Senmiao Technology Limited (AIHS) 10-Q 14 Nov 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 13, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Entity Registrant Name	Senmiao Technology Ltd
Entity Central Index Key	1,711,012
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	AIHS
Entity Common Stock, Shares Outstanding		25,879,400
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current Assets
Cash and cash equivalents	$ 10,066,074	$ 11,141,566
Accounts receivable	38,614	0
Prepayments, receivables and other assets	37,181	70,421
Total Current Assets	10,141,869	11,211,987
Property and Equipment, Net	29,588	8,872
Other Assets
Intangible assets, net	1,668,129	1,953,223
Escrow receivable	600,000	1,200,000
Total Assets	12,439,586	14,374,082
Current Liabilities
Accrued expenses and other liabilities	344,409	404,604
Due to stockholders	1,043,576	1,090,808
Total Liabilities	1,387,985	1,495,412
Commitments and Contingencies
Stockholders' Equity
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 25,879,400 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively)	2,588	2,588
Additional paid-in capital	23,611,512	23,611,512
Accumulated deficit	(12,202,038)	(10,481,669)
Accumulated other comprehensive loss	(360,461)	(253,761)
Total Equity	11,051,601	12,878,670
Total Liabilities and Stockholders' Equity	$ 12,439,586	$ 14,374,082

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
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	25,879,400	25,879,400
Common Stock, Shares, Outstanding	25,879,400	25,879,400

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 71,508	$ 117,168	$ 196,534	$ 182,960
Gross revenues	71,508	117,168	196,534	182,960
Operating expenses
Selling, general and administrative expenses	(782,451)	(379,410)	(1,754,720)	(671,729)
Amortization of intangible assets	(86,791)	(163,749)	(173,088)	(323,004)
Total operating expenses	(869,242)	(543,159)	(1,927,808)	(994,733)
Loss from operations	(797,734)	(425,991)	(1,731,274)	(811,773)
Other income, net	7,729	778	10,905	1,850
Net Loss	(790,005)	(425,213)	(1,720,369)	(809,923)
Other comprehensive (loss) income
Foreign currency translation adjustment	(57,965)	173,203	(106,700)	330,048
Comprehensive loss	$ (847,970)	$ (252,010)	$ (1,827,069)	$ (479,875)
Weighted average number of common stock
Basic and diluted	25,879,400	22,236,957	25,879,400	21,251,913
Loss per share
Basic and diluted loss for the period	$ (0.03)	$ (0.02)	$ (0.07)	$ (0.04)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows From Operating Activities:
Net Loss	$ (1,720,369)	$ (809,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	4,897	1,625
Amortization of intangible assets	173,088	323,004
Shares issued for consulting services	0	99,550
Changes in operating assets and liabilities:
Accounts receivable	(40,229)	0
Prepayments, receivables and other assets	31,418	5,186
Accrued expenses and other liabilities	(30,524)	60,516
Net Cash Used in Operating Activities	(1,581,719)	(320,042)
Cash Flows From Investing Activities:
Purchases of property and equipment	(27,271)	(412)
Purchases of intangible assets	(42,472)	0
Net Cash Used in Investing Activities	(69,743)	(412)
Cash Flows From Financing Activities:
Proceeds borrowed from stockholders	1,574,617	231,784
Repayments to stockholders	(1,500,000)	0
Release of escrow receivable	600,000	0
Net Cash Provided by Financing Activities	674,617	231,784
Effect of exchange rate changes on cash and cash equivalents	(98,647)	4,241
Net decrease in cash and cash equivalents	(1,075,492)	(84,429)
Cash and cash equivalents at Beginning of Period	11,141,566	161,292
Cash and cash equivalents at End of Period	10,066,074	76,863
Supplemental Cash Flow Information
Cash paid for interest	0	0
Cash paid for income tax	0	0
Non-Cash Transaction in Investing and Financing Activities
Initial public offering ("IPO") expenses paid by the Company's stockholders	$ 70,687	$ 0

