FDIC Insured Amount												$ 250,000

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details)	Sep. 11, 2020CNY (¥)	Sep. 11, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Oct. 23, 2020	Sep. 11, 2020USD ($)	Mar. 31, 2020
Agreed consideration
Exchange rate			6.5306	6.5306					7.0824
Cash acquired from acquisition of XXTX, net of cash paid to XXTX				$ 7,975	$ 0
XXTX
Agreed consideration
Investment in subsidiary	¥ 3,160,000							$ 500,000
Percentage of ownership interest acquired	51.00%							51.00%
Consideration paid in cash	¥ 1,000,000	$ 200,000
Exchange rate							6.69
Cash acquired from acquisition of XXTX, net of cash paid to XXTX			$ 7,975
Forecast | XXTX
Agreed consideration
Remaining purchase consideration payable						$ 300,000

BUSINESS COMBINATION - Identifi

BUSINESS COMBINATION - Identifiable assets and liabilities (Details) - USD ($)	Sep. 11, 2020	Dec. 31, 2020	Mar. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 145,954	$ 0
XXTX
Business Acquisition [Line Items]
Cash and cash equivalents	$ 105,386
Other current assets	525,005
Plant and equipment	790
Intangible assets	265,536
Total assets	896,717
Total liabilities	(230,247)
Net assets of XXTX	666,470
Less: fair value of non-controlling interest	(336,441)
Fair value of net assets acquired	330,029
Goodwill	142,544
Total purchase consideration	$ 472,573

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Oct. 17, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other receivables	$ 3,907,189			$ 3,907,189		$ 3,688,800
Discontinued operations, abandonment | Online Lending Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net							$ 143,668
Other receivables							3,760,599
Prepayments for impaired intangible assets							$ 143,943
Provision for doubtful accounts	$ 0	$ 3,998,953	$ 4,048,210	$ 0	$ 4,036,281

DISCONTINUED OPERATIONS - Carry

DISCONTINUED OPERATIONS - Carrying amounts of major classes of assets and liabilities (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Current assets
Total current assets	$ 490,235	$ 826,580
Current liabilities
Total current liabilities	2,627,510	4,516,292
Discontinued operations, abandonment | Online Lending Business
Current assets
Cash and cash equivalents	0	10,139
Prepayments, other receivables and other assets, net	490,235	816,441
Total current assets	490,235	826,580
Property and equipment, net	7,884	11,206
Total assets	498,119	837,786
Current liabilities
Accrued expenses and other liabilities	2,578,550	4,204,012
Due to stockholders	48,960	182,095
Due to related parties and affiliates	0	76,286
Lease liabilities	0	53,899
Total current liabilities	2,627,510	4,516,292
Total liabilities	$ 2,627,510	$ 4,516,292

DISCONTINUED OPERATIONS - Recon

DISCONTINUED OPERATIONS - Reconciliation of major classes of income and losses (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating expenses
Net income (loss) attributable to stockholders	$ (572)	$ (4,399,236)		$ (78,351)	$ (5,593,627)
Discontinued operations, abandonment | Online Lending Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	1,642	4,294		6,196	112,618
Operating expenses
Selling, general and administrative expenses	(2,450)	(387,895)		(90,888)	(1,387,059)
Provision for doubtful accounts	0	(3,998,953)	$ (4,048,210)	0	(4,036,281)
Amortization of intangible assets	0	(3,866)		0	(30,321)
Impairments of intangible assets and goodwill	0	0		0	(264,958)
Total operating expenses	(2,450)	(4,390,714)		(90,888)	(5,718,619)
Loss from discontinued operations	(808)	(4,386,420)		(84,692)	(5,606,001)
Other income (expenses), net	236	(12,816)		6,341	12,374
Loss before income taxes	(572)	(4,399,236)		(78,351)	(5,593,627)
Income tax expenses	0	0		0	0
Net income (loss) attributable to stockholders	$ (572)	$ (4,399,236)		$ (78,351)	$ (5,593,627)

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Unearned interest	$ (55,546)	$ (105,083)
Less: Allowance for doubtful accounts	(79,355)	(379,689)	$ 0
Accounts receivable, net	1,614,353	1,542,723
Accounts receivable, net, current portion	1,165,695	660,645
Accounts receivable, net, noncurrent portion	448,658	882,078
Receivables of automobile sales due from automobile purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	1,361,635	1,172,765
Receivables of services fees due from automobile purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	266,528	854,730
Receivables of online ride hailing fees from online ride-hailing drivers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 121,091	$ 0

