Senmiao Technology Limited (AIHS) 10-Q 14 Feb 22 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2021	Feb. 11, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-38426
Entity Registrant Name	Senmiao Technology Ltd
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	35-2600898
Entity Address, Address Line One	16F, Shihao Square, Middle Jiannan Blvd
Entity Address, Address Line Two	High-Tech Zone
Entity Address, City or Town	Chengdu
Entity Address, Country	CN
Entity Address, Postal Zip Code	610000
City Area Code	+86 28
Local Phone Number	61554399
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Trading Symbol	AIHS
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,783,794
Entity Central Index Key	0001711012
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Current assets
Cash, and cash equivalents	$ 2,801,711	$ 4,448,075
Accounts receivable, net, current portion	794,389	1,437,195
Inventories	211,054	127,933
Finance lease receivables, net, current portion	356,504	541,605
Prepayments, other receivables and other assets, net	3,797,476	3,905,278
Due from related parties	27,938	39,572
Current assets - discontinued operations	12,334	393,348
Total current assets	8,001,406	10,893,006
Property and equipment, net
Property and equipment, net	6,429,798	3,700,147
Property and equipment, net - discontinued operations		5,592
Total property and equipment, net	6,429,798	3,705,739
Other assets
Operating lease right-of-use assets, net	354,312	499,221
Operating lease right-of-use assets, net, related parties	578,951	580,367
Financing lease right-of-use assets, net	2,096,466	4,778,772
Intangible assets, net	939,193	968,131
Goodwill		135,388
Accounts receivable, net, noncurrent	29,275	269,183
Finance lease receivables, net, noncurrent	158,163	473,472
Total other assets	4,156,360	7,704,534
Total assets	18,587,564	22,303,279
Current liabilities
Borrowings from financial institutions	500,363	310,662
Accounts payable	124,052	44,769
Advances from customers	749,345	155,586
Income tax payable	17,947	17,408
Accrued expenses and other liabilities	6,561,161	6,655,592
Due to related parties and affiliates	364,705	352,827
Operating lease liabilities	156,769	209,644
Operating lease liabilities - related parties	366,998	243,726
Financing lease liabilities	4,526,480	5,172,943
Derivative liabilities	3,981,377	1,278,926
Current liabilities - discontinued operations	527,104	2,336,861
Total current liabilities	17,876,301	16,778,944
Other liabilities
Borrowings from financial institutions, noncurrent	27,982	44,962
Operating lease liabilities, non-current	179,778	263,708
Operating lease liabilities, non-current - related parties	293,987	341,549
Financing lease liabilities, non-current	1,311,647	2,256,553
Deferred tax liability	46,386	44,993
Total other liabilities	1,859,780	2,951,765
Total liabilities	19,736,081	19,730,709
Commitments and contingencies
Mezzannie equity (redeemable)
Series A convertible preferred stock (par value $0.0001 per share, 5,000 shares authorized; 5,000 and 0 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively), net of issuance costs of $118,344	820,799	0
Stockholders' equity (deficiency)
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 61,783,794 and 49,780,725 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively)	6,178	4,978
Additional paid-in capital	42,430,881	40,755,327
Accumulated deficit	(39,738,151)	(34,064,921)
Accumulated other comprehensive loss	(778,437)	(838,671)
Total Senmiao Technology Limited stockholders' equity	1,920,471	5,856,713
Non-controlling interests	(3,889,787)	(3,284,143)
Total equity (deficicency)	(1,969,316)	2,572,570
Total liabilities, mezzanine equity and equity (deficicency)	$ 18,587,564	$ 22,303,279

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
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	61,783,794	49,780,725
Common Stock, Shares, Outstanding	61,783,794	49,780,725
Series A Convertible Preferred Stock
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000	5,000
Preferred Stock, Shares Issued	5,000	0
Preferred Stock, Shares Outstanding	5,000	0
Net of issuance costs	$ 118,344	$ 118,344

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 3,543,049	$ 1,638,550	$ 8,249,033	$ 4,175,862
Cost of revenues	(2,692,177)	(1,793,815)	(9,339,832)	(3,588,586)
Gross profit (loss)	850,872	(155,265)	(1,090,799)	587,276
Operating expenses
Selling, general and administrative expenses	(3,764,222)	(2,401,250)	(10,429,219)	(7,110,884)
Provision for doutful accounts, net of recovery	22,330	187,907	(80,410)	106,835
Impairments of long-lived assets and goodwill	(7,982)	(41,983)	(178,125)	(122,206)
Total operating expenses	(3,749,874)	(2,255,326)	(10,687,754)	(7,126,255)
Loss from operations	(2,899,002)	(2,410,591)	(11,778,553)	(6,538,979)
Other income (expense)
Other expense(income), net	170,847	(72,586)	152,893	56,795
Interest expense	(16,475)	(2,158)	(44,123)	(37,698)
Interest expense on finance leases	(97,919)	(150,227)	(313,766)	(587,457)
Change in fair value of derivative liabilities	3,536,859	(1,030,843)	5,185,309	(1,443,784)
Issuance costs for issuing series A convertible preferred stock	(821,892)	0	(821,892)	0
Total other income (expense), net	2,771,420	(1,255,814)	4,158,421	(2,012,144)
Income(loss) before income taxes	(127,582)	(3,666,405)	(7,620,132)	(8,551,123)
Income tax expense	(4,539)	(7,487)	(4,550)	(14,464)
Net income (loss) from continuing operations	(132,121)	(3,673,892)	(7,624,682)	(8,565,587)
Net income (loss) from discontinued operations, net of applicable income taxes		(572)	0	(78,351)
Net loss attributable to non-controlling interests from continuing operations	287,580	593,452	1,951,452	1,401,697
Net income (loss) attributable to the Company's stockholders	155,459	(3,081,012)	(5,673,230)	(7,242,241)
Net income(loss)	(132,121)	(3,674,464)	(7,624,682)	(8,643,938)
Other comprehensive income (loss)
Foreign currency translation adjustment	70,638	(61,953)	48,458	(215,452)
Comprehensive income (loss)	(61,483)	(3,736,417)	(7,576,224)	(8,859,390)
less: Total comprehensive loss attributable to noncontrolling interests	(303,768)	(252,130)	(1,984,990)	(1,038,954)
Total comprehensive income (loss) attributable to stockholders	$ 242,285	$ (3,484,287)	$ (5,591,234)	$ (7,820,436)
Weighted average number of common stock
Basic	59,226,547	43,822,321	55,792,713	36,906,608
Diluted	59,226,547	43,822,321	55,792,713	36,906,608
Earnings (loss) per share - basic and diluted
Continuing operations - Basic	$ 0	$ (0.07)	$ (0.10)	$ (0.19)
Continuing operations - Diluted	$ 0	(0.07)	$ (0.10)	(0.19)
Discontinued operations		$ 0		$ 0

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common stockSeries A warrants	Common stock	Additional paid-in capitalSeries A warrants	Additional paid-in capital	Accumulated deficitSeries A warrants	Accumulated deficit	Accumulated other comprehensive lossSeries A warrants	Accumulated other comprehensive loss	Non-controlling interestSeries A warrants	Non-controlling interest	Series A warrants	Total
Beginning balance at Mar. 31, 2020		$ 2,901		$ 27,013,137		$ (23,704,863)		$ (507,478)		$ (1,331,340)		$ 1,472,357
Beginning balance (in shares) at Mar. 31, 2020		29,008,818
Net income(loss)		$ 0		0		(1,980,485)		0		(389,699)		(2,370,184)
Foreign currency translation adjustment		0		0		0		9,404		2,313		11,717
Ending balance at Jun. 30, 2020		$ 2,901		27,013,137		(25,685,348)		(498,074)		(1,718,726)		(886,110)
Ending balance (in shares) at Jun. 30, 2020		29,008,818
Beginning balance at Mar. 31, 2020		$ 2,901		27,013,137		(23,704,863)		(507,478)		(1,331,340)		1,472,357
Beginning balance (in shares) at Mar. 31, 2020		29,008,818
Net income(loss)												(8,643,938)
Foreign currency translation adjustment												(215,452)
Ending balance at Dec. 31, 2020		$ 4,420		34,793,916		(30,947,104)		(741,183)		(2,370,294)		739,755
Ending balance (in shares) at Dec. 31, 2020		44,201,052
Beginning balance at Jun. 30, 2020		$ 2,901		27,013,137		(25,685,348)		(498,074)		(1,718,726)		(886,110)
Beginning balance (in shares) at Jun. 30, 2020		29,008,818
Net income(loss)		$ 0		0		(2,180,744)				(418,546)		(2,599,290)
Exercise of Series A warrants into common stock	$ 5		$ 74,995		$ 0		$ 0		$ 0		$ 75,000
Exercise of Series A warrants into common stock (in shares)	50,000
Fair value of derivative liabilities upon exerice of warrants		0		56,662		0		0		0		56,662
Issuance of common stock and warrants in registered direct offering, net of issuance costs		$ 1,380		5,854,998		0		0		0		5,856,378
Issuance of common stock and warrants in a registered direct offerings, net of issuance costs (in shares)		13,800,000
Issuance of common stock for consulting service		$ 50		444,950		0		0		0		445,000
Issuance of common stock for consulting service (in shares)		500,000
Foreign currency translation adjustment		$ 0		0		0		(184,324)		19,108		(165,216)
Ending balance at Sep. 30, 2020		$ 4,336		33,444,742		(27,866,092)		(682,398)		(2,118,164)		2,782,424
Ending balance (in shares) at Sep. 30, 2020		43,358,818
Net income(loss)		$ 0		0		(3,081,012)		0		(593,452)		(3,674,464)
Exercise of Series A warrants into common stock	$ 84		421,033		$ 0		$ 0		$ 0		421,117
Exercise of Series A warrants into common stock (in shares)	842,234
Fair value of derivative liabilities upon exerice of warrants		0		928,141		0		0		0		928,141
Acquisition of business entities		0		0		0		0		344,490		344,490
Foreign currency translation adjustment		0		0		0		(58,785)		(3,168)		(61,953)
Ending balance at Dec. 31, 2020		$ 4,420		34,793,916		(30,947,104)		(741,183)		(2,370,294)		739,755
Ending balance (in shares) at Dec. 31, 2020		44,201,052
Ending balance at Mar. 31, 2021		$ 4,978		40,755,327		(34,064,921)		(838,671)		(3,284,143)		2,572,570
Ending balance (in shares) at Mar. 31, 2021		49,780,725
Net income(loss)						(6,248,615)				(1,122,021)		(7,370,636)
Exercise of Series A warrants into common stock	$ 4		$ 22,011								$ 22,015
Exercise of Series A warrants into common stock (in shares)	44,029
Fair value of derivative liabilities upon exerice of warrants				45,674								45,674
Issuance of common stock and warrants in registered direct offering, net of issuance costs		$ 554		2,208,095								2,208,649
Issuance of common stock and warrants in a registered direct offerings, net of issuance costs (in shares)		5,531,916
Foreign currency translation adjustment								(7,237)		(11,335)		(18,572)
Ending balance at Jun. 30, 2021		$ 5,536		43,031,107		(40,313,536)		(845,908)		(4,417,499)		(2,540,300)
Ending balance (in shares) at Jun. 30, 2021		55,356,670
Beginning balance at Mar. 31, 2021		$ 4,978		40,755,327		(34,064,921)		(838,671)		(3,284,143)		2,572,570
Beginning balance (in shares) at Mar. 31, 2021		49,780,725
Net income(loss)												(7,624,682)
Foreign currency translation adjustment												48,458
Ending balance at Dec. 31, 2021		$ 6,178		42,430,881		(39,738,151)		(778,437)		(3,889,787)		(1,969,316)
Ending balance (in shares) at Dec. 31, 2021		61,783,794
Beginning balance at Jun. 30, 2021		$ 5,536		43,031,107		(40,313,536)		(845,908)		(4,417,499)		(2,540,300)
Beginning balance (in shares) at Jun. 30, 2021		55,356,670
Net income(loss)						419,926				(541,851)		(121,925)
Issuance of restricted stock units		$ 9		104,991								105,000
Issuance of restricted stock units (in shares)		95,457
Foreign currency translation adjustment								2,407		(6,015)		(3,608)
Ending balance at Sep. 30, 2021		$ 5,545		43,136,098		(39,893,610)		(843,501)		(4,965,365)		(2,560,833)
Ending balance (in shares) at Sep. 30, 2021		55,452,127
Net income(loss)						155,459				(287,580)		(132,121)
Issuance of common stock for consulting service		$ 100		652,900								653,000
Issuance of common stock for consulting service (in shares)		1,000,000
Issuance of common stock in purhcase of XXTX's remaining NCI		$ 533		(1,358,117)				(21,762)		1,379,346
Issuance of common stock in purhcase of XXTX's remaining NCI (in shares)		5,331,667
Foreign currency translation adjustment								86,826		(16,188)		70,638
Ending balance at Dec. 31, 2021		$ 6,178		$ 42,430,881		$ (39,738,151)		$ (778,437)		$ (3,889,787)		$ (1,969,316)
Ending balance (in shares) at Dec. 31, 2021		61,783,794