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTITIVIES	6 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND PRINCIPAL ACTITIVIES Senmiao Technology Limited (“Senmiao” or the “Company”) is a U.S. holding company incorporated in the State of Nevada on June 8, 2017. The Company operates an online lending platform through its variable interest entity (“VIE”), Sichuan Senmiao Ronglian Technology Co., Ltd. (“Sichuan Senmiao”), in the People’s Republic of China (“PRC” or “China”) and connects Chinese investors with individual and small-to-medium-sized enterprise (“SME”) borrowers. Through its platform, the Company offers quick and easy access to credit to borrowers and attractive investment returns for investors. The Company’s executive offices are located in Chengdu, Sichuan province, China. On July 28, 2017, the Company established a wholly-owned subsidiary, Sichuan Senmiao Zecheng Business Consulting Co., Ltd. (“WFOE”) in China. The Company undertakes substantially all of its business activities in China through WFOE and Sichuan Senmiao. Sichuan Senmiao was established in China in June 2014. On September 18, 2017, the Company entered into a series of agreements (“VIE Agreements”) with Sichuan Senmiao and its equity holders (“Sichuan Senmiao Shareholders”) through WFOE to obtain control and became the primary beneficiary of Sichuan Senmiao (the “Restructuring”). In connection with the Restructuring, as partial consideration for Sichuan Senmiao Shareholders’ commitment to perform their obligations under the VIE Agreements, the Company issued an aggregate of 45,000,000 shares of its common stock to Sichuan Senmiao Shareholders pursuant to certain subscription agreements dated September 18, 2017. On January 29, 2018, the Company’s board of directors and stockholders approved a one-for-two reverse stock split of all issued and outstanding shares of common stock. As a result, the number of the Company’s issued and outstanding shares of common stock was reduced to 22,500,000. The discussion and presentation of financial statements herein accounted for the Restructuring retroactively as if it occurred on April 1, 2015. On September 25, 2016, Sichuan Senmiao acquired a peer-to-peer (“P2P”) platform (including website, ICP license, operating systems, servers, and management system) from Sichuan Chenghexin Investment and Asset Management Co., Ltd. (“Chenghexin”), which had established and operated the platform for two years prior to the acquisition by Sichuan Senmiao (the “Acquisition”). Prior to the Acquisition, Sichuan Senmiao was a holding company that owned 60% equity interest in an equity investment fund management company. Sichuan Senmiao sold this 60% equity interest for a cash consideration of RMB 60,000,000 (US$8,914,833) immediately following the Acquisition, in order to focus on the online marketplace lending business. The following diagram illustrates the Company’s corporate structure, including its subsidiary and VIE, as of the date of these financial statements: VIE Agreements with Sichuan Senmiao According to the VIE Agreements, Sichuan Senmiao is obligated to pay WFOE service fees equal to its net income. Sichuan Senmiao’s entire operations are controlled by the Company. There are no unrecognized revenue-producing assets that are held by Sichuan Senmiao. Each of the VIE Agreements is described in details below: Equity Interest Pledge Agreement WFOE, Sichuan Senmiao and Sichuan Senmiao Shareholders entered into an Equity Interest Pledge Agreement, pursuant to which Sichuan Senmiao Shareholders pledged all of their equity interest in Sichuan Senmiao to WFOE 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, WFOE 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, WFOE, Sichuan Senmiao and each of Sichuan Senmiao Shareholders, WFOE will provide Sichuan Senmiao with complete technical support, business support and related consulting services for 10 years ended September 18, 2027. Sichuan Senmiao Shareholders and Sichuan Senmiao will not engage any third party for the same or similar consultation services without WFOE’s prior consent. Further, 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. WFOE may terminate the Exclusive Business Cooperation Agreement at any time upon prior written notice to Sichuan Senmiao and Sichuan Senmiao Shareholders. Exclusive Option Agreement Pursuant to an Exclusive Option Agreement entered by and among WFOE, Sichuan Senmiao and Sichuan Senmiao Shareholders, Sichuan Senmiao Shareholders have granted WFOE 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 ended September 18, 2027 but can be renewed by WFOE at its discretion. Powers of Attorney Each of Sichuan Senmiao Shareholders has signed a power of attorney (the “Power of Attorney”), pursuant to which, each of the Sichuan Senmiao Shareholders has authorized WFOE 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Sichuan Senmiao Shareholders, who assigned their rights as shareholders of Sichuan Senmiao to WFOE, 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 its WFOE, is deemed to hold all of the voting equity interests in Sichuan Senmiao. Pursuant to Exclusive Business Cooperation Agreement, WFOE 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 Company’s consolidated financial statements. Total assets and total liabilities of the Company’s VIE that were included in the Company’s unaudited condensed consolidated financial statements as of September 30, 2018 and March 31, 2018 are as follows: September 30, 2018 March 31, 2018 (unaudited) Total assets $ 10,242,760 $ 10,425,056 Total liabilities $ 2,819,234 $ 1,413,485 As of September 30, 2018 and March 31, 2018, Sichuan Senmiao did not have any unrecognized revenue-producing assets. Revenue, net loss, operating, investing and financing cash flows of Sichuan Senmiao that were included in the Company’s unaudited condensed consolidated financial statements for the six months ended September 30, 2018 and 2017 are as follows: For the Six Months Ended September 30, 2018 2017 (unaudited) (unaudited) Revenue $ 196,534 $ 182,960 Net loss $ (851,239 ) $ (809,923 ) Net Cash Used in Operating Activities $ (502,772 ) $ (320,042 ) Net Cash Used in Investing Activities $ (6,314 ) $ (412 ) Net Cash Provided by Financing Activities $ 1,574,617 $ 231,784 The Restructuring constituted a reorganization. As all of the above mentioned companies are under common control, this series of transactions are considered as a reorganization of the entities under common control at carrying value and the consolidated financial statements have been prepared as if the reorganization had occurred retroactively. The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods and the reorganization had occurred as of the beginning of the earliest period presented in the accompanying consolidated financial statements. (a) Basis of presentation The interim unaudited condensed consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The unaudited interim financial information as of September 30, 2018 and for the three and six months ended September 30, 2018 and 2017 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, 2018, which was filed with the SEC on June 29, 2018. 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 September 30, 2018, its unaudited results of operations for the three and six months ended September 30, 2018 and 2017, and its unaudited cash flows for the six months ended September 30, 2018 and 2017, 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 WFOE and Sichuan Senmiao. 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 is U.S. dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, WFOE and Sichuan Senmiao maintain their books and records in their respective local currency, Renminbi (“RMB”), because that is the primary and functional currency for WFOE and Sichuan Senmiao in China, where both entities operate. In general, for consolidation purposes, assets and liabilities of WFOE and Sichuan Senmiao, 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 WFOE and Sichuan Senmiao 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: September 30, 2018 March 31, 2018 Balance sheet items, except for equity accounts 6.8683 6.2807 For the Six Months Ended September 30, 2018 2017 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.5925 6.7659 (d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. 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 following are some of the areas requiring significant judgments and estimates: determinations of the useful lives and valuation of long-lived assets, estimates of allowances for doubtful accounts and valuation of deferred tax assets. (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. 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. As of September 30, 2018 and March 31, 2018, financial instruments of the Company comprised primarily cash and cash equivalents, accounts receivable, receivables and other assets, escrow receivables, other liabilities and due to stockholders. The financial instruments were carried at cost on the balance sheets, and carrying amounts approximated their fair values because of their short maturities and non-interest bearing. (f) 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. (g) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which 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 September 30, 2018, the Company determined no allowance for doubtful accounts was necessary for accounts receivable. (h) Property and equipment Property and equipment primarily consists 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: Computer equipment 2 - 3 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 six months ended September 30, 2018 and 2017, there was no impairment of 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 consolidated income statements. (i) Intangible assets 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: Platform 7 years Customer relationship 10 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 six months ended September 30, 2018 and 2017, there was no impairment charge against intangible assets. (j) Loss per share Basic loss per share is computed by dividing net 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 loss per share, net loss attributable to stockholders for basic 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 loss per share if their inclusion is anti-dilutive. (k) Revenue recognition The Company adopted ASC 606, Revenue from Contracts with Customers (“ASC 606”), in the first quarter of 2018 using the modified retrospective approach. 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. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of ASC 606 and therefore there was no material changes to the Company's unaudited condensed consolidated financial statements upon adoption of ASC 606. The Company does not expect significant outstanding contracts to be completed within 12 months after March 31, 2018. During the three and six months ended September 30, 2018 and 2017, the Company generated revenues primarily from service fees in matching investors with borrowers and for the other services provided over the life of loans. The following table sets forth the disaggregation of revenues for the three months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Six Months Ended September 30 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Revenue $ 71,508 $ 117,168 196,534 182,960 - Transaction fees from borrowers 65,021 56,246 180,885 99,135 - Transaction fees from Creditor Partners - 50,330 - 66,993 - Service fees from investors 6,487 10,592 15,649 16,832 Borrowers and Creditor Partners — Transaction fees are paid by borrowers and credit partners to the Company for the work the Company performs through its platform. The amount of these fees is based upon the loan amount and other terms of the loan, including credit grade, maturity and other factors. The fees charged to borrowers and creditor partners are paid upon (i) disbursement of the proceeds for loans which accrue interest on a monthly basis or (ii) full payment of principal and interest of loans which accrue interest on a daily basis. These fees are non-refundable upon the issuance of loan. Investors — The Company charges investors service fees on their actual investment payments. The Company generally receives the service fees upon the investors’ receipt of their investment returns. The Company recognizes the revenue when loans have been repaid and investor have received their investment income. (l) Selling, general and administrative expenses Selling, general and administrative expenses primarily consisted of employee salaries and benefits, office rental expenses, travel expenses, customer verification and credit assessment costs and platform maintenance costs. (m) Income taxes The Company accounts for income taxes in accordance with the U.S. GAAP for income taxes. Under the asset and liability method as required by U.S. GAAP, the 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. Provision or benefits for income taxes consists of tax estimated from taxable income plus deferred tax expense (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. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forward. Deferred tax is calculated 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 realized. 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 significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of September 30, 2018 and March 31, 2018. As of September 30, 2018, the tax years ended December 31, 2013 through 2017 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities. (n) Comprehensive loss Comprehensive loss includes net loss and foreign currency adjustments. Comprehensive loss is reported in the consolidated statements of operations and comprehensive loss. Accumulated other comprehensive loss, as presented on the consolidated balance sheets are the cumulative foreign currency translation adjustments. As of September 30, 2018 and March 31, 2018, the balance of accumulated other comprehensive loss were $360,461 and $253,761, respectively. (o) Leases Leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are recognized in the consolidated statements of operations on a straight-line basis over the term of the leases. The Company had no capital leases for the three and six months ended September 30, 2018 and 2017. (p) Significant risks and uncertainties 1) Credit risk 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 September 30, 2018, approximately $8,500,000 was deposited with a bank in the United States which is insured by the U.S. government up to $250,000. On September 30, 2018 and March 31, 2018, approximately $1,560,000 and $180,000, respectively, were deposited in financial institutions located in mainland China, which were uninsured by the government authority. 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 in mainland China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced by changes in government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation and other factors. 2) Liquidity risk The Company is also exposed to liquidity risk, which may limit the Company’s ability to access capital resources and have liquidity to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company will turn to other financial institutions and the stockholders to obtain short-term funds to meet the liquidity requirements. 3) Foreign currency risk As of September 30, 2018, substantially all of the Company’s operating activities and major assets and liabilities, except for the cash deposit of approximately $8,500,000 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 Peoples’ 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. 4) VIE risk I t is possible that the VIE Agreements among Sichuan Senmiao, WFOE, and the Sichuan Senmiao Shareholders would 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. In the event that the Company were unable to enforce these contractual arrangements, the Company would not be able to exert effective control over the VIE. Consequently, the VIE’s results of operations, assets and liabilities would not be included in the Company’s consolidated financial statements. As a result, the Company’s cash flows, financial position, and operating performance would be materially and adversely affected. The Company’s contractual arrangements with Sichuan Senmiao, WFOE, and Sichuan Senmiao Shareholders are approved and in place. Management believes that such contracts are enforceable, and considers it is less likely that PRC regulatory authorities with jurisdiction over the Company’s operations and contractual relationships would find the contracts unenforceable. The Company's operations and businesses rely on the operations and businesses of its VIE, which holds certain recognized revenue-producing assets including the platform, user relationship and goodwill. The VIE also has an assembled workforce, focused on customer verification and credit assessment, the costs of which are expensed as incurred. The Company’s operations and businesses may be adversely impacted if the Company loses the ability to use assets held by its VIE. (q) Stock-based Compensation The fair value of restricted stock units is determined based on the number of shares granted and either the quoted market price of the Company’s common stock on the date of grant for time-based and performance-based awards, or the fair value on the date of grant using the Monte Carlo Simulation model for market-based awards. (r) Recently issued accounting standards The Company adopted ASC 606 in three and six months ended September 30, 2018 using the modified retrospective approach. ASC 606, Revenue from Contracts with Customers, 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. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company's unaudited condensed consolidated financial statements upon adoption of ASC 606. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Amendments to the ASC 842 Leases. This update requires the lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for fiscal years and any interim periods within those fiscal years beginning after December 15, 2018. Management is evaluating the effect, if any, on the Company’s unaudited condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance will be effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions to its consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows of the Company.