ACCOUNTS RECEIVABLE, NET - Allo

ACCOUNTS RECEIVABLE, NET - Allowance for doubtful accounts (Details) - USD ($)	9 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
ACCOUNTS RECEIVABLE, NET
Beginning balance	$ 379,689	$ 0	$ 0
Addition	280,174		1,797,816
Recovery	343,836		0
Write off	(252,211)	$ 0	(1,410,736)
Translation adjustment	15,539		(7,391)
Ending balance	$ 79,355		$ 379,689

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)		Dec. 31, 2020	Mar. 31, 2020
Public Utilities, Inventory [Line Items]
Inventories		$ 428,503	$ 1,000,675
Automobiles [Member]
Public Utilities, Inventory [Line Items]
Inventories	[1]	$ 428,503	$ 1,000,675
[1]	As of December 31, 2020, the Company owned 25 automobiles with a total value of $367,570 for operating lease, one automobile with a value of $13,361 for financing lease, and three automobiles with a total value of $47,572 for either leasing or sale.

INVENTORIES - Additional inform

INVENTORIES - Additional information (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)item	Mar. 31, 2020USD ($)
Public Utilities, Inventory [Line Items]
Inventories	$ 428,503	$ 1,000,675
Inventory Write-down	$ 0	$ 0
Automobiles Under Operating Lease [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Units | item	25
Inventories	$ 367,570
Automobiles Under Finance Lease [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Units | item	1
Inventories	$ 13,361
Automobiles For Either Leasing Or Sale [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Units | item	3
Inventories	$ 47,572

PREPAYMENTS, OTHER RECEIVABLE_3

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Details) - USD ($)		Dec. 31, 2020	Mar. 31, 2020
Receivables from borrowers of online lending platform, net	[1]	$ 490,235	$ 811,504
Due from automobile purchasers, net	[2]	936,122	1,385,352
Prepaid expenses	[3]	923,007	331,319
Receivables from Aggregation Platforms	[4]	412,086
Deposits	[5]	411,857	489,638
Prepayments for automobiles	[6]	48,340	365,932
Value added tax ("VAT") recoverable		130,096	146,964
Employee advances		19,516	11,937
Others		25,664	72,575
Total prepayments, receivables and other assets		3,396,923	3,615,221
Discontinued Operations
Total prepayments, receivables and other assets		490,235	816,441
Continuing Operations
Total prepayments, receivables and other assets		$ 2,906,688	$ 2,798,780
[1]	Receivables from borrowers of online lending platform, netThe balance of receivables from borrowers of online lending platform represented the outstanding loans the Company assumed from investors on the Company’s discontinued P2P lending platform, which will be collected from related borrowers. As of December 31, 2020 and March 31, 2020, the Company recorded allowance of $3,907,189 and $3,688,800, respectively, against doubtful receivables.
[2]	Due from automobile purchasers, netThe balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of December 31, 2020 and March 31, 2020, the Company recorded allowance of $30,632 and $347,954, respectively, against doubtful receivables. During the nine months ended December 31, 2020 and 2019, the Company wrote off balance due from automobile purchasers of $270,442and $0, respectively
[3]	Prepaid expenseThe balance of prepaid expense represented automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense and etc. that will expire within one year.
[4]	Receivables from aggregation platformsThe balance of receivables from aggregation platforms represented the amount due from the collaborated aggregation platforms based on the confirmed billings, which will be disbursed to the drivers who completed their rides through the Company's online ride-hailing platform.
[5]	DepositsThe balance of deposits mainly represented the security deposit made by the Company to various financial institutions and Didi Chuxing Technology Co., Ltd., an online ride-hailing platform.
[6]	Prepayments for automobilesThe balance represented amounts advanced to dealers and a leasing company for automobiles and to other third parties for automobiles related taxes and insurances.

PREPAYMENTS, OTHER RECEIVABLE_4

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS
Allowance for doubtful receivables	$ 3,907,189		$ 3,688,800
Allowance for Doubtful Other Receivables, Current	30,632		$ 347,954
Write Off Receivables	270,442	$ 0
Allowance recovered	$ 43,173	$ 0

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Property and equipment
Property, plant and equipment, Gross	$ 1,452,498		$ 1,452,498		$ 618,599
Less: accumulated depreciation and amortization	(340,510)		(340,510)		(138,192)
Total Property and equipment, net	1,111,988		1,111,988		480,407
Discontinued Operations
Property and equipment
Total Property and equipment, net	7,884		7,884		11,206
Depreciation and amortization expense	2,097	$ 2,719	6,365	$ 8,339
Continuing Operations
Property and equipment
Total Property and equipment, net	1,104,104		1,104,104		469,201
Depreciation and amortization expense	69,276	$ 32,276	175,884	$ 82,672
Leasehold improvements
Property and equipment
Property, plant and equipment, Gross	192,672		192,672		177,659
Electronic devices
Property and equipment
Property, plant and equipment, Gross	51,858		51,858		40,720
Office equipment, fixtures and furniture
Property and equipment
Property, plant and equipment, Gross	92,139		92,139		79,271
Vehicles
Property and equipment
Property, plant and equipment, Gross	$ 1,115,829		$ 1,115,829		$ 320,949