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (7,624,682)	$ (8,643,938)
Net loss from discontinued operations	0	(78,351)
Net loss from continuing operations	(7,624,682)	(8,565,587)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of property and equipment	849,642	175,884
Stock compensation expense	653,000	445,000
Issuance costs for series A convertible preferred stock	821,892	0
Amortization of right-of-use assets	3,347,999	3,119,274
Amortization of intangible assets	104,829	59,209
Provision for doutful accounts, net of recovery	80,410	(106,835)
Impairments of long-lived assets	178,125	122,206
Gain (loss) on disposal of equipment	0	(420)
Change in fair value of derivative liabilities	(5,185,309)	1,443,784
Change in operating assets and liabilities
Accounts receivable	820,818	227,174
Inventories	(126,351)	226,852
Prepayments, other receivables and other assets	396,788	137,701
Finance lease receivables	524,831	113,911
Accounts payable	76,877	174,160
Advances from customers	581,180	52,453
Income tax payable	0	7,847
Accrued expenses and other liabilities	(231,230)	2,223,905
Operating lease liabilities	(149,466)	(132,885)
Operating lease liabilities - related parties	(124,143)	68,326
Net cash used in operating activities from continuing operations	(5,004,790)	(208,041)
Net cash used in operating activities from discontinued operations	(1,454,382)	(1,578,633)
Net Cash Used in Operating Activities	(6,459,172)	(1,786,674)
Cash Flows from Investing Activities:
Purchases of property and equipment	(3,460,067)	(199,896)
Purchases of intangible assets	(76,637)	0
Cash acquired from XXTX, net of cash paid to XXTX	0	7,975
Net cash used in investing activities from continuing operations	(3,536,704)	(191,921)
Net cash used in investing activities from discontinued operations	(1,398)	(2,258)
Net Cash Used in Investing Activities	(3,538,102)	(194,179)
Cash Flows from Financing Activities:
Net proceeds from issuance of common stock and warrants in registered direct offering	5,771,053	0
Net proceeds from issuance of common stock and warrants in an underwritten public offering	0	6,098,297
Net proceeds from issuance of common stock upon warrants exercised	22,015	496,117
Net proceeds from issuance of series A convertible preferred stock and warrants in a private placement offering	4,369,937	0
Borrowings from a financial instituition	693,777	508,275
Loan to related parties	(171,738)	0
Borrowings from related parties and affiliates	15,546	0
Repayments to related parties and affiliates	0	(213,342)
Repayments of current borrowings from financial institutions	(529,226)	(354,504)
Principal payments of finance lease liabilities	(1,994,077)	(1,771,214)
Net cash provided by financing activities from continuing operations	8,177,287	4,763,629
Net cash used in financing activities from discontinued operations	0	(167,315)
Net Cash Provided by Financing Activities	8,177,287	4,596,314
Effect of exchange rate changes on cash and cash equivalents	173,623	83,332
Net (decrease) increase in cash and cash equivalents	(1,646,364)	2,698,793
Cash and cash equivalents, beginning of period	4,448,075	844,027
Cash and cash equivalents, end of period	2,801,711	3,542,820
Less: Cash and cash equivalents from discontinued operations	0	0
Cash and cash equivalents from continuing operations, end of period	2,801,711	3,542,820
Supplemental Cash Flow Information
Cash paid for interest expense	44,123	35,419
Cash paid for income tax	0	0
Non-cash Transaction in Investing and Financing Activities
Recognition of right-of-use assets and lease liabilities	196,671	3,145,506
Recognition of right-of-use assets and lease liabilities, related parties	180,973	0
Acquision of equipment through prepayment and financing lease receivables offset	0	540,968
Allocation of fair value of derivative liabilities for issuance of common stock proceeds	7,933,434	(241,919)
Allocation of fair value of derivative liabilities to additional paid in capital upon warrants exercised	45,674	984,803
Acquisition of XXTX with payables	0	314,290
Acquisition of XXTX's minority interest with issuance of common stock at fair value	$ 1,972,717	$ 0

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	9 Months Ended
	Dec. 31, 2021
ORGANIZATION AND PRINCIPAL ACTIVITIES
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES Senmiao Technology Limited (the “Company”) is a U.S. holding company incorporated in the State of Nevada on June 8, 2017. The Company operates its business in three segments: (i) automobile transaction and related services focusing on the online ride-hailing industry in the People’s Republic of China (“PRC” or “China”) through its wholly owned subsidiaries, Yicheng Financial Leasing Co., Ltd., a PRC limited liability company (“Yicheng”), Chengdu Corenel Technology Co., Ltd., a PRC limited liability company (“Corenel”), and its majority owned subsidiary, Hunan Ruixi Financial Leasing Co., Ltd., a PRC limited liability company (“Hunan Ruixi”), its wholly owned subsidiary, Hunan Ruixi Automobile Leasing Co., Ltd., a PRC limited liability company (“Ruixi Leasing”), and its variable interest entity (“VIE”), Sichuan Jinkailong Automobile Leasing Co., Ltd., a PRC limited liability company (“Jinkailong”). (ii) online ride-hailing platform services through its own platform (known as Xixingtianxia) as described further below, since October 2020, through Hunan Xixingtianxia Technology Co., Ltd., a PRC limited liability company (“XXTX”), which is a wholly owned subsidiary of Sichuan Senmiao Zecheng Business Consulting Co., Ltd. (“Senmiao Consulting”), a PRC limited liability company and wholly-owned subsidiary of the Company. The Company’s ride hailing platform enables qualified ride-hailing drivers to provide transportation services in Chengdu, Changsha, Guangzhou, and 11 other cities in China as of the filing date of these unaudited condensed consolidated financial statements. (iii) as fully described below, the Company is going to be engaged in providing system development and support for online ride-hailing platforms like XXTX through a new VIE, Chengdu Youlu Technology Ltd. (“Youlu”) in the next twelve months. Youlu has not yet begun their operation as of December 31, 2021. The Company previously operated an online lending platform in China through its VIE, Sichuan Senmiao Ronglian Technology Co., Ltd. (“Sichuan Senmiao”), which facilitated peer-to-peer (“P2P”) loan transactions between Chinese investors and individual and small-to-medium-sized enterprise borrowers. The Company ceased its online lending services business in October 2019. Hunan Ruixi holds a business license for automobile sales and financial leasing and has been engaged in automobile financial leasing services and automobile sales since March 2019 and January 2019, respectively. Hunan Ruixi also controls Jinkailong through its 35%equity interest and voting agreements with Jinkailong's other shareholders. Jinkailong facilitates automobile sales and financing transactions for its clients, who are primarily ride-hailing drivers and provides them operating lease and relevant after-transaction services. Yicheng holds a business license for automobiles sale and financial leasing and has been engaged in automobile sales since June 2019. The Company also has been engaged in operating leasing services through Jinkailong and Hunan Ruixi since March 2019. On September 11, 2020, Senmiao Consulting entered into an investment agreement relating to XXTX with all the original shareholders of XXTX (the “XXTX Investment Agreement”), pursuant to which Senmiao Consulting would make an investment of RMB3.16 million (approximately $0.5 million) in XXTX in cash and obtain a 51% equity interest. On October 23, 2020, the registration procedures for the change in shareholders and registered capital were completed and XXTX became a majority owned subsidiary of Senmiao Consulting. On February 5, 2021, Senmiao Consulting and all the original shareholders of XXTX entered into a supplementary agreement related to XXTX’s Investment agreement (the “XXTX Increase Investment Agreement”). Under the XXTX Increase Investment Agreement, all shareholders of XXTX agreed to increase the total registered capital of XXTX to RMB50.8 million (approximately $7.8 million). Senmiao Consulting shall pay another investment amounted to RMB36.84 million (approximately $5.7 million) in cash in exchange of additional 27.74% of XXTX’s equity interest. On October 22, 2021, Senmiao Consulting further entered into a Share Swap Agreement (the “Share Swap Agreement”), pursuant to which Senmiao Consulting shall acquire all of the remaining equity interests the original shareholders hold in XXTX at a total purchase price of $3.5 million, payable in the Company’s shares of common stock, par value $0.0001 per share (the “Common Stock”) at a per share price of the average closing price of a share of Common Stock reported on the Nasdaq Capital Market for ten (10) trading days immediately preceding the date of the Share Swap Agreement. On November 9, 2021, the issuance of 5,331,667 shares of the Company’s common stock for this transaction has been completed and on December 31, 2021, the registration procedures for the change in shareholders have been completed. As a result, XXTX became a wholly-owned subsidiary of Senmiao Consulting. As of the filing date of these unaudited condensed consolidated financial statements, Senmiao Consulting has made a cumulative capital contribution of RMB36.16 million (approximately $5.69 million) to XXTX and the remaining amount is expected to be paid before December 31, 2025. As of December 31, 2021, XXTX had eight wholly owned subsidiaries and only one of them has operations. In December 2020, Senmiao Consulting formed Corenel, with a registered capital of RMB10 million (approximately $1.6 million) in Chengdu City, Sichuan Province. Corenel has engaged in automobile operating leases since March 2021. In December 2020, Hunan Ruixi and a third party jointly formed a subsidiary, Chengdu Xichuang Technology Service Co., Ltd. ("Xichuang"), with a registered capital of RMB200,000 (approximately $32,000) in Chengdu City, Sichuan Province. Hunan Ruixi holds 70% of the equity interests of Xichuang. In August 2021, Hunan Ruixi signed an equity transfer agreement with another shareholder of Xichuang. Pursuant to the equity transfer agreement, another shareholder of Xichuang would transfer 30% of its shares to Hunan Ruixi for free. However, in November 2021, Xichuang was dissolved. The dissolution of Xichuang did not have a material impact to the Company’s financial results. In April 2021, the Company formed Senmiao Technology (Hong Kong)., Ltd. (“Senmiao HK”), with a registered capital of $10,000 in Hongkong. The Company holds 99.99% of the equity interests of Senmiao HK. The following diagram illustrates the Company’s corporate structure, including its subsidiaries, and VIEs, as of the filing date of these unaudited condensed consolidated financial statements: ​ VIE Agreements with Sichuan Senmiao According to the VIE