INTANGIBLE ASSETS, NET AND GOOD

INTANGIBLE ASSETS, NET AND GOODWILL	6 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	3. INTANGIBLE ASSETS, NET AND GOODWILL As of September 30, 2018 and March 31, 2018, the intangible assets consisted of user relationship, platform and software. Useful life September 30, 2018 March 31, 2018 (unaudited) User relationship 10 $ 383,677 $ 419,573 Platform 7 4,108,741 4,493,151 Software 7 118,079 84,545 Intangible assets 4,610,497 4,997,269 Less: Accumulated amortization (1,114,833 ) (1,043,871 ) Impairment (1,827,535 ) (2,000,175 ) Intangible assets, net $ 1,668,129 $ 1,953,223 Amortization expense totaled $86,791 and $163,749 for the three months ended September 30, 2018 and 2017, respectively. Amortization expense totaled $173,088 and $323,044 for the six months ended September 30, 2018 and 2017, respectively. The following table sets forth the Company’s amortization expenses for the twelve months ending September 30 of the following years: Amortization expenses Twelve months ending September 30, 2019 $ 320,540 Twelve months ending September 30, 2020 320,540 Twelve months ending September 30, 2021 320,540 Twelve months ending September 30, 2022 320,540 Twelve months ending September 30, 2023 and thereafter 385,969 $ 1,668,129

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	4. ACCRUED EXPENSES AND OTHER LIABILITIES September 30, 2018 March 31, 2018 (unaudited) Other payable $ 38,182 $ 194,943 Accrued payroll and welfare 303,713 195,695 Other tax payable 2,514 5,471 Customer deposit - 8,495 $ 344,409 $ 404,604 The balance of other payable represents amount due to suppliers and vendors.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	6 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	5. EMPLOYEE BENEFIT PLAN The Company has made employee benefit contributions in accordance with relevant PRC regulations, including retirement insurance, unemployment insurance, medical insurance, housing fund, work injury insurance and maternity insurance. The Company has recorded the contribution in the salary and employee charges when incurred. The contributions made by the Company were $80,228 and $9,371 for the three months ended September 30, 2018 and 2017, respectively. The contributions made by the Company were $129,046 and $10,940 for the six months ended September 30, 2018 and 2017, respectively. As of September 30, 2018 and March 31, 2018, the Company did not make adequate employee benefit contributions in the amount of $228,166 and $150,205. The Company accrued the amount in accrued payroll and welfare.