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Less: accumulated amortization	$ (95,886)	$ (13,595)
Total intangible assets, net	979,000	777,621
Software [Member]
Finite-Lived Intangible Assets, Gross	794,698	791,216
Online ride-hailing platform services
Finite-Lived Intangible Assets, Gross	$ 280,188	$ 0

INTANGIBLE ASSETS, NET - Amorti

INTANGIBLE ASSETS, NET - Amortization expenses (Details)	Dec. 31, 2020USD ($)
INTANGIBLE ASSETS, NET
Twelve months ending December 31, 2021	$ 143,259
Twelve months ending December 31, 2022	143,261
Twelve months ending December 31, 2023	139,614
Twelve months ending December 31, 2024	134,399
Twelve months ending December 31, 2025	99,717
Thereafter	318,750
Total	$ 979,000

INTANGIBLE ASSETS, NET - Additi

INTANGIBLE ASSETS, NET - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets			$ 59,209	$ 197
Continuing Operations
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 17,539	$ 99	59,209	197
Discontinued Operations
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 0	$ 3,851	$ 0	$ 30,321

BORROWINGS FROM FINANCIAL INS_2

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Loans Payable to Bank, Noncurrent	$ 47,456		$ 47,456		$ 64,221
Short-term loan from an insurance institution
Short-term loan	250,055		250,055
Principal paid by purchaser			224,116
Financial Institutions Borrower [Member]
Loans Payable to Bank	474,171		474,171		290,974
Loans Payable to Bank, Noncurrent	47,456		47,456		$ 64,221
Interest Expense, Borrowings	$ 2,158	$ 16,498	$ 37,698	$ 37,827
Minimum [Member] | Financial Institutions Borrower [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.20%		6.20%
Minimum [Member] | Credit line with Bank of Changsha
Long-term Debt, Term	13 months		13 months
Maximum [Member] | Financial Institutions Borrower [Member]
Debt Instrument, Interest Rate, Stated Percentage					8.10%
Maximum [Member] | Credit line with Bank of Changsha
Long-term Debt, Term	24 months		24 months

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)		Dec. 31, 2020	Mar. 31, 2020
Payables to investors of online lending platform (i)	[1]	$ 2,083,878	$ 3,668,957
Accrued payroll and welfare		1,092,744	890,912
Deposits (ii)	[2]	1,694,397	543,843
Payables to drivers from aggregation platforms (iii)	[3]	888,103	0
Loan repayments received on behalf of financial institutions (iii)	[4]	853,344	374,535
Other payable (v)	[5]	152,705	83,810
Payables for expenditures on automobile transaction and related services		88,492	373,026
Accrued expenses		54,602	104,264
Other taxes payable		442,493	173,056
Total accrued expenses and other liabilities		7,350,758	6,212,403
Continuing Operations
Total accrued expenses and other liabilities		4,772,208	2,008,391
Discontinued Operations
Total accrued expenses and other liabilities		$ 2,578,550	$ 4,204,012
[1]	The balance of payables to investors of online lending platform represented the outstanding loans from investors on the Company’ discontinued P2P lending platform, which was assumed by the Company in connection with the Plan to discontinue its online lending services business.
[2]	The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default. The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee.
[3]	The balance of payables to drivers from aggregation platforms represented the amount the Company collected on behalf of drivers who completed their transaction through the Company's online ride-hailing platform base on the confirmed billings.
[4]	The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions.
[5]	The balance of other payable represented amount due to suppliers and vendors for operation purposes.

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Continuing Operations
Defined Contribution Plan, Cost	$ 61,262	$ 74,518	$ 130,427	$ 169,458
Defined Benefit Plan, Benefit Obligation	290,552		290,552		$ 170,856
Discontinued Operations
Defined Contribution Plan, Cost	16,886	$ 61,447	45,457	$ 158,184
Defined Benefit Plan, Benefit Obligation	$ 529,204		$ 529,204		$ 454,151

EQUITY - IPO Warrants (Details)

EQUITY - IPO Warrants (Details)	9 Months Ended
	Dec. 31, 2020shares
Common stock [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	337,940
Class Of Warrant Or Rights Term And Price Description	Each five-year warrant entitles warrant holder to purchase one share of the Company's common stock at the price of $4.80 per share and is not exercisable for a period of 180 days from March 16, 2018.
Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	37,940