Agreements, Sichuan Senmiao is obligated to pay Senmiao Consulting service fees equal to its net income. Sichuan Senmiao’s entire operations are controlled by the Company. Although the Company discontinued Sichuan Senmiao’s online P2P lending services business as of October 2019, the VIE Agreements remain in place, and such agreements are described in detail below: Equity Interest Pledge Agreement Senmiao Consulting, Sichuan Senmiao and the Sichuan Senmiao Shareholders entered into an Equity Interest Pledge Agreement, pursuant to which the Sichuan Senmiao Shareholders pledged all of their equity interest in Sichuan Senmiao to Senmiao Consulting in order to guarantee the performance of Sichuan Senmiao’s obligations under the Exclusive Business Cooperation Agreement as described below. During the term of the pledge, Senmiao Consulting is entitled to receive any dividends declared on the pledged equity interest of Sichuan Senmiao. The Equity Interest Pledge Agreement terminates when all contractual obligations under the Exclusive Business Cooperation Agreement have been fully performed. Exclusive Business Cooperation Agreement Pursuant to an Exclusive Business Cooperation Agreement entered by and among the Company, Senmiao Consulting, Sichuan Senmiao and each of Sichuan Senmiao Shareholders, Senmiao Consulting will provide Sichuan Senmiao with complete technical support, business support and related consulting services for 10 years ended September 18, 2027. The Sichuan Senmiao Shareholders and Sichuan Senmiao will not engage any third party for the same or similar consultation services without Senmiao Consulting's prior consent. Further, the Sichuan Senmiao Shareholders are entitled to receive an aggregate of 20,250,000 shares of common stock of the Company under the Exclusive Business Cooperation Agreement. Senmiao Consulting may terminate the Exclusive Business Cooperation Agreement at any time upon prior written notice to Sichuan Senmiao and the Sichuan Senmiao Shareholders. Exclusive Option Agreement Pursuant to an Exclusive Option Agreement entered by and among Senmiao Consulting, Sichuan Senmiao and the Sichuan Senmiao Shareholders, the Sichuan Senmiao Shareholders have granted Senmiao Consulting an exclusive option to purchase at any time their equity interests in Sichuan Senmiao at a purchase price equal to the capital paid by the Sichuan Senmiao Shareholders in whole or at a pro-rated price for any partial purchase. The Exclusive Option Agreement terminates after 10 years ending September 18, 2027 but can be renewed by Senmiao Consulting at its discretion. Powers of Attorney Each of the Sichuan Senmiao Shareholders has signed a power of attorney (the “Power of Attorney”), pursuant to which, each of the Sichuan Senmiao Shareholders has authorized Senmiao Consulting to act as his or her exclusive agent and attorney with respect to all rights of such individual as a shareholder of Sichuan Senmiao, including but not limited to: (a) attending shareholders’ meetings; (b) exercising all the shareholder’s rights that shareholders are entitled to under PRC laws and the Articles of Association of Sichuan Senmiao, including but not limited to voting, sale, transfer, pledge and disposition of the equity interests of Sichuan Senmiao; and (c) designating and appointing the legal representative, chairperson, director, supervisor, chief executive officer and other senior management members of Sichuan Senmiao. The Power of Attorney has the same term as the Exclusive Option Agreement. Timely Report Agreement The Company and Sichuan Senmiao entered into a Timely Report Agreement, pursuant to which, Sichuan Senmiao agrees to make its officers and directors available to the Company and promptly provide all information required by the Company so that the Company can make necessary filings to the U.S. Securities and Exchange Commission (“SEC”) and other regulatory reports in a timely fashion. The Company has concluded that it should consolidate the financial statements with Sichuan Senmiao because it is Sichuan Senmiao’s primary beneficiary based on the Power of Attorney from the Sichuan Senmiao Shareholders, who assigned their rights as shareholders of Sichuan Senmiao to Senmiao Consulting, the Company’s wholly-owned subsidiary. These rights include, but are not limited to, attending shareholders’ meetings, voting on matters submitted for shareholder approval and appointing legal representatives, directors, supervisors and senior management of Sichuan Senmiao. As a result, the Company, through Senmiao Consulting, is deemed to hold all of the voting equity interests in Sichuan Senmiao. Pursuant to Exclusive Business Cooperation Agreement, Senmiao Consulting shall provide complete technical support, business support and related consulting services for 10 years. Though not explicit in the VIE Agreements, the Company may provide financial support to Sichuan Senmiao to meet its working capital requirements and capitalization purposes. The terms of the VIE Agreements and the Company’s plan to provide financial support to Sichuan Senmiao were considered in determining that the Company is the primary beneficiary of Sichuan Senmiao. Accordingly, the financial statements of Sichuan Senmiao are consolidated in the accompanying unaudited condensed consolidated financial statements. Voting Agreements with Jinkailong’s Other Shareholders Hunan Ruixi entered into two voting agreements signed in August 2018 and February 2020, respectively, as amended (the “Voting Agreements”), with Jinkailong and other Jinkailong’s shareholders holding an aggregate of 65% equity interests and obtained 35% equity interests in Jinkailong. Pursuant to the Voting Agreements, all other Jinkailong’s shareholders will vote in concert with Hunan Ruixi on all fundamental corporate transactions in the event of a disagreement for periods of 20 years and 18 years, respectively, ending on August 25, 2038. The Company has concluded that it should consolidate the financial statements with Jinkailong because it is Jinkailong’s primary beneficiary based on the Voting Agreements. Though not explicit in the Voting Agreements by and among Jinkailong, Hunan Ruixi, and other shareholders of Hunan Ruixi, the Company may provide financial support to Jinkailong to meet its working capital requirements and capitalization purposes. The terms of the Voting Agreements and the Company’s plan to provide financial support to Jinkailong were considered in determining that the Company is the primary beneficiary of Jinkailong. Accordingly, management has determined that Jinkailong is a VIE and the financial statements of Jinkailong are consolidated in the Company’s unaudited condensed consolidated financial statements. VIE Agreements with Youlu On December 7, 2021, XXTX entered into a series of contractual arrangements (collectively, the “Youlu VIE Agreements”) with Youlu and each of its equity holders (“Youlu Shareholders”). The term of Youlu is similar to the VIE Agreements with Sichuan Senmiao as described above. According to the VIE Agreements, Youlu is obligated to pay XXTX service fees approximately equal to its net income. Youlu’s entire operations are, in fact, directly controlled by XXTX. There are no unrecognized revenue-producing assets that are held by Youlu. As of December 31, 2021, Youlu has not commenced operation yet. Total assets and total liabilities of the Company’s VIEs included in the Company’s unaudited condensed consolidated financial statements as of December 31, 2021 and March 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ Current assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 175,768 ​ $ 134,776 Accounts receivable, net, current portion ​ ​ 389,952 ​ ​ 935,165 Inventories ​ ​ 33,622 ​ ​ — Prepayments, other receivables and other assets, net ​ ​ 1,590,490 ​ ​ 1,245,330 Other receivable - intercompany ​ ​ 2,977,816 ​ ​ 1,815,250 Due from related parties ​ ​ 27,938 ​ ​ 39,572 Current assets - discontinued operations (1) ​ ​ 195,665 ​ ​ 571,172 Total current assets ​ ​ 5,391,251 ​ ​ 4,741,265 ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ Property and equipment, net ​ ​ 293,611 ​ ​ 451,522 Property and equipment, net - discontinued operations ​ ​ — ​ ​ 2,706 Total property and equipment, net ​ ​ 293,611 ​ ​ 454,228 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, net ​ ​ 216,132 ​ ​ 265,470 Operating lease right-of-use assets, net, related parties ​ ​ 6,582 ​ ​ 9,896 Financing lease right-of-use assets, net ​ ​ 1,659,036 ​ ​ 4,201,693 Accounts receivable, net, non-current ​ ​ 28,153 ​ ​ 207,240 Total other assets ​ ​ 1,909,903 ​ ​ 4,684,299 ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 7,594,765 ​ $ 9,879,792 ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ Borrowings from financial institutions ​ $ 500,363 ​ $ 310,662 Advances from customers ​ ​ 637,596 ​ ​ 45,413 Income tax payable ​ ​ 17,947 ​ ​ 17,408 Accrued expenses and other liabilities ​ ​ 4,331,429 ​ ​ 3,750,393 Other payable - intercompany ​ ​ 7,868,916 ​ ​ 6,895,543 Due to related parties and affiliates ​ ​ 364,705 ​ ​ 352,827 Operating lease liabilities ​ ​ 107,241 ​ ​ 99,831 Operating lease liabilities - related parties ​ ​ 5,381 ​ ​ 4,989 Financing lease liabilities ​ ​ 4,104,460 ​ ​ 4,814,808 Current liabilities - discontinued operations (2) ​ ​ 527,104 ​ ​ 2,372,652 Total current liabilities ​ ​ 18,465,142 ​ ​ 18,664,526 ​ ​ ​ ​ ​ ​ ​ Other liabilities: ​ ​ ​ ​ ​ ​ Borrowings from financial institutions, non-current ​ ​ 21,776 ​ ​ 38,857 Operating lease liabilities, non-current ​ ​ 131,988 ​ ​ 167,822 Operating lease liabilities, non-current - related parties ​ ​ 1,395 ​ ​ 3,850 Financing lease liabilities, non-current ​ ​ 1,296,238 ​ ​ 2,037,609 Total other liabilities ​ ​ 1,451,397 ​ ​ 2,248,138 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ $ 19,916,539 ​ $ 20,912,664 (1) Includes intercompany receivables of $183,331 and $177,825 as of December 31, 2021 and March 31, 2021, respectively. (2) Includes intercompany payables of $0 and $35,790 as of December 31, 2021 and March 31, 2021, respectively. Net revenue, loss from operations and net loss of the VIEs that were included in the Company's unaudited condensed consolidated financial statements for the three months and nine months ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Net revenue from continuing operations ​ $ 1,902,560 ​ $ 1,157,146 ​ $ 5,644,454 ​ $ 2,925,839 Net revenue from discontinued operations ​ $ — ​ $ 1,642 ​ $ — ​ $ 6,196 Loss from operations from continuing operations ​ $ (875,683) ​ $ (985,172) ​ $ (2,949,481) ​ $ (3,551,034) Loss from operations from discontinued operations ​ $ — ​ $ (2,238) ​ $ — ​ $ (84,692) Net loss from continuing operations attributable to stockholders ​ $ (708,800) ​ $ (972,620) ​ $ (2,426,729) ​ $ (2,911,651) Net loss from discontinued operations attributable to stockholders ​ $ — ​ $ (8,212) ​ $ — ​ $ (233,977) Net loss attributable to stockholders ​ $ (708,800) ​ $ (980,832) ​ $ (2,426,729) ​ $ (3,145,628) ​