EQUITY

EQUITY	6 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	6. EQUITY Warrants The registration statement relating to the Company’s IPO also include the underwriter’s common stock purchase warrants to purchase 337,940 shares of common stock. 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 September 30, 2018, the underwriter has not exercised the warrants.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	7. INCOME TAXES United States The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income taxes. The State of Nevada does not impose any state corporate income tax. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law, which has made significant changes to the Internal Revenue Code. Those changes include, but are not limited to, a U.S. corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the deemed repatriation of cumulative foreign earnings as of December 31, 2017. As the Company has a March 31 fiscal year end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 31.5% for its fiscal year ended March 31, 2018, and 21% for subsequent fiscal years. Accordingly, the Company reevaluated its deferred tax assets on net operating loss carryforward in the U.S and concluded there was no effect on the Company’s income tax expenses as the Company has no deferred tax assets generated since inception. Additionally, 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 change in rate has caused the Company to all U.S. deferred income tax assets and liabilities for temporary differences and net operating loss carryforwards and recorded one time income tax payable to be paid in 8 years. However, this one-time transition tax has no effect on the Company’s income tax expenses as the Company has not undistributed foreign earnings prior to September 30, 2018, because the Company has cumulative foreign losses as of September 30, 2018. The Company’s net operating loss for the six months ended September 30, 2018 amounted to approximately $0.5 million. As of September 30, 2018, the Company’s net operating loss carryforward for U.S. income taxes was approximately $0.7 million. The net operating loss carryforward is available to reduce future years’ taxable income through year 2037. Management believes that the realization of the benefit from this loss appears uncertain due to the Company’s operating history. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset to reduce the deferred tax assets to zero. As of September 30 and March 31, 2018, valuation allowances for deferred tax assets were approximately $0.11 million and $0.04 million, respectively. Management reviews the valuation allowance periodically and makes changes accordingly. PRC WFOE and Sichuan Senmiao 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%. During the six months ended September 30, 2018 and 2017, there were no income taxes attributable to the operations in PRC. As of September 30, 2018 and March 31, 2018, the Company had net operating loss carryforwards of $2,507,717 and $1,512,341, respectively, which will expire in 2023. 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 September 30, 2018 and March 31, 2018, 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 continuing operations that give rise to the Company’s deferred tax assets are as follows: September 30, 2018 March 31, 2018 (unaudited) Net operating loss carryforwards in the PRC $ 626,929 $ 378,085 Net operating loss carryforwards in the U.S. 155,939 43,021 Less: valuation allowance (782,868 ) (421,106 ) $ - $ - The Company evaluates its valuation allowance requirements at the end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryforward period available under applicable tax law.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	6 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	8. RELATED PARTY TRANSACTIONS AND BALANCES 1) Due to stockholders As of September 30, 2018 and March 31, 2018, the balance due to certain stockholders is unsecured, interest-free and due on demand. 2) Related party transactions Management and stockholders of the Company have invested in loans through the platform using their personal funds. The following table sets forth the revenue of service fees from management and stockholders of the Company for the three and six months ended September 30, 2018 and 2017: For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Service fees from related parties 83 208 398 225 In December 2017, the Company entered into loan agreements with two stockholders, who agreed to grant lines of credit of approximating $955,308 and $159,218, respectively, for five years. The lines of credit were non-interest bearing, effective from January 2017. During the three and six months ended September 30, 2018, the Company repaid $nil and $500,000 to a stockholder of the Company and Sichuan Senmiao. During the six months ended September 30, 2018, the Company paid listing expenses and stamp taxes on behalf of two stockholders who agreed to pay part of the Company’s expenses in connection with its IPO, in the amount of $70,687 and $7,881, respectively. During the three months ended September 30, 2018, the Company has not paid any listing expenses and stamp taxes on behalf of the stockholders. The Company accounted for those expenses as a deduction against the amount due to the stockholders. In the year end March 31, 2017, the Company entered into two office lease agreements with one stockholder, both with the same term from January 1, 2017 to January 1, 2020. For the three months ended September 30, 2018 and 2017, the Company paid $28,952 and $28,210, respectively, to the stockholder in rental expenses. For the six months ended September 30, 2018 and 2017, the Company paid $57,904 and $56,420, respectively, to the stockholder in rental expenses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	9. COMMITMENTS AND CONTINGENCIES 1) Lease Commitments During the six months ended September 30, 2018, the Company terminated five lease agreements for its offices and three apartments expiring through January 20, 2020. No penalties were levied on the termination of the lease agreements. In addition, the Company entered into new lease agreements to lease its offices under two lease agreements expiring through March 2021 and leased two apartments for management members expiring in April 2019. The following table sets forth the Company’s lease obligations as of September 30, 2018 in future periods: Rental payments Twelve months ending September 30, 2019 $ 116,521 Twelve months ending September 30, 2020 111,158 Twelve months ending September 30, 2021 and thereafter 55,579 $ 283,258 Rental expenses totaled $26,280 and $30,131 for the three months ended September 30, 2018 and 2017, respectively. Rental expenses totaled $66,369 and $59,435 for the six months ended September 30, 2018 and 2017, respectively.