EQUITY - 2019 Registered Direct

EQUITY - 2019 Registered Direct Offering Warrants (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Y	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)Y	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2020$ / shares	Dec. 31, 2020	Dec. 31, 2020USD ($)	Jun. 20, 2019$ / shares
Class of Warrant or Right [Line Items]
Warrants				$ 3,150,006
Common stock				1,992,118
Total net proceeds			$ 0	5,142,124
Fair Value Adjustment of Warrants	$ 786,200	$ 485,400	1,148,417	$ 1,509,406
Fair value of warrants exercised			1,995,556
Fair value of the derivative instrument					$ 342,530			$ 506,143
August 12, 2019
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			699,523
August 13, 2019
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			262,108
October 9, 2019
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			49,122
July 9, 2020
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			56,662
October 20, 2020
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			315,790
November 24, 2020
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			197,926
November 25, 2020
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			414,425
Series A warrants
Class of Warrant or Right [Line Items]
Fair value of warrants exercised			(984,803)
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Common stock			$ 111
Fair value of warrants exercised					$ (1,010,752)
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input							86
Expected volatility [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					122		133		86
Expected volatility [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					122		133		86
Expected volatility [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					127				91
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input							1.77
Risk-free interest rate [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					0.30		0.15		1.77
Risk-free interest rate [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					0.30		0.15		1.77
Risk-free interest rate [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input					0.11				1.91
Measurement Input, Expected Dividend Rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input							0
Expected term [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	4		4		3.22		2.47		4
Expected term [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	4		4		3.22		2.47		4
Expected term [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	1		1		0.22				1
Stock price [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares									2.80
Stock price [Member] | Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares					0.44	1.07			2.8
Stock price [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares					0.44	1.07			2.8
Stock price [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input | $ / shares					0.44				2.8

EQUITY - Underwriters Warrants

EQUITY - Underwriters Warrants (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)Y	Dec. 31, 2020USD ($)Y	Dec. 31, 2019USD ($)	Aug. 04, 2020	Mar. 31, 2020USD ($)	Jun. 20, 2019$ / shares
Class of Warrant or Right [Line Items]
Warrants			$ 3,150,006
Common stock			1,992,118
Total net proceeds		$ 0	$ 5,142,124
Loss from increase in fair value of the liabilities since issuance	$ 244,643	295,367
Fair value of the derivative instrument	$ 506,143	$ 506,143			$ 342,530
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input	86	86
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input	1.77	1.77
Measurement Input, Expected Dividend Rate [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input	0	0
Stock price [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input | $ / shares						2.80
Underwriters Securities Warrants
Class of Warrant or Right [Line Items]
Warrants		$ 241,919
Common stock		5,856,378
Total net proceeds		6,098,297
Fair value of the derivative instrument	$ 537,287	$ 537,287
Underwriters Securities Warrants | Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input	129	129
Underwriters Securities Warrants | Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input	0.19	0.19
Underwriters Securities Warrants | Measurement Input, Expected Dividend Rate [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input	0	0
Underwriters Securities Warrants | Expected term [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input | Y	5	5
Underwriters Securities Warrants | Stock price [Member]
Class of Warrant or Right [Line Items]
Warrants measurement input				0.51

EQUITY - Warrants Outstanding (

EQUITY - Warrants Outstanding (Details) - Warrant [Member] - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Warrants Outstanding
Balance at the beginning	1,519,602	37,940
Granted	568,000	2,594,850
Forfeited	(3,132)	0
Exercised	(892,234)	(1,113,188)
Balance at the end	1,192,236	1,519,602	37,940
Warrants Exercisable
Balance at the beginning	1,519,602	37,940
Granted	568,000	2,594,850
Forfeited	(3,132)	0
Exercised	(892,234)	(1,113,188)
Balance at the end	1,192,236	1,519,602	37,940
Weighted Average Exercise Price
Balance at the beginning	$ 1.76	$ 4.80
Granted	0.63	3.70
Forfeited	0	0
Exercised	0
Balance at the end	$ 1.07	$ 1.76	$ 4.80
Granted	5 years	4 years
Average remaining contractual life	5 years 3 months 29 days	3 years 2 months 16 days	3 years 11 months 16 days

EQUITY - Restricted Stock Units

EQUITY - Restricted Stock Units (Details) - Restricted stock units	Oct. 29, 2020USD ($)shares	Dec. 31, 2020shares	Oct. 29, 2021	Jul. 29, 2021	Apr. 29, 2021	Jan. 29, 2021
Class of Warrant or Right [Line Items]
Granted	127,273
Aggregate fair value | $	$ 140,000
Vesting period			4	4	4	4
Vested		0