GOING CONCERN

GOING CONCERN	9 Months Ended
	Dec. 31, 2021
GOING CONCERN
GOING CONCERN	2. GOING CONCERN In assessing the Company’s liquidity, the Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Debt financing from financial institutions and equity financings have been utilized to finance the working capital requirements of the Company. The Company’s business is capital intensive. The Company’s management has considered whether there is substantial doubt about its ability to continue as a going concern due to (1) net loss of approximately $7.6 million for the nine months ended December 31, 2021, (2) accumulated deficit of approximately $39.7 million as of December 31, 2021; (3) the working capital deficit of approximately $9.9 million as of December 31, 2021; (4) net operating cash outflows of approximately $5.0 million and $1.5 million from continuing operations and discontinued operations, respectively, for the nine months ended December 31, 2021 and (5) the purchase commitment of approximately $1.7 million for 100 automobiles. As of the filing date of these unaudited condensed consolidated financial statements, the Company has entered into a purchase contract with an automobile dealer to purchase a total of 200 automobiles for the amount of approximately $3.4 million , of which, 100 automobiles of approximately $1.7 million have been purchased in cash and delivered to the Company and the remaining purchase commitment of approximately $1.7 million shall be completed with financing option through the dealer’s designated financial institutions. Management has determined there is substantial doubt about its ability to continue as a going concern. If the Company is unable to generate significant revenue, the Company may be required to curtail or cease its operations. Management is trying to alleviate the going concern risk through the following sources: ● the Company will continue to seek equity financing to support its working capital; ● other available sources of financing (including debt) from PRC banks and other financial institutions; and ● financial support and credit guarantee commitments from the Company’s related parties. Based on the above considerations, management is of the opinion that the Company will probably not have sufficient funds to meet its working capital requirements and debt obligations as they become due one year from the filing date of these unaudited condensed consolidated financial statements, if the Company is unable to obtain additional financing. In addition, the maximum contingent liabilities for automobile purchasers the Company would be exposed to was approximately $9.7 million as of December 31, 2021, assuming all the automobile purchasers were in default. There is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonable terms, or at all. There are a number of factors that could potentially arise that could undermine the Company’s plans, such as (i) the impact of the COVID-19 pandemic on the Company’s business and areas of operations in China, (ii) changes in the demand for the Company’s services, (iii) PRC government policies, (iv) economic conditions in China and worldwide, (v) competitive pricing in the automobile transaction and related service and ride-hailing industries, (vi) changes in the Company’s relationships with key business partners, (vii) the ability of financial institutions in China to provide continued financial support to the Company’s customers, and (viii) the perception of PRC-based companies in the U.S. capital markets. The Company’s inability to secure needed financing when required could require material changes to the Company’s business plans and could have a material adverse effect on the Company’s viability and results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The accompanying interim unaudited condensed consolidated financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed interim financial information as of December 31, 2021 and for the three and nine months ended December 31, 2021 and 2020 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 consolidated financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended March 31, 2021, which was filed with the SEC on July 8, 2021. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of December 31, 2021, its unaudited results of operations and changes in shareholders’ equity for the three and nine months ended December 31, 2021 and 2020, and its unaudited cash flows for the nine months ended December 31, 2021 and 2020, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods. (b) Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of the subsidiaries and VIEs. All inter-company accounts and transactions have been eliminated in consolidation. (c) Foreign currency translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company and its subsidiaries and VIEs is U.S. dollars (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the functional currency of the economic environment in which its operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries and VIEs are recorded as a separate component of accumulated other comprehensive loss within the statement of stockholders’ equity (deficiency). Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Balance sheet items, except for equity accounts 6.3559 6.5527 ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ December 31, ​ 2021 2020 Items in the statements of operations and comprehensive loss 6.3937 6.6224 ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ December 31, ​ 2021 2020 Items in the statements of operations and comprehensive loss, and statements of cash flows ​ 6.4408 6.8726 ​ (d) Use of estimates In presenting the unaudited condensed consolidated financial statements in accordance with U.S. GAAP, management make estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgement and available information. Accordingly, actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The inputs into our judgments and estimates consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, lease classification and liabilities, finance lease receivables, inventory obsolescence, right-of-use assets, determinations of the useful lives and valuation of long-lived assets and goodwill, estimates of allowances for doubtful accounts and prepayments, estimates of impairment of long-lived assets and goodwill, valuation of deferred tax assets, estimated fair value used in business acquisitions, valuation of derivative liabilities, allocation of fair value of derivative liabilities, issuance of common stock and warrants exercised and other provisions and contingencies. (e) Fair values of financial instruments Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. The three levels of valuation hierarchy are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ Fair Value Measurement at ​ ​ December 31, 2021 ​ December 31, 2021 ​ (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities ​ $ 3,981,377 ​ $ — ​ $ — ​ $ 3,981,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ Carrying Value at ​ March 31, 2021 ​ March 31, 2021 Level 1 Level 2 Level 3 Derivative liabilities ​ $ 1,278,926 ​ $ — ​ $ — ​ $ 1,278,926 ​ The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended December 31, 2021 and for the year ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August ​ February ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Registered Direct Offering ​ Underwritten ​ Registered ​ May 2021 ​ November 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public ​ Direct ​ Registered Direct Offering ​ Private Placement ​ ​ ​ ​ ​ Series A ​ Series B ​ Placement ​ Offering ​ Offering ​ Investors ​ ​ Placement ​ Investors ​ Placement ​ ​ ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Total BALANCE as of March 31, 2020 ​ $ 315,923 ​ $ 1,371 ​ $ 25,236 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 342,530 Derivative liabilities recognized at grant date ​ ​ — ​ ​ — ​ ​ — ​ ​ 241,919 ​ ​ 755,274 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 997,193 Change in fair value of derivative liabilities ​ ​ 1,234,630 ​ ​ — ​ ​ 138,336 ​ ​ 455,162 ​ ​ (117,713) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,710,415 Fair value of warrants exercised ​ ​ (1,470,285) ​ ​ — ​ ​ — ​ ​ (299,556) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,769,841) Warrant forfeited due to expiration ​ ​ — ​ ​ (1,371) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,371) BALANCE as of March 31, 2021 ​ ​ 80,268 ​ ​ — ​ ​ 163,572 ​ ​ 397,525 ​ ​ 637,561 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,278,926 Derivative liabilities recognized at grant date ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,313,864 ​ ​ 248,541 ​ ​ 4,060,857 ​ ​ 310,173 ​ ​ 7,933,435 Change in fair value of derivative liabilities ​ ​ (29,989) ​ ​ — ​ ​ (138,241) ​ ​ (315,393) ​ ​ (514,123) ​ ​ (1,894,358) ​ ​ (142,082) ​ ​ (1,999,514) ​ ​ (151,609) ​ ​ (5,185,309) Fair value of warrants exercised ​ ​ (45,675) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (45,675) BALANCE as of December 31, 2021 (Unaudited) ​ $ 4,604 ​ $ — ​ $ 25,331 ​ $ 82,132 ​ $ 123,438 ​ $ 1,419,506 ​ $ 106,459 ​ $ 2,061,343 ​ $ 158,564 ​ $ 3,981,377 ​ On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock, (ii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock and (iii) placement agent warrants to purchase up to 142,509 shares of common stock (the “June 2019 Placement Agent Warrants”). On August 6, 2020, the Company completed a public offering of 12,000,000 shares of the Company’s common stock at $0.50 per share (the “Offering Price”), pursuant to an underwriting agreement with The Benchmark Company, LLC and Axiom Capital Management, Inc., as representatives of the several underwriters (the “Underwriters”). On August 13, 2020, the Underwriters exercised their rights to purchase an additional 1,800,000 shares of common stock at the Offering Price. In connection with the offering, the Company issued the Underwriters, on a private placement basis, warrants to purchase up to 568,000 shares of common stock (the “Underwriters’ Warrants”). The Underwriters’ Warrants are exercisable for a period of five years commencing six months from August 4, 2020 at a price per share equal to 125% of the Offering Price and are exercisable on a “cashless” basis. As the underwriting agreement indicated, the Underwriters have the right of first refusal to act as lead or joint investment banker, lead or join book-runner and /or joint placement agent, for each and every future public and private equity and debt offering, including all equity linked financings for the Company, or any successor to or any subsidiary of the Company for a period of twelve months following August 4, 2020, (the “ROFR”). The ROFR was terminated as of February 4, 2021 as disclosed in more details below. On February 10, 2021, the Company completed a registered direct offering of 5,072,465 shares of the Company’s common stock at $1.38 per share, pursuant to a placement agency agreement with FT Global Capital, Inc., as exclusive placement agent in connection with this offering. In connection with the offering, the Company issued the placement agent warrants to purchase up to 380,435 shares of its common stock. These warrants are exercisable for a period of five years commencing 180 days from February 8, 2020 at a price of $1.38 per share and are exercisable on a “cashless” basis. In addition, the company issued to the Underwriters seven percent of the gross proceeds from the offering and warrants to purchase up to 152,174 shares of its common stock, in consideration for the termination of the ROFR as mentioned above. These warrants are exercisable for a period of five years from February 8, 2020 at a price of $1.725 per share. On May 13, 2021, the Company completed a registered direct offering of 5,531,916 shares of the Company’s common stock at $1.175 per share, pursuant to a securities purchase agreement with certain purchasers dated May 11, 2021. As a result, the Company raised approximately $5.8 million, net of placement agent fees and offering expenses, to support the Company’s working capital requirements. In connection with the offering, The Company also issued warrants to the investors to purchase a total of 5,531,916 shares of common stock at an exercise price of $1.05 per share (the “May 2021 Investors Warrants”). The warrants have a term of five years and are exercisable at any time on or after the issuance date. In connection with the offering, the Company paid the placement agent cash commission of approximately $487,500 and issued to it warrants to purchase up to 414,894 shares of common stock at an exercise price of $1.05 per share (the “May 2021 Placement Agent Warrants”), which warrants will be exercisable at any time on or after the issuance date and expire on the fifth-year anniversary of their issuance. On November 10, 2021, the Company completed a private placement of 5,000 shares of the Company’s series A convertible preferred stock at $1,000 per share, pursuant to a securities purchase agreement with certain institutional investors. As a result, the Company raised approximately $4.4 million, net of placement agent fees and offering expenses, to support the Company’s working capital requirements. In connection with the offering, The Company also issued warrants to the investors to purchase a total of 7,352,941 shares of common stock at an exercise price of $0.82 per share (the “ November 2021 Investors Warrants”). The warrants have a term of five years and are exercisable at any time on or after the initial exercisability date. In connection with the offering, the Company paid the placement agent cash commission of approximately $375,000 and issued to it warrants to purchase up to 551,471 shares of common stock at an exercise price of $0.68 per share (the “November 2021 Placement Agent Warrants”), which warrants will be exercisable at any time beginning from the date of six months from the closing of the Offering and expire on the fifth-year anniversary of their issuance. The Series A Convertible Preferred Stock is redeemable as change of control occur. A discount to the redemption amount of a contingently redeemable preferred share should be amortized only once it is probable the share will become redeemable. The Company determined that the redemption is uncertain as the cash redemption feature upon change of control is at the option of the holder, and the redemption date upon the change of control is uncertain. The strike price of the Company’s Series A and Series B warrants, the placement agent warrants, the Underwriters’ Warrants, the ROFR warrants, and the investors warrants are denominated in US$ and the Company's functional currency is RMB; therefore, those warrant shares are not considered indexed to the Company's own stock which should be classified as derivative liability. The Company’s Series A and Series B warrants, the June 2019 Placement Agent Warrants, the Underwriters’ Warrants, the ROFR Warrants, the May 2021 Investors Warrants, the May 2021 Placement Agent Warrants, and the November 2021 Investors Warrants and November 2021 Placement Agent Warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date), August 4, 2020 (the grant date), February 10, 2021 (the grant date), May 13, 2021 (the grant date), November 10, 2021 (the grant date), December 31, 2021 and March 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 20, ​ August 4, February 10, ​ May 13, ​ November 10, ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ 2021 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ Series A ​ Series B ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ Investor ​ Agent ​ Investor ​ Agent ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants ​ # of shares exercisable ​ 1,336,021 ​ 1,116,320 ​ 142,509 ​ ​ 568,000 ​ ​ 380,435 ​ 152,174 ​ 5,531,916 ​ 414,894 ​ 7,352,941 ​ ​ 551,471 ​ Valuation date ​ 6/20/2019 ​ 6/20/2019 ​ 6/20/2019 ​ ​ 8/4/2020 ​ ​ 2/10/2021 ​ 2/10/2021 ​ 5/13/2021 ​ 5/13/2021 ​ 11/10/2021 ​ ​ 11/10/2021 ​ Exercise price ​ $ 3.72 ​ $ 3.72 ​ $ 3.38 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ $ 1.05 ​ $ 1.05 ​ $ 0.82 ​ $ 0.68 ​ Stock price ​ $ 2.80 ​ $ 2.80 ​ $ 2.80 ​ $ 0.51 ​ $ 1.63 ​ $ 1.63 ​ $ 0.72 ​ $ 0.72 ​ $ 0.67 ​ $ 0.67 ​ Expected term (years) ​ 4 ​ 1 ​ 4 ​ ​ 5 ​ 5 ​ 5 ​ 5 ​ 5 ​ ​ 5 ​ ​ 5 ​ Risk-free interest rate ​ 1.77 % 1.91 % 1.77 % ​ 0.19 % 0.46 % 0.46 % 0.84 % 0.84 % ​ 1.23 % ​ 1.23 % Expected volatility ​ 86 % 91 % 86 % ​ 129 % 132 % 132 % 131 % 131 % ​ 126 % ​ 126 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ Granted Date ​ June 20, 2019 ​ August 4, 2020 ​ February 10, 2021 ​ May 13, 2021 ​ November 10, 2021 ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ Series A ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ Investor ​ Agent ​ Investor ​ Agent ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants ​ # of shares exercisable ​ 25,902 ​ 142,509 ​ 318,080 ​ ​ 380,435 ​ ​ 152,174 ​ 5,531,916 ​ 414,894 ​ 7,352,941 ​ ​ 551,471 ​ Valuation date ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ ​ 12/31/2021 ​ ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ ​ 12/31/2021 ​ Exercise price ​ $ 0.50 ​ $ 0.50 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ $ 1.05 ​ $ 1.05 ​ $ 0.82 ​ $ 0.68 ​ Stock price ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ Expected term (years) ​ 1.47 ​ 1.47 ​ 3.59 ​ ​ 4.12 ​ 4.12 ​ 4.37 ​ 4.37 ​ ​ 4.86 ​ ​ 4.86 ​ Risk-free interest rate ​ 0.55 % 0.55 % 1.06 % ​ 1.13 % 1.13 % 1.17 % 1.17 % ​ 1.24 % ​ 1.24 % Expected volatility ​ 124 % 124 % 124 % ​ 124 % 124 % 124 % 124 % ​ 124 % ​ 124 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ Granted Date ​ June 20, 2019 ​ August 4, 2020 ​ February 10, 2021 ​ ​ ​ Placement ​ Placement ​ ​ ​ ​ Series A ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ ​ ​ Warrants ​ Warrants ​ Warrants Warrants ​ Warrants ​ # of shares exercisable ​ 69,931 ​ 142,509 ​ ​ 318,080 ​ 380,435 ​ ​ 152,174 ​ Valuation date 3/31/2021 3/31/2021 ​ ​ 3/31/2021 ​ ​ 3/31/2021 ​ ​ 3/31/2021 ​ Exercise price $ 0.50 $ 0.50 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ Stock price $ 1.40 $ 1.40 ​ $ 1.40 ​ $ 1.40 ​ $ 1.40 ​ Expected term (years) ​ 2.22 ​ 2.22 ​ ​ 4.35 ​ ​ 4.87 ​ ​ 4.87 ​ Risk-free interest rate ​ 0.20 % 0.20 % ​ 0.73 % ​ 0.88 % ​ 0.88 % Expected volatility ​ 132 % 132 % ​ 132 % ​ 132 % ​ 132 % ​ As of December 31 and March 31, 2021, financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, restricted cash, accounts receivable, inventories, finance lease receivables, prepayments, other receivables and other assets, due from related parties, borrowings from financial institutions, accounts payable, advance from customers, lease liabilities, accrued expenses and other liabilities, due to related parties and affiliates, and operating and financing lease liabilities, which approximate their fair values because of the short-term nature of these instruments, and non-current liabilities of borrowings from financial institutions, which approximate their fair values because of the stated loan interest rate to the rate charged by similar financial institutions. The non-current portion of accounts receivables, finance lease receivables, and operating and financing lease liabilities were recorded at gross adjusted for the interest using the effective interest rate method. The Company believes that the effective interest rates underlying these instruments approximate their fair values because the Company used its incremental borrowing rate to recognize the present value of these instruments as of December 31, 2021 and March 31, 2021. Other than as listed above, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value. (f) Business combinations and non-controlling interests The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the unaudited condensed consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the unaudited condensed consolidated income statements. For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations and comprehensive loss. Cash flows related to transactions with non-controlling interests are presented under financing activities in the unaudited condensed consolidated statements of cash flows. (g) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company's management team. Historically, the Company had one single operating and reportable segment, namely the provision of an online lending services which was discontinued in the periods after October 17, 2019. During the year ended March 31, 2019 and 2021, the Company acquired Hunan Ruixi and XXTX, respectively. The Company evaluated how the CODM manages the businesses of the Company to maximize efficiency in allocating resources and assessing performance. Consequently, the Company presents two operating and reportable segments as set forth in Notes 1 and 20. (h) Cash and cash equivalents Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds received from automobile purchasers as payment for automobiles, related insurances and taxes to be paid on behalf of the automobile purchasers, which funds were held at the third-party platforms’ fund accounts and which are unrestricted and immediately available for withdrawal and use. (i) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, and are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2021 and March 31, 2021, allowance for doubtful accounts amounted to $34,990 and $78,167, respectively. (j) Inventories Inventories consist of automobiles which are held primarily for sale and for leasing purposes, and are stated at lower of cost or net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances. (k) Finance lease receivables, net Finance lease receivables, which result from sales-type leases, are measured at discounted present value of (i) future minimum lease payments, (ii) any residual value not subject to a bargain purchase option as a finance lease receivables on its balance sheet and (iii) accrued interest on the balance of the finance lease receivables based on the interest rate inherent in the applicable lease over the term of the lease. Management also periodically evaluates individual customer's financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Finance lease receivables is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2021 and March 31, 2021, the Company determined no allowance for doubtful accounts was necessary for finance lease receivables. As of December 31, 2021 and March 31, 2021, finance lease receivables consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Minimum lease payments receivable ​ $ 655,067 ​ $ 1,343,662 Less: Unearned interest ​ (140,400) ​ (328,585) Financing lease receivables, net ​ $ 514,667 ​ $ 1,015,077 Finance lease receivables, net, current portion ​ $ 356,504 ​ $ 541,605 Finance lease receivables, net, non-current portion ​ $ 158,163 ​ $ 473,472 ​ Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ Minimum future payments ​ ​ receivable Twelve months ending December 31, 2022 ​ $ 405,094 Twelve months ending December 31, 2023 ​ 222,094 Twelve months ending December 31, 2024 ​ 27,879 Twelve months ending December 31, 2025 ​ — Total ​ $ 655,067 ​ (l) Property and equipment, net Property and equipment primarily consist of computer equipment, which is stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the estimated useful life. The useful life of property and equipment is summarized as follows: ​ ​ ​ ​ Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment ​ 2 - 5 years Office equipment 3 - 5 years Automobiles 3 - 5 years ​ The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the three and nine months ended December 31, 2021, the impairment for property and equipment was $7,982 and $38,545, respectively. For the three and nine months ended December 31, 2020, the impairment for property and equipment was $10,342. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statements of operations and comprehensive loss. (m) Intangible assets, net Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: ​ ​ ​ ​ Categories Useful life Software 5-10 years Online ride-hailing platform operating license 2-10 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 nine months ended December 31, 2021 and 2020, there was no impairment of intangible assets. (n) Goodwill Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the unaudited condensed consolidated statements of operations and comprehensive loss. Impairment losses on goodwill are not reversed. The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. The Company assesses qualitative factors to determine whether it is necessary to perform the two-step in accordance with ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantitative impairment test described below is required. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying value of a reporting unit's goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the asse