PARENT-ONLY FINANCIALS

PARENT-ONLY FINANCIALS	6 Months Ended
	Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	10. PARENT-ONLY FINANCIALS SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED BALANCE SHEETS September 30, March 31, 2018 2018 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 8,503,513 $ 10,961,071 Prepayments, receivables and other assets 1,528,044 39,964 Due from subsidiary 1,500,000 - Total Current Assets 10,031,557 11,001,035 Other Assets Escrow receivable 600,000 1,200,000 Investment in subsidiary 491,198 830,562 Total Assets $ 11,122,755 $ 13,031,597 LIABILITIES AND STOCKHOLDERS’ EQUITY Total Liabilities $ 71,154 $ 152,927 Stockholders' Equity Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 25,879,400 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively) 2,588 2,588 Additional paid-in capital 23,611,512 23,611,512 Accumulated deficit (12,202,038 ) (10,481,669 ) Accumulated other comprehensive loss (360,461 ) (253,761 ) Total Stockholders’ Equity 11,051,601 12,878,670 Total Liabilities and Stockholders’ Equity $ 11,122,755 $ 13,031,597 SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED STATEMENTS OF OPERATIONS For the Six Months Ended September 30, 2018 2017 (unaudited) (unaudited) General and administrative expenses $ (541,814 ) $ - Other income, net 4,109 Equity loss in subsidiariy (1,182,664 ) - Net loss (1,720,369 ) - Foreign currency translation adjustments (106,700 ) - Comprehensive loss $ (1,827,069 ) $ - SENMIAO TECHNOLOGY LIMITED CONDENSED STATEMENTS OF CASH FLOWS For the Six Months ended September 30, 2018 2017 (unaudited) (unaudited) Cash Flows From Operating Activities Net Loss $ (1,720,369 ) $ - Adjustments to reconcile net loss to net cash used in operating activities: Equity loss in subsidiary 1,182,664 - Changes in operating assets and liabilities: Prepayments, receivables and other assets 11,920 - Accrued expenses and other liabilities (81,927 ) - Cash Flows Used in Operating Activities (607,712 ) - Cash Flows From Investing Activities: Investment in a subsidiary (950,000 ) Cash Flows Used in Investing Activities (950,000 ) - Cash Flows From Financing Activities: Repayment of borrowing to stockholders (1,499,846 ) - Release of escrow receivable 600,000 - Cash Flows Used in Financing Activities (899,846 ) - Net Decrease in Cash and Cash Equivalents (2,457,558 ) - Cash and Cash Equivalents, Beginning of the Period 10,961,071 - Cash and Cash Equivalents, End of the Period $ 8,503,513 $ - Supplemental Cash Flows Information: Income tax paid $ - $ - Interest paid $ - $ - Non-Cash Investing and Financing Activities: IPO issuance costs net against additional paid-in capital $ 6,526 $ - IPO expenses paid by the Company’s stockholders $ 70,687 $ - (a) Basis of presentation The unaudited condensed financial information of the Company has been prepared using the same accounting policies as set out in the consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements. (b) Investment in subsidiary and equity of loss in subsidiaries The investment in subsidiary consists of investments in WFOE and its VIE. The equity losses in subsidiaries consist of equity loss in WFOE and its VIE. (c) Stockholders’ equity On September 18, 2017, the Company issued an aggregate of 45,000,000 shares of common stock to Sichuan Senmiao Shareholders. The Company recorded $4,500 for the issuance of the shares. On January 29, 2018, the Company’s board of directors and stockholders approved a one-for-two reverse stock split of its issued and outstanding shares of common stock. On March 16, 2018, the Company closed its IPO of 3,000,000 shares of common stock. On March 28, 2018, the Company sold additional 379,400 shares of common stock upon exercise of the underwriter’s over-allotment option. The public offering price of the shares sold in the IPO was $4.00 per share. The total gross proceeds from the offering were approximately $13.5 million. After deducting underwriting discounts and commissions and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled approximately $12.2 million. On July 31, 2018, the board of directors of the Company approved the issuance of 5,000 . 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. A committee consisting of at least two independent directors appointed by the Board or in the absence of such a committee, the Board, will to be responsible for the general administration of the Equity Incentive Plan. All awards granted under the 2018 Equity Incentive Plan will be governed by separate award agreements between the Company and the participants.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	(a) Basis of presentation The interim unaudited condensed consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The unaudited interim financial information as of September 30, 2018 and for the three and six months ended September 30, 2018 and 2017 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, 2018, which was filed with the SEC on June 29, 2018. 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 September 30, 2018, its unaudited results of operations for the three and six months ended September 30, 2018 and 2017, and its unaudited cash flows for the six months ended September 30, 2018 and 2017, 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.
Consolidation, Policy [Policy Text Block]	(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 WFOE and Sichuan Senmiao. All inter-company accounts and transactions have been eliminated in consolidation.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	(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 is U.S. dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, WFOE and Sichuan Senmiao maintain their books and records in their respective local currency, Renminbi (“RMB”), because that is the primary and functional currency for WFOE and Sichuan Senmiao in China, where both entities operate. In general, for consolidation purposes, assets and liabilities of WFOE and Sichuan Senmiao, 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 WFOE and Sichuan Senmiao 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: September 30, 2018 March 31, 2018 Balance sheet items, except for equity accounts 6.8683 6.2807 For the Six Months Ended September 30, 2018 2017 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.5925 6.7659
Use of Estimates, Policy [Policy Text Block]	(d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. 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 following are some of the areas requiring significant judgments and estimates: determinations of the useful lives and valuation of long-lived assets, estimates of allowances for doubtful accounts and valuation of deferred tax assets.
Fair Value of Financial Instruments, Policy [Policy Text Block]	(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. 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. As of September 30, 2018 and March 31, 2018, financial instruments of the Company comprised primarily cash and cash equivalents, accounts receivable, receivables and other assets, escrow receivables, other liabilities and due to stockholders. The financial instruments were carried at cost on the balance sheets, and carrying amounts approximated their fair values because of their short maturities and non-interest bearing.
Cash and Cash Equivalents, Policy [Policy Text Block]	(f) 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.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	(g) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which 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 September 30, 2018, the Company determined no allowance for doubtful accounts was necessary for accounts receivable.
Property, Plant and Equipment, Policy [Policy Text Block]	(h) Property and equipment Property and equipment primarily consists 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: Computer equipment 2 - 3 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 six months ended September 30, 2018 and 2017, there was no impairment of 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 consolidated income statements.
Goodwill and Intangible Assets, Policy [Policy Text Block]	(i) Intangible assets 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: Platform 7 years Customer relationship 10 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 six months ended September 30, 2018 and 2017, there was no impairment charge against intangible assets.
Earnings Per Share, Policy [Policy Text Block]	(j) Loss per share Basic loss per share is computed by dividing net 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 loss per share, net loss attributable to stockholders for basic 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 loss per share if their inclusion is anti-dilutive.
Revenue Recognition, Policy [Policy Text Block]	(k) Revenue recognition The Company adopted ASC 606, Revenue from Contracts with Customers (“ASC 606”), in the first quarter of 2018 using the modified retrospective approach. 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. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of ASC 606 and therefore there was no material changes to the Company's unaudited condensed consolidated financial statements upon adoption of ASC 606. The Company does not expect significant outstanding contracts to be completed within 12 months after March 31, 2018. During the three and six months ended September 30, 2018 and 2017, the Company generated revenues primarily from service fees in matching investors with borrowers and for the other services provided over the life of loans. The following table sets forth the disaggregation of revenues for the three months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Six Months Ended September 30 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Revenue $ 71,508 $ 117,168 196,534 182,960 - Transaction fees from borrowers 65,021 56,246 180,885 99,135 - Transaction fees from Creditor Partners - 50,330 - 66,993 - Service fees from investors 6,487 10,592 15,649 16,832 Borrowers and Creditor Partners — Transaction fees are paid by borrowers and credit partners to the Company for the work the Company performs through its platform. The amount of these fees is based upon the loan amount and other terms of the loan, including credit grade, maturity and other factors. The fees charged to borrowers and creditor partners are paid upon (i) disbursement of the proceeds for loans which accrue interest on a monthly basis or (ii) full payment of principal and interest of loans which accrue interest on a daily basis. These fees are non-refundable upon the issuance of loan. Investors — The Company charges investors service fees on their actual investment payments. The Company generally receives the service fees upon the investors’ receipt of their investment returns. The Company recognizes the revenue when loans have been repaid and investor have received their investment income.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	(l) Selling, general and administrative expenses Selling, general and administrative expenses primarily consisted of employee salaries and benefits, office rental expenses, travel expenses, customer verification and credit assessment costs and platform maintenance costs.
Income Tax, Policy [Policy Text Block]	(m) Income taxes The Company accounts for income taxes in accordance with the U.S. GAAP for income taxes. Under the asset and liability method as required by U.S. GAAP, the 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. Provision or benefits for income taxes consists of tax estimated from taxable income plus deferred tax expense (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. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forward. Deferred tax is calculated 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 realized. 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 significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of September 30, 2018 and March 31, 2018. As of September 30, 2018, the tax years ended December 31, 2013 through 2017 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities.
Comprehensive Income, Policy [Policy Text Block]	(n) Comprehensive loss Comprehensive loss includes net loss and foreign currency adjustments. Comprehensive loss is reported in the consolidated statements of operations and comprehensive loss. Accumulated other comprehensive loss, as presented on the consolidated balance sheets are the cumulative foreign currency translation adjustments. As of September 30, 2018 and March 31, 2018, the balance of accumulated other comprehensive loss were $360,461 and $253,761, respectively.
Lessor, Leases [Policy Text Block]	(o) Leases Leases are classified as either capital or operating leases. Leases that transfer substantially all the benefits and risks incidental to the ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases wherein rental payments are recognized in the consolidated statements of operations on a straight-line basis over the term of the leases. The Company had no capital leases for the three and six months ended September 30, 2018 and 2017.
Income Tax Uncertainties, Policy [Policy Text Block]	(p) Significant risks and uncertainties 1) Credit risk 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 September 30, 2018, approximately $8,500,000 was deposited with a bank in the United States which is insured by the U.S. government up to $250,000. On September 30, 2018 and March 31, 2018, approximately $1,560,000 and $180,000, respectively, were deposited in financial institutions located in mainland China, which were uninsured by the government authority. 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 in mainland China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC’s economy. In addition, the Company’s business may be influenced by changes in government policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation and other factors. 2) Liquidity risk The Company is also exposed to liquidity risk, which may limit the Company’s ability to access capital resources and have liquidity to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company will turn to other financial institutions and the stockholders to obtain short-term funds to meet the liquidity requirements. 3) Foreign currency risk As of September 30, 2018, substantially all of the Company’s operating activities and major assets and liabilities, except for the cash deposit of approximately $8,500,000 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 Peoples’ 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. 4) VIE risk I t is possible that the VIE Agreements among Sichuan Senmiao, WFOE, and the Sichuan Senmiao Shareholders would 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. In the event that the Company were unable to enforce these contractual arrangements, the Company would not be able to exert effective control over the VIE. Consequently, the VIE’s results of operations, assets and liabilities would not be included in the Company’s consolidated financial statements. As a result, the Company’s cash flows, financial position, and operating performance would be materially and adversely affected. The Company’s contractual arrangements with Sichuan Senmiao, WFOE, and Sichuan Senmiao Shareholders are approved and in place. Management believes that such contracts are enforceable, and considers it is less likely that PRC regulatory authorities with jurisdiction over the Company’s operations and contractual relationships would find the contracts unenforceable. The Company's operations and businesses rely on the operations and businesses of its VIE, which holds certain recognized revenue-producing assets including the platform, user relationship and goodwill. The VIE also has an assembled workforce, focused on customer verification and credit assessment, the costs of which are expensed as incurred. The Company’s operations and businesses may be adversely impacted if the Company loses the ability to use assets held by its VIE.
Stock-based Compensation [Policy Text Block]	(q) Stock-based Compensation The fair value of restricted stock units is determined based on the number of shares granted and either the quoted market price of the Company’s common stock on the date of grant for time-based and performance-based awards, or the fair value on the date of grant using the Monte Carlo Simulation model for market-based awards.
New Accounting Pronouncements, Policy [Policy Text Block]	(r) Recently issued accounting standards The Company adopted ASC 606 in three and six months ended September 30, 2018 using the modified retrospective approach. ASC 606, Revenue from Contracts with Customers, 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. The Company has assessed the impact of the guidance by reviewing its existing customer contracts and current accounting policies and practices to identify differences that will result from applying the new requirements, including the evaluation of its performance obligations, transaction price, customer payments, transfer of control and principal versus agent considerations. Based on the assessment, the Company concluded that there was no change to the timing and pattern of revenue recognition for its current revenue streams in scope of Topic 606 and therefore there was no material changes to the Company's unaudited condensed consolidated financial statements upon adoption of ASC 606. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Amendments to the ASC 842 Leases. This update requires the lessee to recognize the assets and liability (the lease liability) arising from operating leases on the balance sheet for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Within twelve months or less lease term, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. If a lessee makes this election, it should recognize lease expense on a straight-line basis over the lease term. In transition, this update will be effective for fiscal years and any interim periods within those fiscal years beginning after December 15, 2018. Management is evaluating the effect, if any, on the Company’s unaudited condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance will be effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions to its consolidated financial statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows of the Company.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of Variable Interest Entities Financial Statement [Table Text Block]	Total assets and total liabilities of the Company’s VIE that were included in the Company’s unaudited condensed consolidated financial statements as of September 30, 2018 and March 31, 2018 are as follows: September 30, 2018 March 31, 2018 (unaudited) Total assets $ 10,242,760 $ 10,425,056 Total liabilities $ 2,819,234 $ 1,413,485
Schedule of Variable Interest Entities On Income and Cash Flow Activities [Table Text Block]	For the Six Months Ended September 30, 2018 2017 (unaudited) (unaudited) Revenue $ 196,534 $ 182,960 Net loss $ (851,239 ) $ (809,923 ) Net Cash Used in Operating Activities $ (502,772 ) $ (320,042 ) Net Cash Used in Investing Activities $ (6,314 ) $ (412 ) Net Cash Provided by Financing Activities $ 1,574,617 $ 231,784
Schedule of Differences between Reported Amount and Reporting Currency Denominated Amount [Table Text Block]	Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: September 30, 2018 March 31, 2018 Balance sheet items, except for equity accounts 6.8683 6.2807 For the Six Months Ended September 30, 2018 2017 Items in the statements of operations and comprehensive loss, and statements of cash flows 6.5925 6.7659
Property, Plant and Equipment [Table Text Block]	The useful life of property and equipment is summarized as follows: Computer equipment 2 - 3 years
Schedule of Finite-Lived Intangible Assets [Table Text Block]	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: Platform 7 years Customer relationship 10 years
Disaggregation of Revenue [Table Text Block]	The following table sets forth the disaggregation of revenues for the three months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Six Months Ended September 30 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Revenue $ 71,508 $ 117,168 196,534 182,960 - Transaction fees from borrowers 65,021 56,246 180,885 99,135 - Transaction fees from Creditor Partners - 50,330 - 66,993 - Service fees from investors 6,487 10,592 15,649 16,832