EQUITY - Equity Incentive Plan

EQUITY - Equity Incentive Plan (Details) - Equity Incentive Plan	3 Months Ended
	Mar. 31, 2021USD ($)shares
Class of Warrant or Right [Line Items]
Granted | shares	303,788
Issuance of shares | $	$ 169,015

EQUITY - Registered Direct Offe

EQUITY - Registered Direct Offering (Details)	Aug. 06, 2020USD ($)	Aug. 04, 2020shares	Dec. 20, 2019director$ / shares	Jun. 21, 2019USD ($)$ / sharesshares	Dec. 31, 2020shares	Jun. 21, 2019$ / sharesshares	Jun. 30, 2019shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)$ / shares	Nov. 25, 2020$ / sharesshares	Nov. 24, 2020$ / sharesshares	Oct. 20, 2020$ / sharesshares	Aug. 31, 2020$ / shares	Aug. 18, 2020$ / shares	Aug. 13, 2020$ / shares	Aug. 07, 2020$ / shares	Jul. 09, 2020$ / sharesshares	Mar. 31, 2020shares	Aug. 31, 2019$ / shares	Aug. 12, 2019$ / shares	Jun. 20, 2019$ / sharesshares	Apr. 15, 2019USD ($)
Class of Warrant or Right [Line Items]
Sale Of Aggregate Principal Amount Of Our Equity | $																						$ 80,000,000
Shares Issued, Price Per Share | $ / shares				$ 3.38		$ 3.38
Shares issued (in shares)						1,781,360
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses | $								$ 0	$ 5,142,124
Proceeds from Issuance of Common Stock | $									$ 1,992,118
Stock Issued During Period, Shares, New Issues						1,781,360
Period over which the adjustment price is determined			6 months
Maximum adjustment price | $ / shares			$ 1.50
Quotient Percentage			100.00%
Number of lowest volume weighted average price | director			5
Consecutive trading day period ending and including the Six Month Measuring Date to calculate VWAP			10 days
Exercise price of warrants (in dollars per share) | $ / shares																$ 0.50
Offering
Class of Warrant or Right [Line Items]
Shares Issued, Price Per Share | $ / shares															$ 0.50
Shares issued (in shares)		12,000,000		6,000,000
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses | $	$ 5,300,000			$ 5,100,000
Stock Issued During Period, Shares, New Issues		12,000,000		6,000,000
Restricted stock units
Class of Warrant or Right [Line Items]
RSUs vested					0
Series A warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,336,021	443,787	1,336,021		443,787		332,840	171,894	337,500					50,000	1,336,021			1,336,021
Exercise price of warrants (in dollars per share) | $ / shares			$ 3.72						$ 1.50	$ 0.5	$ 0.5	$ 0.5					$ 1.50				$ 3.72
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Proceeds from Issuance of Common Stock | $								$ 111
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,116,320		1,116,320												3,132			1,116,320
Exercise price of warrants (in dollars per share) | $ / shares																			$ 0.0001	$ 3.72
Underwriter Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		568,000			568,000			568,000
Exercise price of warrants (in dollars per share) | $ / shares													$ 0.50	$ 3.72
Common stock [Member]
Class of Warrant or Right [Line Items]
Shares issued (in shares)							1,781,360	1,113,188
Stock Issued During Period, Shares, New Issues							1,781,360	1,113,188
Common stock [Member] | Series A warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,336,021		1,336,021
Common stock [Member] | Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,116,320		1,116,320

EQUITY - Exercise of Warrants -

EQUITY - Exercise of Warrants - (Details) - USD ($)	Nov. 25, 2020	Nov. 24, 2020	Oct. 20, 2020	Jul. 09, 2020	Dec. 31, 2020	Aug. 07, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 20, 2019	Jun. 21, 2019	Jun. 20, 2019
Class of Warrant or Right [Line Items]
Exercise price of warrants						$ 0.50
Series A warrants
Class of Warrant or Right [Line Items]
Class of Warrant Number of Securities Called by Warrants	332,840	171,894	337,500	50,000	443,787		1,336,021			1,336,021	1,336,021
Exercise price of warrants	$ 0.5	$ 0.5	$ 0.5	$ 1.50				$ 1.50	$ 3.72		$ 3.72
Gross proceeds from warrant exercises	$ 166,420	$ 85,947	$ 168,750	$ 75,000