BUSINESS COMBINATION

BUSINESS COMBINATION	9 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATION
BUSINESS COMBINATION	4. BUSINESS COMBINATION On September 11, 2020, Senmiao Consulting entered into an investment agreement (“XXTX Investment Agreement”) relating to XXTX with all the original shareholders of XXTX, pursuant to which Senmiao Consulting agreed to make an investment of RMB3.16 million (approximately $0.5 million) in XXTX in cash in exchange for a 51% equity interest. On October 23, 2020, the registration procedures for the change in shareholders and registered capital were completed and XXTX became a majority-owned subsidiary of Senmiao Consulting. On February 5, 2021, Senmiao Consulting and all the original shareholders of XXTX entered into XXTX Increase Investment Agreement, a supplementary agreement related to XXTX Investment Agreement. Under the XXTX Increase Investment Agreement, all shareholders of XXTX agreed to increase the total registered capital of XXTX to RMB50.8 million (approximately $7.8 million). Senmiao Consulting shall pay another investment amounted to RMB36.84 million (approximately $5.7 million) in cash in exchange of additional 27.74% of XXTX’s equity interest. In October, 2021, The Company, Senmiao Consulting, XXTX and its shareholders entered into a Share Swap Agreement, pursuant to which the Company, through Senmiao Consulting, shall purchase all of the equity shares of XXTX held by its shareholders by issuing a total of 5,331,667 shares of the Company’s common stock to XXTX’s Shareholders. Upon closing, the Company, through Senmiao Consulting, shall own 100% of the equity interests in XXTX. On November 9, 2021, the issuance of 5,331,667 shares of the Company’s common stock for this transaction has been completed and on December 31, 2021, the registration procedures for the change in shareholders have been completed. As of the filing date of these unaudited condensed consolidated financial statements, Senmiao Consulting has made a capital contribution of RMB 36.16million (approximately $5.69 million) to XXTX and the remaining amount is expected to be paid before December 31, 2025. The Company's acquisition of XXTX was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of XXTX based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the FASB with the valuation methodologies using level 3 inputs, except for other current assets and current liabilities were valued using the cost approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed and intangible assets identified as of the acquisition date and considered a number of factors including valuations from independent appraisers. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expense. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date, which represents the net purchase price allocation on the date of the acquisition of XXTX based on valuation performed by an independent valuation firm engaged by the Company and translated the fair value from RMB to USD using the exchange rate on October 23, 2020 at the rate of USD 1.00 to RMB 6.69. As of December 31, 2021, the Company acquired $8,065 in cash, net of cash paid to XXTX in the acquisition of XXTX. The remaining purchase consideration of approximately $0.3 million from XXTX Investment Agreement signed on September 11, 2020 and approximately $5.7 million additional capital investment from XXTX Increase Investment Agreement signed on February 5, 2021 mentioned above are expected to be paid by the Company by December 31, 2025. Under ASC 805-30-30-1, goodwill is calculated as follows as of December 31, 2021: ​ ​ ​ ​ ​ ​ Fair value Purchase consideration paid ​ $ 472,573 Fair value of non-controlling interest ​ ​ 326,570 Less: fair value of nets assets of XXTX: ​ ​ ​ Cash and cash equivalents ​ ​ 105,386 Other current assets ​ 525,005 Plant and equipment ​ 790 Intangible assets ​ 265,536 Total assets ​ 896,717 Total liabilities ​ (230,247) Total fair value of net assets of XXTX ​ 666,470 Goodwill as of the acquisition date ​ 132,673 Effect of exchange rate changes on goodwill ​ 6,907 Less: impairment loss of goodwill ​ (139,580) Goodwill as of December 31, 2021 ​ $ — ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Dec. 31, 2021
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	5. DISCONTINUED OPERATIONS On October 17, 2019, the Board approved the Plan under which the Company has discontinued and is winding down its online P2P lending services business. The Company determined that the operation of its online P2P lending services business was not viable in light of the tightened regulations on online peer-to-peer lending in China generally and the unofficial request from local regulator to reduce the Company’s online peer-to-peer lending transaction volume on a monthly basis. The Company also determined that the discontinuation of its online P2P lending services business would allow the Company to focus its resources on its automobile financing facilitation and transaction business. In connection with the Plan, the Company ceased facilitation of loan transactions on its online lending platform and assumed all the outstanding loans from investors on the platform. The decision and action taken by the Company of discontinuing the online lending services business represented a major shift that will have a major effect on the Company’s operations and financial results, which triggers discontinued operations accounting in accordance with ASC 205-20-45. The fair value of discontinued operations, determined as of October 17, 2019, includes estimated consideration expected to be received, less costs to sell. After consideration of the determination of fair value of the discontinued operations including the assumption of all the outstanding loans from investors on the platform, $143,668 of accounts receivable, $3,760,599 of other receivables, and $143,943 of prepayments for impaired intangible assets were indicated as of the date the Company’s Board of Directors approved the Plan on October 17, 2019, and the Company recognized $4,048,210 provision for doubtful accounts as of September 30, 2019 related to the Company's online lending services business, while the Company did not recognize any additional provision for doubtful accounts for the three and nine months ended December 31, 2021. The following table sets forth the reconciliation of the carrying amounts of major classes of assets and liabilities from discontinued operations in unaudited condensed consolidated balance sheet as of December 31, 2021 and March 31, 2021. Carrying amounts of major classes of assets included as part of discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ ​ Prepayments, other receivables and other assets, net ​ 12,334 ​ 393,348 Total current assets ​ 12,334 ​ 393,348 ​ ​ ​ ​ ​ Property and equipment, net ​ — ​ 5,592 ​ ​ ​ Total assets ​ $ 12,334 ​ $ 398,940 ​ Carrying amounts of major classes of liabilities included as part of discontinued operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ ​ Accrued expenses and other liabilities ​ $ 508,265 ​ $ 2,288,066 Due to a stockholder ​ 18,839 ​ 48,795 Total current liabilities ​ 527,104 ​ 2,336,861 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ $ 527,104 ​ $ 2,336,861 ​ The following table sets forth the reconciliation of the amounts of major classes of income and losses from discontinued operations in the unaudited condensed consolidated statements of operations and comprehensive loss for the three months and nine months ended December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Revenues ​ $ — ​ $ 1,642 ​ $ — ​ $ 6,196 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ — ​ (2,450) ​ ​ — ​ (90,888) Total operating expenses ​ — ​ (2,450) ​ ​ — ​ (90,888) ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ Loss from discontinued operations ​ — ​ (808) ​ ​ — ​ (84,692) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net ​ — ​ 236 ​ ​ — ​ 6,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ — ​ (572) ​ ​ — ​ (78,351) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expenses ​ — ​ — ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to stockholders ​ $ — ​ $ (572) ​ $ — ​ $ (78,351) ​

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	9 Months Ended
	Dec. 31, 2021
ACCOUNTS RECEIVABLE, NET
ACCOUNTS RECEIVABLE, NET	6. ACCOUNTS RECEIVABLE, NET Accounts receivable include a portion of bundled lease arrangements on fixed minimum monthly payments to be paid by the automobile purchasers arising from automobile sales and services fees, net of unearned interest income, discounted using the Company’s lease pricing interest rates. As of December 31, 2021 and March 31, 2021, accounts receivable were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31 ​ 2021 2021 ​ ​ (Unaudited) ​ ​ ​ Receivables of automobile sales due from automobile purchasers ​ $ 485,442 ​ $ 760,126 Receivables of service fees due from automobile purchasers ​ 257,405 ​ 731,962 Receivables of online ride hailing fees from online ride-hailing drivers ​ ​ 125,899 ​ ​ 162,197 Receivables of operating lease ​ ​ — ​ ​ 170,707 Less: Unearned interest ​ (10,092) ​ (40,447) Less: Allowance for doubtful accounts ​ (34,990) ​ (78,167) Accounts receivable, net ​ $ 823,664 ​ $ 1,706,378 ​ ​ ​ ​ ​ ​ ​ Accounts receivable, net, current portion ​ $ 794,389 ​ $ 1,437,195 Accounts receivable, net, non-current portion ​ $ 29,275 ​ $ 269,183 ​ Movement of allowance for doubtful accounts for December 31, 2021 and March 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Beginning balance ​ $ 78,167 ​ $ 379,689 Addition ​ ​ 12,421 ​ ​ 374,785 Recovery ​ ​ — ​ ​ (209,723) Write off ​ (57,417) ​ (485,384) Translation adjustment ​ 1,819 ​ 18,800 Ending balance ​ $ 34,990 ​ $ 78,167 ​

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2021
INVENTORIES
INVENTORIES	7. INVENTORIES ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Automobiles (i) ​ $ 211,054 ​ $ 127,933 (i) As of December 31, 2021, the Company owned 17 automobiles with a total value of $177,432 for sale or sales-type leases, 16 automobiles with a total value of $33,622 for sale. As of March 31, 2021, the Company owned three automobiles with a total value of $47,410 for sale, and six automobiles with a total value of $80,523 for either leasing or sale. As of December 31, 2021 and March 31, 2021, management compared the cost of automobiles with their net realizable value and determined no inventory write-down was necessary for these automobiles.