INTANGIBLE ASSETS, NET AND GO_2

INTANGIBLE ASSETS, NET AND GOODWILL (Tables)	6 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of September 30, 2018 and March 31, 2018, the intangible assets consisted of user relationship, platform and software. Useful life September 30, 2018 March 31, 2018 (unaudited) User relationship 10 $ 383,677 $ 419,573 Platform 7 4,108,741 4,493,151 Software 7 118,079 84,545 Intangible assets 4,610,497 4,997,269 Less: Accumulated amortization (1,114,833 ) (1,043,871 ) Impairment (1,827,535 ) (2,000,175 ) Intangible assets, net $ 1,668,129 $ 1,953,223
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	The following table sets forth the Company’s amortization expenses for the twelve months ending September 30 of the following years: Amortization expenses Twelve months ending September 30, 2019 $ 320,540 Twelve months ending September 30, 2020 320,540 Twelve months ending September 30, 2021 320,540 Twelve months ending September 30, 2022 320,540 Twelve months ending September 30, 2023 and thereafter 385,969 $ 1,668,129

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, 2018 March 31, 2018 (unaudited) Other payable $ 38,182 $ 194,943 Accrued payroll and welfare 303,713 195,695 Other tax payable 2,514 5,471 Customer deposit - 8,495 $ 344,409 $ 404,604

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The tax effects of temporary differences from continuing operations that give rise to the Company’s deferred tax assets are as follows: September 30, 2018 March 31, 2018 (unaudited) Net operating loss carryforwards in the PRC $ 626,929 $ 378,085 Net operating loss carryforwards in the U.S. 155,939 43,021 Less: valuation allowance (782,868 ) (421,106 ) $ - $ -

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	6 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The following table sets forth the revenue of service fees from management and stockholders of the Company for the three and six months ended September 30, 2018 and 2017: For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (unaudited) (unaudited) (unaudited) (unaudited) Service fees from related parties 83 208 398 225

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following table sets forth the Company’s lease obligations as of September 30, 2018 in future periods: Rental payments Twelve months ending September 30, 2019 $ 116,521 Twelve months ending September 30, 2020 111,158 Twelve months ending September 30, 2021 and thereafter 55,579 $ 283,258

PARENT-ONLY FINANCIALS (Tables)

PARENT-ONLY FINANCIALS (Tables)	6 Months Ended
	Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Balance Sheet [Table Text Block]	SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED BALANCE SHEETS September 30, March 31, 2018 2018 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 8,503,513 $ 10,961,071 Prepayments, receivables and other assets 1,528,044 39,964 Due from subsidiary 1,500,000 - Total Current Assets 10,031,557 11,001,035 Other Assets Escrow receivable 600,000 1,200,000 Investment in subsidiary 491,198 830,562 Total Assets $ 11,122,755 $ 13,031,597 LIABILITIES AND STOCKHOLDERS’ EQUITY Total Liabilities $ 71,154 $ 152,927 Stockholders' Equity Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 25,879,400 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively) 2,588 2,588 Additional paid-in capital 23,611,512 23,611,512 Accumulated deficit (12,202,038 ) (10,481,669 ) Accumulated other comprehensive loss (360,461 ) (253,761 ) Total Stockholders’ Equity 11,051,601 12,878,670 Total Liabilities and Stockholders’ Equity $ 11,122,755 $ 13,031,597
Condensed Income Statement [Table Text Block]	SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED STATEMENTS OF OPERATIONS For the Six Months Ended September 30, 2018 2017 (unaudited) (unaudited) General and administrative expenses $ (541,814 ) $ - Other income, net 4,109 Equity loss in subsidiariy (1,182,664 ) - Net loss (1,720,369 ) - Foreign currency translation adjustments (106,700 ) - Comprehensive loss $ (1,827,069 ) $ -
Condensed Cash Flow Statement [Table Text Block]	SENMIAO TECHNOLOGY LIMITED CONDENSED STATEMENTS OF CASH FLOWS For the Six Months ended September 30, 2018 2017 (unaudited) (unaudited) Cash Flows From Operating Activities Net Loss $ (1,720,369 ) $ - Adjustments to reconcile net loss to net cash used in operating activities: Equity loss in subsidiary 1,182,664 - Changes in operating assets and liabilities: Prepayments, receivables and other assets 11,920 - Accrued expenses and other liabilities (81,927 ) - Cash Flows Used in Operating Activities (607,712 ) - Cash Flows From Investing Activities: Investment in a subsidiary (950,000 ) Cash Flows Used in Investing Activities (950,000 ) - Cash Flows From Financing Activities: Repayment of borrowing to stockholders (1,499,846 ) - Release of escrow receivable 600,000 - Cash Flows Used in Financing Activities (899,846 ) - Net Decrease in Cash and Cash Equivalents (2,457,558 ) - Cash and Cash Equivalents, Beginning of the Period 10,961,071 - Cash and Cash Equivalents, End of the Period $ 8,503,513 $ - Supplemental Cash Flows Information: Income tax paid $ - $ - Interest paid $ - $ - Non-Cash Investing and Financing Activities: IPO issuance costs net against additional paid-in capital $ 6,526 $ - IPO expenses paid by the Company’s stockholders $ 70,687 $ -