EQUITY - Underwritten Public Of

EQUITY - Underwritten Public Offering and Exercise of the Over-Allotment Option (Details)	Aug. 13, 2020USD ($)$ / sharesshares	Aug. 06, 2020USD ($)shares	Aug. 04, 2020Dshares	Jun. 21, 2019USD ($)$ / sharesshares	Jun. 21, 2019$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Class of Warrant or Right [Line Items]
Issuance of common stock in registered direct offering, net of issuance costs (in shares)					1,781,360
Offering price (in dollars per share) | $ / shares				$ 3.38	$ 3.38
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses | $						$ 0	$ 5,142,124
Offering
Class of Warrant or Right [Line Items]
Issuance of common stock in registered direct offering, net of issuance costs (in shares)			12,000,000	6,000,000
Offering price (in dollars per share) | $ / shares	$ 0.50
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses | $		$ 5,300,000		$ 5,100,000
Offering | Securities sold except to Excluded Investors
Class of Warrant or Right [Line Items]
Underwriting discount (as a percent)			7.00%
Offering | If securities are sold to Excluded Investors
Class of Warrant or Right [Line Items]
Underwriting discount (as a percent)			6.00%
Over-Allotment option
Class of Warrant or Right [Line Items]
Issuance of common stock in registered direct offering, net of issuance costs (in shares)	1,800,000	1,800,000	1,800,000
Number of day's option provided | D			45
Net proceeds to the Company from the sale of the Shares, after deducting the underwriting discounts and commissions and other estimated offering expenses | $	$ 800,000
Private-placement
Class of Warrant or Right [Line Items]
Warrants expected to be issued	568,000
Warrants term	5 years
Commencement period for warrants to become exercisable	6 years
Exercise price of warrants (as a percent)	125.00%		125.00%

EQUITY - Common stock issued fo

EQUITY - Common stock issued for consulting services (Details) - USD ($)	Jul. 23, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Jun. 21, 2019
Class of Warrant or Right [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001		$ 0.0001
Value of shares			$ 445,000
Price per share							$ 3.38
Stock compensation				$ 445,000	$ 0
Consulting agreement with FirsTrust China Ltd [Member]
Class of Warrant or Right [Line Items]
Service period for advisory services	12 months
Shares of common stock issued to a consultant for services to be rendered	500,000
Common stock, par value	$ 0.0001
Value of shares	$ 445,000
Price per share	$ 0.89
Stock compensation		$ 0		$ 445,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Current income tax expenses (benefit)	$ 7,487	$ (72,648)	$ 14,464	$ 155,722
Deferred income tax expenses (benefit)	0	0	0	(122,772)
Total income tax expenses (benefit)	$ 7,487	$ (72,648)	$ 14,464	$ 32,950

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Less: valuation allowance	$ (840,000)	$ (530,000)
Continuing Operations
Net operating loss carryforwards in the PRC	1,666,131	414,996
Net operating loss carryforwards in the U.S.	841,268	527,365
Allowance for doubtful accounts	7,826	178,381
Less: valuation allowance	(2,515,225)	(1,120,742)
Deferred tax liabilities:
Capitalized intangible assets cost	45,146
Deferred tax liabilities, net	45,146
Discontinued Operations
Net operating loss carryforwards in the U.S.	2,636,245	2,206,673
Less: valuation allowance	(2,636,245)	(2,206,673)
Deferred Tax Assets Net	$ 0	$ 0

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Operating Loss Carryforwards	$ 1,666,131	$ 414,996
Deferred Tax Assets, Operating Loss Carryforwards	4,000,000
Net Operating Loss Included In Operating Loss Carryforwards	$ 800,000
Deferred Tax Assets, Valuation Allowance, Percentage	100.00%
Continuing Operations
Operating Loss Carryforwards	$ 6,700,000	1,700,000
Operating Loss Carryforwards Expiration Year	2023 and ending in 2024.
Deferred Tax Assets, Valuation Allowance, Percentage	100.00%
Deferred Tax Assets on Allowance For Doubtful Account	$ 7,826	178,381
Discontinued Operations
Operating Loss Carryforwards	$ 10,500,000	$ 8,800,000
Operating Loss Carryforwards Expiration Year	2023 to 2024
State Administration of Taxation, China [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.00%

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND BALANCES - Amount due to related parties and affiliates (Details) - USD ($)		Dec. 31, 2020	Mar. 31, 2020
Total due to stockholders		$ 48,960	$ 182,095
Loan payable to related parties (i)	[1]	140,122	202,487
Others (ii)	[2]	28,715	26,478
Total due to related parties and affiliates		168,837	228,965
Jun Wang [Member]
Total due to stockholders		48,960	73,384
Xiang Hu [Member]
Total due to stockholders		0	108,711
Continuing Operations
Total due to stockholders		0	0
Total due to related parties and affiliates		168,837	152,679
Discontinued Operations
Total due to stockholders		48,960	182,095
Total due to related parties and affiliates		$ 0	$ 76,286
[1]	As of December 31, 2020 and March 31, 2020, the balances represented borrowings from three related parties, which are unsecured, interest free and due in the fiscal year of 2021
[2]	As of December 31, 2020 and March 31, 2020, the balances represented $28,715 and 26,478, respectively of payables to three other related parties for operational purposes. These balances are interest free and due on demand.