PREPAYMENTS, OTHER RECEIVABLES

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	9 Months Ended
	Dec. 31, 2021
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS	8. PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS As of December 31, 2021 and March 31, 2021, the prepayments, receivables and other assets were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Receivables from borrowers of online lending platform, net (i) ​ $ 12,334 ​ $ 393,348 Prepaid expenses (ii) ​ ​ 1,247,567 ​ ​ 829,032 Deposits (iii) ​ ​ 1,073,696 ​ ​ 537,619 Due from automobile purchasers, net (iv) ​ ​ 541,568 ​ ​ 504,792 Value added tax (“VAT”) recoverable ​ ​ 488,946 ​ ​ 99,445 Receivables from aggregation platforms (v) ​ ​ 380,598 ​ ​ 867,614 Prepayments for automobiles (vi) ​ ​ 29,116 ​ ​ 1,026,802 Employee advances ​ 23,097 ​ 9,739 Others ​ 12,888 ​ 30,235 Total prepayments, receivables and other assets ​ ​ 3,809,810 ​ ​ 4,298,626 Total prepayments, receivables and other assets - discontinued operations ​ ​ (12,334) ​ ​ (393,348) Total prepayments, receivables and other assets - continuing operations ​ $ 3,797,476 ​ $ 3,905,278 ​ (i) Receivables from borrowers of online lending platform, net The balance of receivables from borrowers of online lending platform represented the outstanding loans the Company assumed from investors on the Company’s discontinued P2P lending platform, which will be collected from related borrowers. As of December 31, 2021 and March 31, 2021, the Company recorded allowance of $4,014,583 and $3,894,011, respectively, against doubtful receivables. (ii) Prepaid expense The balance of prepaid expense represented automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense and etc. that will expire within one year. (iii) Deposits The balance of deposits mainly represented the security deposit made by the Company to various automobile leasing companies, financial institutions and Didi Chuxing Technology Co., Ltd., an online ride-hailing platform. (iv) Due from automobile purchasers, net The balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of December 31, 2021 and March 31, 2021, the Company recorded allowance of $52,408 and $41,759, respectively, against doubtful receivables. During the nine months ended December 31, 2021 and 2020, the Company wrote off balance due from automobile purchasers of $58,756 and $270,442, respectively, and recorded additional allowances of $80,297 and $0, respectively, while recovered allowance against the balance due from automobile purchasers of $12,308 and $43,173, respectively. (v) Receivables from aggregation platforms The balance of receivables from aggregation platforms represented the amount due from the collaborated aggregation platforms based on the confirmed billings, which will be disbursed to the drivers who completed their rides through the Company's online ride-hailing platform. (vi) Prepayments for automobiles The balance represented advanced payments in purchasing automobiles from auto dealers or other parties.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	9. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Leasehold improvements ​ $ 197,966 ​ $ 192,020 Electronic devices ​ 109,759 ​ 53,200 Office equipment, fixtures and furniture ​ 99,900 ​ 104,735 Vehicles ​ 7,317,751 ​ 3,778,811 Subtotal ​ 7,725,376 ​ 4,128,766 Less: accumulated depreciation and amortization ​ (1,295,578) ​ (423,027) Total property and equipment, net ​ ​ 6,429,798 ​ ​ 3,705,739 Total property and equipment, net - discontinued operations ​ ​ — ​ ​ (5,592) Total property and equipment, net - continuing operations ​ $ 6,429,798 ​ $ 3,700,147 ​ Depreciation expense from continuing operations for the three months ended December 31, 2021 and 2020 amounted to $328,551and $69,276, respectively. Depreciation expense from discontinued operations for the three months ended December 31, 2021 and 2020 amounted to $0 and $2,097, respectively. Depreciation expense from continuing operations for the nine months ended December 31, 2021 and 2020 amounted to $849,642 and $175,884, respectively. Depreciation expense from discontinued operations for the nine months ended December 31, 2021 and 2020 amounted to $0 and $6,365, respectively.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	9 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	10. INTANGIBLE ASSETS, NET Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Software $ 795,926 ​ $ 794,548 Online ride-hailing platform operating licenses ​ ​ 384,122 ​ ​ 297,258 Less: Accumulated amortization (240,855) ​ (123,675) Total intangible assets, net ​ $ 939,193 ​ $ 968,131 ​ Amortization expense from continuing operations totaled $30,186 and $17,539 for the three months ended December 31, 2021 and 2020, respectively. Amortization expense from continuing operations totaled $104,829 and $59,209 for the nine months ended December 31, 2021 and 2020, respectively. The following table sets forth the Company’s amortization expense for the next five years ending: ​ ​ ​ ​ ​ ​ Amortization ​ ​ expenses Twelve months ending December 31, 2022 ​ $ 169,930 Twelve months ending December 31, 2023 ​ 165,661 Twelve months ending December 31, 2024 ​ 154,534 Twelve months ending December 31, 2025 ​ 117,209 Twelve months ending December 31, 2026 ​ ​ 80,193 Thereafter ​ 251,666 Total ​ $ 939,193 ​

BORROWINGS FROM FINANCIAL INSTI

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT	9 Months Ended
	Dec. 31, 2021
BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT
BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT	11. BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NON-CURRENT The borrowings from certain financial institutions in China represented the short-term loans of $327,729 from a bank and the difference between the actual proceeds disbursed by the financial institutions to Jinkailong and the total amount of principal to be responsible for and repaid by the automobile purchasers of $200,616 as of December 31, 2021. Such borrowings totaled $528,345 and $355,624 bearing interest rates ranging between 6.2% and 8.1% per annum as of December 31, 2021 and March 31, 2021, respectively, of which $27,982 and $44,962, respectively, is to be repaid over a period of 13 to 24 months, classified as borrowings from financial institutions, noncurrent. The interest expense for the three months ended December 31, 2021 and 2020 was $16,475 and $2,158, respectively. The interest expense for the nine months ended December 31, 2021 and 2020 was $44,123 and $37,698, respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	12. ACCRUED EXPENSES AND OTHER LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Payables to investors of online lending platform (i) ​ $ — ​ $ 1,795,066 Deposits (ii) ​ 2,162,835 ​ 1,639,681 Accrued payroll and welfare ​ ​ 1,904,621 ​ ​ 1,306,509 Payables to drivers from aggregation platforms (iii) ​ ​ 791,330 ​ ​ 2,352,264 Other taxes payable ​ ​ 858,428 ​ ​ 398,220 Loan repayments received on behalf of financial institutions (iv) ​ 754,009 ​ 839,770 Payables for expenditures on automobile transaction and related services ​ ​ 273,518 ​ ​ 159,388 Accrued expenses ​ 522 ​ 6,090 Other payables (v) ​ 324,163 ​ 446,670 Total accrued expenses and other liabilities ​ ​ 7,069,426 ​ ​ 8,943,658 Total accrued expenses and other liabilities - discontinued operations ​ ​ (508,265) ​ ​ (2,288,066) Total accrued expenses and other liabilities - continuing operations ​ $ 6,561,161 ​ $ 6,655,592 (i) The balance of payables to investors of online lending platform represented the outstanding loans from investors on the Company’s discontinued P2P lending platform, which was assumed by the Company in connection with the Plan to discontinue its online lending services business. As of December 31, 2021, the Company has fully settled the outstanding loans. (ii) The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default. The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee. (iii) The balance of payables to drivers from aggregation platforms represented the amount the Company collected on behalf of drivers who completed their transaction through the Company’s online ride-hailing platform base on the confirmed billings. (iv) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions. (v) The balance of other payables represented amount due to suppliers and vendors for operation purposes .

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	9 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	13. EMPLOYEE BENEFIT PLAN The Company has made employee benefit plan in accordance with relevant PRC regulations, including retirement insurance, unemployment insurance, medical insurance, housing fund, work injury insurance and maternity insurance. The contributions made by the Company were $209,209 and $61,262 for the three months ended December 31, 2021 and 2020, respectively, for continuing operations of the Company. The contributions made by the Company were $0 and $16,886 for the three months ended December 31, 2021 and 2020, respectively, for the Company’s discontinued operations. The contributions made by the Company were $566,024 and $130,427 for the nine months ended December 31, 2021 and 2020, respectively, for continuing operations of the Company. The contributions made by the Company were $0 and $45,457 for the nine months ended December 31, 2021 and 2020, respectively, for the Company’s discontinued operations. As of December 31, 2021 and March 31, 2021, the Company did not make adequate employee benefit contributions in the amount of $892,629 and $442,485, respectively, for continuing operations of the Company. As of December 31, 2021 and March 31, 2021, the Company did not make adequate employee benefit contributions in the amount of $506,062 and $566,140, respectively, for discontinued operations of the Company. The Company accrued the amount in accrued payroll and welfare.