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTITIVIES (Details Textual)	1 Months Ended			6 Months Ended
	Jan. 29, 2018shares	Sep. 25, 2016USD ($)	Sep. 25, 2016CNY (¥)	Sep. 30, 2018shares	Mar. 31, 2018shares	Sep. 18, 2017shares
Entity Incorporation, State Country Name				Nevada
Entity Incorporation, Date of Incorporation				Jun. 8, 2017
Common Stock, Shares, Issued				25,879,400	25,879,400
Stockholders' Equity, Reverse Stock Split	one-for-two reverse stock split
Board Of Directors And Shareholders [Member]
Common Stock, Shares, Issued	22,500,000
Sichuan Senmiao [Member]
Number of Aggregate Common Stock Shares Issued				20,250,000		45,000,000
Equity Method Investment, Ownership Percentage		60.00%	60.00%
Business Combination, Consideration Transferred		$ 8,914,833	¥ 60,000,000
Business Agreement Term				10 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Total assets	$ 12,439,586	$ 14,374,082
Total liabilities	1,387,985	1,495,412
Variable Interest Entity, Primary Beneficiary [Member]
Total assets	10,242,760	10,425,056
Total liabilities	$ 2,819,234	$ 1,413,485

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue	$ 71,508	$ 117,168	$ 196,534	$ 182,960
Net loss	$ (790,005)	$ (425,213)	(1,720,369)	(809,923)
Net Cash Used in Operating Activities			(1,581,719)	(320,042)
Net Cash Used in Investing Activities			(69,743)	(412)
Net Cash Provided by Financing Activities			674,617	231,784
Variable Interest Entity, Primary Beneficiary [Member]
Revenue			196,534	182,960
Net loss			(851,239)	(809,923)
Net Cash Used in Operating Activities			(502,772)	(320,042)
Net Cash Used in Investing Activities			(6,314)	(412)
Net Cash Provided by Financing Activities			$ 1,574,617	$ 231,784

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Balance sheet items, except for equity accounts	6.8683		6.2807
Items in the statements of operations and comprehensive loss, and statements of cash flows	6.5925	6.7659

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - Computer Equipment [Member]	6 Months Ended
	Sep. 30, 2018
Maximum [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member]
Property, Plant and Equipment, Useful Life	2 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	10 years	10 years
Platform [Member]
Finite-Lived Intangible Asset, Useful Life	7 years	7 years

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 71,508	$ 117,168	$ 196,534	$ 182,960
Transaction fees from borrowers [Member]
Revenues	65,021	56,246	180,885	99,135
Transaction fees from Creditor Partners [Member]
Revenues	0	50,330	0	66,993
Service fees from investors [Member]
Revenues	$ 6,487	$ 10,592	$ 15,649	$ 16,832

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (360,461)	$ (253,761)
CHINA
Cash, Uninsured Amount	1,560,000	$ 180,000
UNITED STATES
Deposits, Savings Deposits	8,500,000
Cash, FDIC Insured Amount	$ 250,000

INTANGIBLE ASSETS, NET AND GO_3

INTANGIBLE ASSETS, NET AND GOODWILL (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Mar. 31, 2018
Finite-Lived Intangible Assets, Gross	$ 4,610,497	$ 4,610,497	$ 4,997,269
Less: accumulated amortization	(1,114,833)	(1,114,833)	(1,043,871)
Impairment	(1,827,535)	(1,827,535)	(2,000,175)
Intangible Assets, Net (Including Goodwill)	1,668,129	1,668,129	1,953,223
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Assets, Gross	$ 118,079	118,079	84,545
Finite-Lived Intangible Asset, Useful Life	7 years
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 383,677	$ 383,677	419,573
Finite-Lived Intangible Asset, Useful Life	10 years	10 years
Platform [Member]
Finite-Lived Intangible Assets, Gross	$ 4,108,741	$ 4,108,741	$ 4,493,151
Finite-Lived Intangible Asset, Useful Life	7 years	7 years

INTANGIBLE ASSETS, NET AND GO_4

INTANGIBLE ASSETS, NET AND GOODWILL (Details 1)	Sep. 30, 2018USD ($)
Twelve months ending September 30, 2019	$ 320,540
Twelve months ending September 30, 2020	320,540
Twelve months ending September 30, 2021	320,540
Twelve months ending September 30, 2022	320,540
Twelve months ending September 30, 2023 and thereafter	385,969
Finite-Lived Intangible Assets, Net	$ 1,668,129

INTANGIBLE ASSETS, NET AND GO_5

INTANGIBLE ASSETS, NET AND GOODWILL (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 86,791	$ 163,749	$ 173,088	$ 323,004

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Other payable	$ 38,182	$ 194,943
Accrued payroll and welfare	303,713	195,695
Other tax payable	2,514	5,471
Customer deposit	0	8,495
Accounts Payable and Other Accrued Liabilities, Current	$ 344,409	$ 404,604

EMPLOYEE BENEFIT PLAN (Details

EMPLOYEE BENEFIT PLAN (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Defined Contribution Plan, Cost	$ 80,228	$ 9,371	$ 129,046	$ 10,940
Defined Benefit Plan, Benefit Obligation	$ 228,166		$ 228,166		$ 150,205

EQUITY (Details Textual)

EQUITY (Details Textual)	6 Months Ended
	Sep. 30, 2018shares
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.
Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	337,940

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Net operating loss carryforwards in the PRC	$ 626,929	$ 378,085
Net operating loss carryforwards in the U.S.	155,939	43,021
Less: valuation allowance	(782,868)	(421,106)
DeferredTaxAssetsNet	$ 0	$ 0

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 22, 2017	Sep. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%			31.50%
Operating Income (Loss)		$ 500,000
Deferred Tax Assets, Valuation Allowance, Current		110,000		$ 40,000
Operating Loss Carryforwards		$ 2,507,717		$ 1,512,341
Operating Loss Carryforwards Expiration Year		2,023
Deferred Tax Assets, Operating Loss Carryforwards		$ 700,000
State Administration of Taxation, China [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		25.00%
Scenario, Plan [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Service fees from related parties	$ 83	$ 208	$ 398	$ 225