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND BALANCES - Additional information (Details) - USD ($)		Nov. 01, 2018	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Apr. 01, 2019
Related Party Transaction, Due from (to) Related Party				$ 53,786		$ 53,786		$ 12,341
Proceeds from Related Party Debt						0	$ 555,616
Due to Officers or Stockholders				48,960		48,960		182,095
Due To Related Parties Others	[1]			28,715		28,715		26,478
Interest Expense, Related Party				0	$ 750	0	28,772
Repayments of Related Party Debt						213,342	1,554,423
Operating lease right-of-use assets, net				398,563		$ 398,563		473,661	$ 246,227
Lessee Operating Lease Contract Period Description						November 1, 2018 to October 31, 2023
Operating Leases Annual Rental Payments		$ 44,250
Advances to non-controlling shareholders				15,313		$ 15,313		14,120
Operating Lease, Liability, Current				142,245		142,245		149,582
Operating lease liabilities, non-current				202,408		202,408		297,167
Operating Lease, Liability, Noncurrent				202,408		202,408		297,167
Sichuan Qihuaxin Automobiles [Member]
Maintenance Fees To Affiliates				0		29,469
Sichuan Yousen Automobiles Maintenance Services Ltd [Member]
Maintenance Fees To Affiliates				196,858		$ 360,927
Xiang Hu [Member]
Proceeds from Related Party Debt			$ 955,000
Jun Wang [Member]
Proceeds from Related Party Debt			$ 159,000
Hong Li [Member]
Lease Expiration Date						Jan. 1, 2020
Shareholders [Member]
Operating Leases, Rent Expense, Net				29,206	27,415	$ 87,617	82,246
Hunan Dingchentai Investment Co [Member]
Operating Leases, Rent Expense, Net				11,080	$ 20,725	33,239	$ 31,180
Operating Lease, Liability, Current				70,383		70,383		73,173
Operating lease liabilities, non-current				66,451		66,451		88,349
Operating Lease, Liability, Noncurrent				66,451		66,451		88,349
Continuing Operations
Due to Officers or Stockholders				0		0		0
Operating lease right-of-use assets, net				244,175		244,175		105,432
Operating Lease, Liability, Current				141,239		141,239		78,482
Operating lease liabilities, non-current				112,570		112,570		0
Operating Lease, Liability, Noncurrent				112,570		112,570		0
Continuing Operations | Hunan Dingchentai Investment Co [Member]
Operating lease right-of-use assets, net				114,675		114,675		130,873
Discontinued Operations
Due to Officers or Stockholders				48,960		48,960		182,095
Operating Lease, Liability, Current				0		0		53,899
Discontinued Operations | Xiang Hu [Member]
Outstanding Balances From Related party				48,960		48,960		73,384
Discontinued Operations | Jun Wang [Member]
Outstanding Balances From Related party				$ 0		$ 0		$ 108,711
[1]	As of December 31, 2020 and March 31, 2020, the balances represented $28,715 and 26,478, respectively of payables to three other related parties for operational purposes. These balances are interest free and due on demand.

LEASE - Lease expense (Details)

LEASE - Lease expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost
Amortization of leased asset			$ 3,119,274	$ 89,095
Total lease expenses	$ 1,384,691	$ 77,767	3,866,949	286,943
Selling, general and administrative
Operating lease cost
Lease expenses	93,646	77,767	299,526	286,943
Finance lease cost
Amortization of leased asset	382,727	0	1,455,527	0
Cost of revenue
Finance lease cost
Amortization of leased asset	758,091	0	1,524,439	0
Interest expenses on finance leases
Finance lease cost
Interest on lease liabilities	$ 150,227	$ 0	$ 587,457	$ 0