EQUITY

EQUITY	9 Months Ended
	Dec. 31, 2021
EQUITY
EQUITY	14. EQUITY Warrants IPO Warrants The registration statement relating to the Company’s initial public offering also included the underwriters’ common stock purchase warrants to purchase 337,940 shares of common stock ("IPO Underwriter's Warrants"). Each five-year warrant entitles warrant holder to purchase one share of the Company’s common stock at the price of $4.80 per share and is not exercisable for a period of 180 days from March 16, 2018. As of December 31, 2021, there were 37,940 IPO Underwriter's Warrants outstanding. Warrants in Offerings The Company adopted the provisions of ASC 815 on determining what types of instruments or embedded features in an instrument held by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in ASC 815. Warrants issued in connection with the direct equity offering with exercise prices denominated in US dollars are no longer considered indexed to the Company’s stock, as their exercise prices are not in the Company’s functional currency (RMB), and therefore no longer qualify for the scope exception and must be accounted for as a derivative. These warrants are classified as liabilities under the caption “Derivative liabilities” in the unaudited condensed consolidated statements of balance sheets and recorded at estimated fair value at each reporting date, computed using the Black-Scholes valuation model. Changes in the liability from period to period are recorded in the unaudited condensed consolidated statements of operations and comprehensive loss under the caption “Change in fair value of derivative liabilities.” 2019 Registered Direct Offering Warrants As of December 31, 2021 and March 31, 2021, there were 168,411 and 212,440 2019 registered direct offering warrants outstanding, respectively. During the three and nine months ended December 31, 2021, the change of fair value was a gain of $32,150 and $168,230, respectively, recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the decrease in fair value of the liabilities since March 31, 2021. During the three and nine months ended December 31, 2020, the change of fair value was a loss of $786,200 and $1,148,417, respectively, recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the increase in fair value of the liabilities since March 31, 2020. As of December 31, 2021 and March 31, 2021, the fair value of the derivative instrument totaled $29,935 and $243,840, respectively. August 2020 Underwriters’ Warrants As of December 31, 2021 and March 31, 2021, there were 318,080 underwriters’ warrants outstanding. During the three and nine months ended December 31, 2021, the change of fair value was a gain of $64,140 and $315,393, respectively, recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the decrease in fair value of the liabilities since March 31, 2021. During the three and nine months ended December 31, 2020, the change of fair value was a loss of $244,643 and $295,367, respectively, recognized in the accompanying income statement based on the increase in fair value of the liabilities since issuance. As of December 31, 2021 and March 31, 2021, the fair value of the derivative instrument totaled $82,132 and $397,525, respectively. February 2021 Registered Direct Offering Warrants As of December 31, 2021 and March 31, 2021, there were 532,609 February 2021 registered direct offering warrants outstanding. During the three and nine months ended December 31, 2021, the change of fair value was a gain of $102,568 and $514,123, respectively, recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the decrease in fair value of the liabilities since March 31, 2021. As of December 31, 2021 and March 31, 2021, the fair value of the derivative instrument totaled $123,438 and $637,561, respectively. ​ May 2021 Registered Direct Offering Warrants The Company allocated the proceeds received between the common stock and warrants first to warrants based on the fair value on the date the proceeds were received with the balance to common stock. The value of the warrants was determined using the Black-Scholes valuation model using the following assumptions: volatility 131%; risk free interest rate 0.84%; dividend yield of 0% and expected term of 5 years of the investors Warrants and placement agent Warrants. The volatility of the Company’s common stock was estimated by management based on the historical volatility of its common stock, the risk-free interest rate was based on Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants. The expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. The value of the warrants was based on the Company’s common stock closing price of $0.72 on May 13, 2021 which was the date the warrants were issued. Net proceeds were allocated as the follows: ​ ​ ​ ​ ​ Fair value of the warrants $ 3,562,404 Common stock ​ 2,208,649 Total net proceeds ​ $ 5,771,053 ​ Subsequent to the initial recording, the change in the fair value of the warrants, determined under the Black-Scholes valuation model, on each reporting date will result in either an increase or decrease the amount recorded as liability, based on the fluctuations with the Company’s stock price with a corresponding adjustment to other income (or expense). During the three and nine months ended December 31, 2021, the change of fair value was a gain of $1,186,878 and $2,036,440, respectively, recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the increase in fair value of the liabilities since issuance. As of December 31, 2021, the fair value of the derivative instrument totaled $1,525,965. November 2021 Private Placement Warrants In connection with November 2021 private placement, the company issued warrants to the investors and placement agents of 7,352,941 shares and 551,471 shares, respectively. The Company allocated the gross proceeds received between the Series A Preferred Stock and warrants issued to the Investors (7,352,941 shares) in connection of the sale of Series A Preferred Stock first to warrants based on the fair value on the date the proceeds were received with the remaining balance to Series A Preferred Stock, gross proceeds were allocated as the follows: ​ ​ ​ ​ ​ Fair value of Investor warrants $ 4,060,857 Series A Preferred Stock ​ ​ 939,143 Total gross proceeds ​ ​ 5,000,000 Issuance cost ​ ​ 630,063 Total net proceeds ​ $ 4,369,937 ​ The value of the warrants to the investors and placement agents was determined using the Black-Scholes valuation model using the following assumptions: volatility 126%; risk free interest rate 1.23%; dividend yield of 0% and expected term of 5 years of the Placement Warrants and Investor Warrants. The volatility of the Company’s common stock was estimated by management based on the historical volatility of our common stock, the risk-free interest rate was based on Treasury Constant Maturity Rates published by the U.S. Federal Reserve for periods applicable to the expected life of the warrants, the expected dividend yield was based on the Company’s current and expected dividend policy and the expected term is equal to the contractual life of the warrants. The value of the warrants was based on the Company’s common stock closing price of $0.67 on the date the warrants were issued. The value of the warrants allocated to derivative liabilities was recorded on insertion date as following: ​ ​ ​ ​ ​ Fair value of investor warrants $ 4,060,857 Fair value of placement agent warrants (i) ​ 310,173 Total fair value of warrants allocated to derivative liabilities ​ $ 4,371,030 ​ (i) The issuance costs for placement agent warrants which was classified as liability were immediately expensed. ​ Subsequent to the initial recording, the change in the fair value of the warrants, determined under the Black-Scholes valuation model, on each reporting date will result in either an increase or decrease the amount recorded as liability, based on the fluctuations with the Company’s stock price with a corresponding adjustment to other income (or expense). During the three and nine months ended December 31, 2021, the change of fair value was a gain of $2,151,123 recognized in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss based on the increase in fair value of the liabilities since issuance. As of December 31, 2021, the fair value of the derivative instrument totaled $2,219,907. The Company has warrants outstanding as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ Warrants ​ Warrants ​ Exercise ​ Contractual ​ Outstanding Exercisable Price Life Balance, March 31, 2020 1,519,602 1,519,602 ​ $ 1.76 3.21 Granted 1,100,609 1,100,609 ​ $ 1.48 5.00 Forfeited (3,132) (3,132) ​ — — Exercised (1,516,010) (1,516,010) ​ ​ — — Balance, March 31, 2021 1,101,069 1,101,069 ​ $ 1.16 4.09 Granted 13,851,222 13,851,222 ​ $ 0.91 5.00 Exercised (44,029) (44,029) ​ — — Balance, December 31, 2021 (Unaudited) 14,908,262 14,908,262 ​ $ 0.93 4.57 ​ Restricted Stock Units On October 29, 2020, the Board approved the issuance of an aggregate of 127,273 restricted stock units (“RSUs”) to directors, officers and certain employees as stock compensation for their services for the nine months ended December 31, 2021. Total RSUs granted to these directors, officers and employees were valued at an aggregate fair value of $140,000. These RSUs will vest in four equal quarterly installments on January 29, 2021, April 29, 2021, July 29, 2021 and October 29, 2021 or in full upon the occurrence of a change in control of the Company, provided that the director, officer or the employee remains in service through the applicable vesting date. The RSUs will be settled by the Company’s issuance of shares of common stock in certificated or uncertificated form upon the earlier of (i) vesting date, (ii) a change in control and (ii) termination of the services of the director, officer or employee due to a "separation of service" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, or the death or disability of such director, officer or employee. As of the filing date of these unaudited condensed consolidated financial statements, all installment of RSUs with an aggregate of 127,273 was vested and 95,457 was settled by the Company. The Company expects to settle the remaining vested RSUs by issuance of shares of common stock within 2022 and account for the vested RSUs as an addition to both expenses and additional paid-in capital. Equity Incentive Plan At the 2018 Annual Meeting of Stockholders of the Company held on November 8, 2018, the Company’s stockholders approved the Company’s 2018 Equity Incentive Plan for employees, officers, directors and consultants of the Company and its affiliates. A committee consisting of at least two independent directors would be appointed by the Board or in the absence of such a committee, the board of directors, will be responsible for the general administration of the Equity Incentive Plan. All awards granted under the Equity Incentive Plan will be governed by separate award agreements between the Company and the participants. As of December 31, 2021, the Company has granted an aggregate of RSUs and issued an aggregate of shares upon vest under the Equity Incentive Plan. And RSUs were forfeited due to two directors ceased to serve on the board of the Company since November 8, 2018. Exercise of 2019 Registered Direct Offering Warrants On April 23, 2021, one of the holders of Series A warrants exercised the warrants to purchase 44,029 shares of the Company’s common stock at an exercise price of $0.50 per share generating gross proceeds of $22,015 to the Company. May 2021 Registered Direct Offering On May 11, 2021, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers (the “Investors”) pursuant to which the Company will sell to the Investors, in a registered direct offering, an aggregate of 5,531,916 units (the “Units”), each consisting of one (1) share (the “Shares”) of the Company’s common stock, par value $0.0001 per share (“Common Stock”) and a warrant to purchase one (1) share of the Company’s Common Stock (the “Warrants”), at a purchase price of $1.175 per unit, for aggregate gross proceeds to the Company of $6,500,000, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. On May 13, 2021, the Company completed the registered direct offering. The net proceeds to the Company from this offering, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, were approximately $5.8 million. The Warrants have a term of five years and are exercisable by the holders at any time after the date of issuance at an exercise price of $1.05 per share. The exercise price and the number of shares issuable upon exercise of the Warrants are subject to an adjustment upon the occurrence of certain events, including, but not limited to, stock splits or dividends, business combinations, sale of assets, similar recapitalization transactions, or other similar transactions. The exercise price of the Warrants is also subject to an adjustment in the event that the Company issues or is deemed to issue shares of Common Stock for less than the applicable exercise price of such Warrants. However, the exercise price of the Warrants shall not be lower than $1.05 as a result of an adjustment, unless the Company has obtained the stockholder approval. The exercisability of the Warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99%. FT Global Capital, Inc. (“FT Global Capital”) acted as the exclusive placement agent in connection with this offering pursuant to the terms of a placement agency agreement, dated May 11, 2021, between the Company and FT Global Capital (the “Placement Agent Agreement”). Pursuant to the Placement Agent Agreement, the Company agreed to pay FT Global Capital a cash fee equal to seven point five percent (7.5%) of the aggregate proceeds received by the Company from the sale of its securities to the investors introduced to the Company by FT Global Capital. FT Global Capital is also entitled to additional tail compensation for any financings consummated within the 12-month period following the termination of the Placement Agent Agreement to the extent that such financing is provided to the Company by investors that FT Global Capita had introduced to the Company. In addition to the cash fees, the Company agreed to issue to the Placement Agent warrants to purchase an aggregate of up to seven point five percent (7.5%) of the aggregate number of shares of our Common Stock sold in the offering (the “Placement Agent Warrants”). The Placement Agent Warrants shall generally be on the same terms and conditions as the Warrants, exercisable at a price of $1.05 per share, provided that Placement Agent Warrants will not provide for certain anti-dilution protections included in the Warrants. In connection with the offering, the Company issued the investors warrants and placement agent warrants to purchase up to 5,531,916 and 414,894 shares of its common stock, respectively. These warrants are exercisable at any time on or after the issuance date and expire on the fifth-year anniversary of their issuance. November 2021 Private Placement On November 8, 2021, the Company, entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors (the “Investors”) pursuant to which the Company will sell to the Investors, in a private placement (the “Private Placement”), an aggregate of $5,000,000 worth of securities of the Company, consisting of up to 5,000 shares (the “Preferred Shares”) of Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”) and warrants (the “Investor Warrants”) to initially acquire up to an aggregate number of shares of common stock of the Company, par value $0.0001 per share (the “Common Stock”) that equals to the number of shares of Common Stock to be issued upon conversion of the Preferred Shares at $0.68 per share (the “Initial Conversion Price”) (as exercised, collectively, the “Warrant Shares”). The purchase price for the Preferred Shares shall be $1,000 per each Preferred Share (and related Investor Warrant). On November 10, 2021, the Company completed the Private Placement. The net proceeds to the Company from this offering, after deducting the placement agent commissions and other estimated offering expenses payable by the Company, were approximately $4.4 million. The Series A Convertible Preferred Stock is included in mezzanine equity on the unaudited condensed consolidated balance sheets, becasuse it is redeemable by the holders upon events of change of control which are not within the Company’s control. A discount to the redemption amount of a contingently redeemable preferred share should be amortized only once it is probable the share will become redeemable. The Company determined that the redemption is uncertain as the cash redemption feature upon change of control is at the option of the holder, and the redemption date upon the change of control is uncertain. Pursuant to the certificate of designations for the Series A Preferred Stock (the “COD”), at any time after the initial issuance date, each holder shall be entitled to convert any portion of the outstanding Preferred Shares held by such holder into shares of Common Stock (the “Conversion Shares”) at Initial Conversion Price, which shall be adjusted to the greater of $0.41 per share or 85% of the closing bid price of the Company’s Common Stock reported on the NASDAQ Capital Market on the Applicable Date, which is the earlier of the first date on which the registration statement covering the resale of the Conversion Shares and Warrant Shares is declared effective by the SEC or the first date on which all such shares are eligible to be resold by the Investors pursuant to Rule 144 or Rule 144A promulgated under the Securities Act. The Investor Warrants have a term of five years and are exercisable by the holders at any time after six months and one day of the date of issuance at an exercise price of $0.82 per share. The exercise price and the number of shares issuable upon exercise of the Investor Warrants are subject to an adjustment upon the occurrence of certain events, including, but not limited to, stock splits or dividends, business combinations, sale of assets, similar recapitalization transactions, or other similar transactions. The exercise price of the Investor Warrants are also subject to an adjustment in the event that the Company issues or is deemed to issue shares of Common Stock for less than the applicable exercise price of such Investor Warrants. However, the exercise price of the Investor Warrants shall not be lower than $0.7125 as a result of an adjustment, unless the Company has obtained the stockholder approval. The exercisability of the Investor Warrants may be limited if, upon exercise, the holder or any of its affiliates would beneficially own more than 4.99% or 9.99% as the Investor chooses. FT Global Capital acted as the exclusive placement agent in connection with this Private Placement pursuant to the terms of a placement agency agreement, dated November 7, 2021, between the Company and FT Global Capital (the “Placement Agent Agreement”). Pursuant to the Placement Agent Agreement, the Company agreed to pay FT Global Capital a cash fee equal to 7.5% of the aggregate proceeds received by the Company from the sale of its securities to the Investors. FT Global Capital is also entitled to additional tail compensation for any financings consummated within the 12-month period following the termination of the Placement Agent Agreement to the extent that such financing is provided to the Company by investors that FT Global Capital had introduced to the Company. In addition to the cash fees, the Company agreed to issue to the Placement Agent warrants to purchase an aggregate of up to 7.5% of the aggregate number of the Conversion Shares (the “Placement Agent Warrants”). The Placement Agent Warrants shall generally be on the same terms and conditions as the Investor Warrants, exercisable at a price of $0.68 per share, provided that Placement Agent Warrants will not provide for certain anti-dilution protections included in the Investor Warrants. In connection with the Private Placement, the Company issued warrants to the Investors to purchase up to an aggregate number of shares of common stock that equals to the number of shares of common stock to be issued upon conversion of the Series A Preferred Stock at the Initial Conversion Price. Meanwhile, the Company paid the placement agent cash commission of approximately $375,000 and issued to it warrants to purchase up to 551,471 shares of common stock at an exercise price of $0.68 per share, which warrants will be exercisable at any time on or after the date of six months from the issuance date and expire on the fifth-year anniversary of their issuance. Share Swap in purchase of XXTX’s remaining minority interest In October, 2021, The Company, Senmiao Consulting, XXTX and its shareholders entered into a Share Swap Agreement, pursuant to which the Company, through Senmiao Consulting, shall purchase all of the equity shares of XXTX held by its shareholders by issuing a total of 5,331,667 shares of the Company’s common stock to XXTX’s Shareholders. Upon closing, the Company, through Senmiao Consulting, shall own 100% of the equity interests in XXTX. Common stock issued for consulting services On October 22, 2021, the Company entered into a consulting agreement (the “Consulting Agreement”) with Jolly Good River Group Limited. (the “Consultant”), pursuant to which the Company engaged the Consultant to provide certain market research and business development advisory services for a period of twelve months. As compensation for the services, the Company agreed to issue the Consultant an aggregate of 1,000,000 shares of the Common Stock, par value $0.0001, payable within ten working days