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument, Term	5 years
Operating Leases, Rent Expense, Net		$ 26,280	$ 30,131	$ 66,369	$ 59,435
Xiang Hu [Member]
Proceeds from Related Party Debt	$ 955,308
Repayments of Related Party Debt		0
Related Party Transaction, Expenses from Transactions with Related Party				70,687
Jun Wang [Member]
Proceeds from Related Party Debt	$ 159,218
Repayments of Related Party Debt		$ 0		500,000
Related Party Transaction, Expenses from Transactions with Related Party				7,881
Hong Li [Member]
Lease Expiration Date		Jan. 1, 2020
Operating Leases, Rent Expense, Net		$ 28,952	$ 28,210	$ 57,904	$ 56,420

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2018USD ($)
2,019	$ 116,521
2,020	111,158
2,021	55,579
Operating Leases, Future Minimum Payments Due	$ 283,258

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating Leases, Rent Expense, Net	$ 26,280	$ 30,131	$ 66,369	$ 59,435

PARENT-ONLY FINANCIALS CONDENSE

PARENT-ONLY FINANCIALS CONDENSED BALANCE SHEETS (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Current Assets
Cash and cash equivalents	$ 10,066,074	$ 11,141,566	$ 76,863	$ 161,292
Total Current Assets	10,141,869	11,211,987
Other Assets
Total Assets	12,439,586	14,374,082
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Liabilities	1,387,985	1,495,412
Stockholders' Equity
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 25,879,400 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively)	2,588	2,588
Accumulated deficit	(12,202,038)	(10,481,669)
Accumulated other comprehensive loss	(360,461)	(253,761)
Total Stockholders' Equity	11,051,601	12,878,670
Total Liabilities and Stockholders' Equity	12,439,586	14,374,082
Parent Company [Member]
Current Assets
Cash and cash equivalents	8,503,513	10,961,071	$ 0	$ 0
Prepayments, receivables and other assets	1,528,044	39,964
Due from subsidiary	1,500,000	0
Total Current Assets	10,031,557	11,001,035
Other Assets
Escrow receivable	600,000	1,200,000
Investment in subsidiary	491,198	830,562
Total Assets	11,122,755	13,031,597
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Liabilities	71,154	152,927
Stockholders' Equity
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 25,879,400 shares issued and outstanding at September 30, 2018 and March 31, 2018, respectively)	2,588	2,588
Additional paid-in capital	23,611,512	23,611,512
Accumulated deficit	(12,202,038)	(10,481,669)
Accumulated other comprehensive loss	(360,461)	(253,761)
Total Stockholders' Equity	11,051,601	12,878,670
Total Liabilities and Stockholders' Equity	$ 11,122,755	$ 13,031,597

PARENT-ONLY FINANCIALS CONDEN_2

PARENT-ONLY FINANCIALS CONDENSED BALANCE SHEETS (Parenthetical) (Details) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
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	25,879,400	25,879,400
Common Stock, Shares, Outstanding	25,879,400	25,879,400

PARENT-ONLY FINANCIALS CONDEN_3

PARENT-ONLY FINANCIALS CONDENSED STATEMENTS OF OPERATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
General and administrative expenses	$ (782,451)	$ (379,410)	$ (1,754,720)	$ (671,729)
Other income, net	7,729	778	10,905	1,850
Net loss	(790,005)	(425,213)	(1,720,369)	(809,923)
Foreign currency translation adjustment	(57,965)	173,203	(106,700)	330,048
Comprehensive loss	$ (847,970)	$ (252,010)	(1,827,069)	(479,875)
Parent Company [Member]
General and administrative expenses			(541,814)	0
Other income, net			4,109
Equity loss in subsidiariy			(1,182,664)	0
Net loss			(1,720,369)	0
Foreign currency translation adjustment			(106,700)	0
Comprehensive loss			$ (1,827,069)	$ 0

PARENT-ONLY FINANCIALS CONDEN_4

PARENT-ONLY FINANCIALS CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash Flows From Operating Activities
Net Loss	$ (790,005)	$ (425,213)	$ (1,720,369)	$ (809,923)
Changes in operating assets and liabilities:
Prepayments, receivables and other assets			31,418	5,186
Accrued expenses and other liabilities			(30,524)	60,516
Cash Flows Used in Operating Activities			(1,581,719)	(320,042)
Cash Flows From Investing Activities:
Cash Flows Used in Investing Activities			(69,743)	(412)
Cash Flows From Financing Activities:
Release of escrow receivable			600,000	0
Cash Flows Used in Financing Activities			674,617	231,784
Net Decrease in Cash and Cash Equivalents			(1,075,492)	(84,429)
Cash and cash equivalents at Beginning of Period			11,141,566	161,292
Cash and cash equivalents at End of Period	10,066,074	76,863	10,066,074	76,863
Supplemental Cash Flows Information:
Income tax paid			0	0
Parent Company [Member]
Cash Flows From Operating Activities
Net Loss			(1,720,369)	0
Adjustments to reconcile net loss to net cash used in operating activities:
Equity loss in subsidiary			1,182,664	0
Changes in operating assets and liabilities:
Prepayments, receivables and other assets			11,920	0
Accrued expenses and other liabilities			(81,927)	0
Cash Flows Used in Operating Activities			(607,712)	0
Cash Flows From Investing Activities:
Investment in a subsidiary			(950,000)
Cash Flows Used in Investing Activities			(950,000)	0
Cash Flows From Financing Activities:
Repayment of borrowing to stockholders			(1,499,846)	0
Release of escrow receivable			600,000	0
Cash Flows Used in Financing Activities			(899,846)	0
Net Decrease in Cash and Cash Equivalents			(2,457,558)	0
Cash and cash equivalents at Beginning of Period			10,961,071	0
Cash and cash equivalents at End of Period	$ 8,503,513	$ 0	8,503,513	0
Supplemental Cash Flows Information:
Income tax paid			0	0
Interest paid			0	0
Non-Cash Investing and Financing Activities:
IPO issuance costs net against additional paid-in capital			6,526	0
IPO expenses paid by the Company's stockholders			$ 70,687	$ 0

PARENT-ONLY FINANCIALS (Details

PARENT-ONLY FINANCIALS (Details Textual) - USD ($)	1 Months Ended			3 Months Ended	6 Months Ended	13 Months Ended
	Jul. 31, 2018	Mar. 16, 2018	Jan. 29, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 18, 2018
Stock Issued During Period, Shares, New Issues	5,000
Stockholders' Equity, Reverse Stock Split			one-for-two reverse stock split
Stock Issued During Period, Shares, Restricted Stock Award, Gross	25,000
Stock Issued During Period, Value, Restricted Stock Award, Gross	$ 117,750
Allocated Share-based Compensation Expense				$ 29,000	$ 29,000
Parent Company [Member]
Stock Issued During Period, Shares, New Issues		3,000,000				45,000,000
Stock Issued During Period, Value, New Issues		$ 13,500,000				$ 4,500
Shares Issued, Price Per Share		$ 4
Proceeds from Issuance Initial Public Offering		$ 12,200,000
Parent Company [Member] | Over-Allotment Option [Member]
Stock Issued During Period, Value, New Issues		$ 379,400