LEASE - Lease obligations in fu

LEASE - Lease obligations in future periods (Details) - USD ($)	Dec. 31, 2020	Apr. 01, 2019
Operating lease
Twelve months ending December 31, 2021	$ 330,090
Twelve months ending December 31, 2022	251,513
Twelve months ending December 31, 2023	171,476
Twelve months ending December 31, 2024	48,322
Total lease payments	801,401
Less: discount	(66,105)
Present value of lease liabilities	735,296	$ 247,325
Finance lease
Twelve months ending December 31, 2021	6,446,597
Twelve months ending December 31, 2022	1,972,364
Twelve months ending December 31, 2023	42,071
Twelve months ending December 31, 2024	0
Total lease payments	8,461,032
Less: discount	(567,784)
Present value of lease liabilities	7,893,248
Lease payments
Twelve months ending December 31, 2021	6,776,687
Twelve months ending December 31, 2022	2,223,877
Twelve months ending December 31, 2023	213,547
Twelve months ending December 31, 2024	48,322
Total lease payments	9,262,433
Less: discount	(633,889)
Present value of lease liabilities	8,628,544
Continuing Operations
Operating lease
Present value of lease liabilities	735,296
Finance lease
Present value of lease liabilities	7,893,248
Lease payments
Present value of lease liabilities	8,628,544
Discontinued Operations
Operating lease
Present value of lease liabilities	0
Finance lease
Present value of lease liabilities	0
Lease payments
Present value of lease liabilities	$ 0

LEASE - Additional Information

LEASE - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Lease, Weighted Average Discount Rate, Percent	6.00%		6.00%
Remaining operating lease term	1 year 9 months 18 days		1 year 9 months 18 days
Remaining finance lease term	1 year 8 months 12 days		1 year 8 months 12 days
Continuing Operations
Interest expense on finance leases	$ 150,227	$ 0	$ 587,457	$ 0
Operating Lease, Cost	93,646	50,690	299,526	202,751
Discontinued Operations
Operating Lease, Cost	$ 0	$ 27,077	$ 0	$ 84,192

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Dec. 24, 2020CNY (¥)	Dec. 24, 2020USD ($)	Sep. 18, 2020CNY (¥)	Sep. 18, 2020USD ($)	May 25, 2018CNY (¥)item	May 25, 2018USD ($)item	Aug. 31, 2020CNY (¥)	Aug. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Jan. 19, 2021USD ($)item	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 24, 2020USD ($)	Oct. 14, 2020CNY (¥)	Oct. 14, 2020USD ($)
Loss contingency accrual, provision									$ 17,000	$ 119,000
Loss Contingency Accrual													$ 14,898,000
Loss Contingency, Fair Value Of Collateral													10,561,000
Loss contingency, amount past due including interest to financial institutions													3,358,000
Loss contingency, amount of interest past due to financial institutions													201,000
Jinkailong
Amount payable for default mobiles for releasing the frozen bank accounts	¥ 4,026,594	$ 617,000
Amount of automobile loans to be payable for releasing the frozen bank accounts	¥ 600,000													$ 92,000
Master Contact | Chengdu Industrial Impawn Co
Amount of cash in bank accounts															¥ 175,335	$ 25,050
Maximum loans to be provided					¥ 20,000,000	$ 2,900,000
Number of guarantors with whom guarantee contacts are signed | item					7	7
Amount of loans used and re-loaned to automobile purchasers					¥ 7,019,652	$ 1,003,000
Interest and penalty sought							¥ 100,300	$ 14,330		1,428,000
Total outstanding including interest and penalty			¥ 9,992,728	$ 1,428,000
Master Contact | Chengdu Industrial Impawn Co | Jinkailong [Member]
Amount of cash in bank accounts												¥ 33,892	5,190
Settlement agreement | Chengdu Industrial Impawn Co | Jinkailong
Maximum contingent liabilities related to loans												¥ 2,787,000	427,000
Guarantee expenses										$ 93,000
Maximum [Member]
Loss Contingency, Percentage of Contingent Liabilities										70.90%
P2P Business
Loss Contingency Accrual													$ 202,000
Subsequent event
Number Of Automobiles | item											500
Aggregate purchase price											$ 8,330,000

SUBSEQUENT EVENTS - Registered

SUBSEQUENT EVENTS - Registered Direct Offering (Details) - USD ($)	Feb. 10, 2021	Aug. 04, 2020	Jun. 21, 2019	Jun. 21, 2019	Dec. 31, 2019	Aug. 13, 2020	Aug. 07, 2020
Subsequent Event [Line Items]
Shares issued (in shares)				1,781,360
Price per share			$ 3.38	$ 3.38
Net proceeds from issuance of common stock in registered direct offering					$ 1,992,118
Exercise price of warrants (in dollars per share)							$ 0.50
Offering
Subsequent Event [Line Items]
Shares issued (in shares)		12,000,000	6,000,000
Price per share						$ 0.50
Subsequent event
Subsequent Event [Line Items]
Shares issued (in shares)	5,072,465
Price per share	$ 1.38
Subsequent event | Offering
Subsequent Event [Line Items]
Shares issued (in shares)	5,072,465
Price per share	$ 1.38
Net proceeds from issuance of common stock in registered direct offering	$ 5,700,000
Class of Warrant Number of Securities Called by Warrants	380,435
Warrants and Rights Outstanding, Term	5 years
Exercise price of warrants (in dollars per share)	$ 1.38