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	15. INCOME TAXES The United States of America The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income taxes with tax rate of 21%. The State of Nevada does not impose any state corporate income tax. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The Tax Act also stablished the Global Intangible Low-Taxed Income (GILTI), a new inclusion rule affecting non-routine income earned by foreign subsidiaries. For the nine months ended December 31, 2021 and 2020, the Company’s foreign subsidiaries in China were operating at loss on a consolidated basis which resulted in no GILTI tax. The Company's net operating loss from U.S for the nine months ended December 31, 2021 amounted to approximately $3.4 million. As of December 31, 2021, the Company’s net operating loss carryforward for U.S. income taxes was approximately $5.5 million. The net operating loss carryforward will not expire and is available to reduce future years’ taxable income, but limited to 80% of income until utilized. Management believes that the utilization of the benefit from this loss appears uncertain due to the Company’s operating history. Accordingly, the Company has recorded a 100% valuation allowance on the deferred tax asset to reduce the deferred tax assets to zero on the unaudited condensed consolidated balance sheets. As of December 31 and March 31, 2021, valuation allowances for deferred tax assets were approximately $1.16 million and $0.80 million, respectively. Management reviews the valuation allowance periodically and makes changes accordingly. PRC Senmiao Consulting, Sichuan Senmiao, Hunan Ruixi, Ruixi Leasing, Jinkailong, Yicheng, XXTX and its subsidiaries are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws. The EIT rate for companies operating in the PRC is 25%. Income taxes in the PRC are consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months ended ​ For the Nine Months ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Current income tax expenses ​ $ 4,539 ​ $ 7,487 ​ $ 4,550 ​ $ 14,464 Deferred income tax expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total income tax expenses ​ $ 4,539 ​ $ 7,487 ​ $ 4,550 ​ $ 14,464 ​ As of December 31, and March 31, 2021, the Company’s PRC entities from continuing operations had net operating loss carryforwards of approximately $17.4 million and $8.1 million, respectively, which will expire starting from 2024 and ending in 2026. In addition, allowance for doubtful accounts must be approved by the Chinese tax authority prior to being deducted as an expense item on the tax return. The bad debt allowances are incurred in Company’s PRC subsidiaries and VIEs which were operating at losses, the Company believes it is more likely than not that its PRC operations will be unable to fully utilize its deferred tax assets related to the net operating loss carryforwards in the PRC. As a result, the Company provided 100% allowance on all deferred tax assets on net operating loss carryforwards in the PRC of $4,506,696 and $2,036,311 related to its operations in the PRC as of December 31, 2021 and March 31, 2021, respectively and provided 100% allowance on all deferred tax assets on allowance for doubtful account of $5,856 and $21,435 related to its operations in the PRC as of December 31, 2021 and March 31, 2021, respectively. The tax effects of temporary differences from continuing operations that give rise to the Company's deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ 2021 2021 ​ ​ (Unaudited) ​ ​ ​ Deferred Tax Assets ​ ​ ​ ​ ​ ​ Net operating loss carryforwards in the PRC ​ $ 4,506,696 ​ $ 2,036,311 Net operating loss carryforwards in the U.S. ​ 1,157,348 ​ 798,489 Allowance for doubtful account ​ ​ 5,856 ​ ​ 21,435 Less: valuation allowance ​ (5,669,900) ​ (2,856,235) Deferred tax assets, net ​ $ — ​ $ — Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Capitalized intangible assets cost ​ $ 46,386 ​ $ 45,146 Deferred tax liabilities, net ​ $ 46,386 ​ $ 45,146 ​ As of December 31, 2021 and March 31, 2021, the Company's PRC entities associated with the discontinued P2P lending operations had net operating loss carryforwards of approximately $10.4 million, which will expire in 2023 to 2025. 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. As of December 31, 2021 and March 31, 2021, full valuation allowance is provided against the deferred tax assets based upon management’s assessment as to their realization. The tax effects of temporary differences from discontinued operations that give rise to the Company’s deferred tax assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Net operating loss carryforwards in the PRC ​ $ 2,595,919 ​ $ 2,595,919 Less: valuation allowance ​ (2,595,919) ​ (2,595,919) ​ ​ $ — ​ $ — ​

CONCENTRATION

CONCENTRATION	9 Months Ended
	Dec. 31, 2021
CONCENTRATION
CONCENTRATION	16. CONCENTRATION Major Suppliers For the three months ended December 31, 2021, two suppliers accounted for approximately 19.0% and 10.7% of the total costs of revenue. For the nine months ended December 31, 2021, two suppliers accounted for approximately 17.5% and 10.4% of the total cost of revenues.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	9 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS AND BALANCES
RELATED PARTY TRANSACTIONS AND BALANCES	17. RELATED PARTY TRANSACTIONS AND BALANCES 1. Related Party Balances 1) Due from related parties As of December 31, 2021 and March 31, 2021, balances due from related parties were $12,205 and $24,311, respectively, and represented operation costs of three related parties paid by the Company on their behalf, amounts received by the Company on behalf of a related party for refund of insurance claims, and amounts collected by a related party on behalf of the Company from the automobile purchasers, including certain installment payments and facilitation fees. In addition, another $15,733 and $15,261 represent advances to a non-controlling shareholder of Hunan Ruixi for operational purposes as of December 31, 2021 and March 31, 2021, respectively. The balances due from related parties were all non-interest bearing and due on demand. 2) Due to a stockholder Due to a stockholder comprised of amounts payable to a stockholder named below and are unsecured, interest free and due on demand. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Jun Wang ​ $ 18,839 ​ $ 48,795 Total due to a stockholder ​ ​ 18,839 ​ ​ 48,795 Total due to a stockholder - discontinued operations ​ ​ (18,839) ​ ​ (48,795) Total due to a stockholder - continuing operations ​ $ — ​ $ — ​ 3) Due to related parties and affiliates ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Loan payable to related parties (i) ​ $ 121,007 ​ $ 182,281 Others (ii) ​ 243,698 ​ 170,546 Total due to related parties and affiliates - continuing operations ​ $ 364,705 ​ $ 352,827 (i) As of December 31, 2021 and March 31, 2021, the balances represented borrowings from three related parties, of which, $121,007 and $182,281 are unsecured, interest free and due on demand, respectively. (ii) As of December 31, 2021 and March 31, 2021, the balances represented $243,698 and $170,546, respectively of payables to five other related parties for operational purposes. These balances are interest free and due on demand. Interest expense for the three and nine months ended December 31, 2021 and 2020 were $0. 2. Related Party Transactions In December 2017, the Company entered into loan agreements with two stockholders, who agreed to grant lines of credit of approximating $955,000 and $159,000, respectively, to the Company for five years. The lines of credit are non-interest bearing, effective from January 2017. As of December 31, 2021, the outstanding balances due to these two stockholders in the discontinued operations were $18,839 and $0, respectively. As of March 31, 2021, the outstanding balances in the discontinued operations to these two stockholders were $48,795 and $0, respectively. On July 28 and August 17, 2021, the Company entered into two loan agreements with its CEO, who agreed to loan $800,000 in total to the Company. The loans are non-interest bearing, effective from July 28, 2021 and August 17, 2021, which shall be paid within six months and three months, respectively. As of December 31, 2021, the loans were fully settled. The Company entered into two office lease agreements with a stockholder of Sichuan Senmiao, which were set to expire on January 1, 2020. On April 1, 2020, the two office leases were amended with a leasing term from April 1, 2020 to March 31, 2023. On March 1, 2021, the Company entered into an additional office lease which was set to expire on February 1, 2026. On April 1, 2021, the Company entered into another office lease which was set to expire on April 1, 2024. As of December 31, 2021 and March 31, 2021, operating lease right-of-use assets of these leases amounted to $499,210 and $475,408, respectively. As of December 31, 2021 and March 31, 2021, current leases liabilities of these leases amounted to $242,692 and $161,818, respectively. Non-current lease liabilities of these leases amounted to $268,078 and $285,371 as of December 31, 2021 and March 31, 2021, respectively. For the three months ended December 31, 2021 and 2020, the Company incurred $60,721 and $29,206, respectively, in rental expenses to this related party. For the nine months ended December 31, 2021 and 2020, the Company incurred $176,652 and $87,617, respectively, in rental expenses to this related party. In November 2018, Hunan Ruixi entered into an office lease agreement with Hunan Dingchentai Investment Co., Ltd. ("Dingchentai"), a company where one of our independent directors serves as legal representative and general manager. The term of the lease agreement was from November 1, 2018 to October 31, 2023 and the rent was approximately $44,250 per year, payable on a quarterly basis. The original lease agreement with Dingchentai was terminated on July 1, 2019. The Company entered into another lease with Dingchentai on substantially similar terms on September 27, 2019. As of December 31, 2021 and March 31, 2021, operating lease right-of-use assets of this lease amounted $79,741 and $104,959, respectively. As of December 31, 2021, current leases liabilities and non-current leases liabilities of this lease amounted $124,306 and $25,909, respectively. As of March 31, 2021, current leases liabilities and non-current leases liabilities of this lease in the continuing operations amounted $81,908 and $56,178, respectively. For the three months ended December 31, 2021 and 2020, the Company incurred expense of $11,384 and $11,080 in rent to Dingchentai, respectively. For the nine months ended December 31, 2021 and 2020, the Company incurred $34,153 and $33,239, respectively, in rental expenses to this related party. In June 2019 and January 2020, the Company entered into two automobile maintenance services contracts with Sichuan Qihuaxin Automobile Services Co., Ltd and Sichuan Yousen Automobile Maintenance Service Co., Ltd, which companies are controlled by one of the non-controlling shareholders of Jinkailong. During the three months ended December 31, 2021 and December 31, 2020, the Company incurred automobile maintenance fees of $242,046 and $197,396 to those companies as mentioned above, respectively. During the nine months ended December 31, 2021 and December 31, 2020, the Company incurred automobile maintenance fees of $776,182 and $390,396 to those companies as mentioned above, respectively.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2021
LEASES
LEASES	18. LEASES Lessor The Company's operating leases for automobile rentals have rental periods that are typically short term, generally is twelve months or less. Revenue recognition section of Note 3 (r), the Company discloses that revenue earned from automobile rentals, wherein an identified asset is transferred to the customer and the customer has the ability to control that asset, is accounted for under Topic 842 upon adoption for the year ended March 31, 2020. Lessee As of December 31, 2021 and March 31, 2021, the Company has engaged in offices and showroom leases which were classified as operating leases. In addition, the Company had automobiles leases which were classified as finance lease. The Company occupies various offices under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognized the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate of the automobile loans on the remaining balance of the liability. The ROU assets and lease liabilities are determined based on the present value of the future minimum rental payments of the lease as of the adoption date, using an effective interest rate of 6.0%, which is determined using an incremental borrowing rate with similar term in the PRC. As of December 31, 2021, the average remaining operating and finance lease term of its existing leases is 1.58 and 1.9 years, respectively. Operating and finance lease expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ December 31, December 31, December 31, December 31, ​ ​ Classification ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Operating lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease expenses Selling, general and administrative ​ $ 165,263 ​ $ 93,646 ​ $ 434,733 ​ $ 299,526 Finance lease cost ​ ​ ​ ​ ​ ​ ​ Amortization of leased asset Cost of revenue ​ 834,807 ​ 758,091 ​ 2,419,695 ​ 1,524,439 Amortization of leased asset General and administrative ​ 76,187 ​ 382,727 ​ 522,605 ​ 1,455,527 Interest on lease liabilities Interest expenses on finance leases ​ 97,919 ​ 150,227 ​ 313,766 ​ 587,457 Total lease expenses ​ ​ ​ $ 1,174,176 ​ $ 1,384,691 ​ $ 3,690,799 ​ $ 3,866,949 ​ Operating lease expenses totaled $165,263 and $93,646 for the three months ended December 31, 2021 and 2020, respectively. Operating lease expenses totaled $434,733 and $299,526 for the nine months ended December 31, 2021 and 2020, respectively. Interest expenses on finance leases from continuing operations totaled $97,919 and $150,227 for the three months ended December 31, 2021 and 2020, respectively. Interest expenses on finance leases from continuing operations totaled $313,766 and $587,457 for the nine months ended December 31, 2021 and 2020, respectively. The following table sets forth the Company’s minimum lease payments in future periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ ​ *Operating lease ​ lease ​ ​ ​ ​ payments ​ payments ​ Total Twelve months ending December 31, 2022 ​ $ 542,688 ​ $ 5,907,307 ​ $ 6,449,995 Twelve months ending December 31, 2023 ​ ​ 326,802 ​ ​ 66,083 ​ 392,885 Twelve months ending December 31, 2024 ​ ​ 137,555 ​ ​ — ​ 137,555 Twelve months ending December 31, 2025 ​ ​ 57,179 ​ ​ — ​ ​ 57,179 Twelve months ending December 31, 2026 ​ ​ 9,451 ​ ​ — ​ ​ 9,451 Total lease payments ​ ​ 1,073,675 ​ ​ 5,973,390 ​ 7,047,065 Less: discount ​ ​ (76,143) ​ ​ (135,263) ​ (211,406) Present value of lease liabilities ​ $ 997,532 ​ $ 5,838,127 ​ $ 6,835,659 ​ *As of December 31, 2021, the outstanding balance of operating lease payments due to related parties was $660,985.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	19. COMMITMENTS AND CONTINGENCIES Purchase Commitments On February 22, 2021, the Company entered into a purchase contract with an automobile dealer to purchase a total of 200 automobiles for the amount of approximately $3.4 million. Pursuant to the contracts, the Company is required to purchase 100 automobiles in cash with the amount of approximately $1.7 million. The remaining 100 automobiles purchase commitment with the amount of approximately $1.7 million shall be purchased with financing option through the dealer’s designated financial institutions. As of the filing date of these unaudited condensed consolidated financial statements, 100 automobiles have been purchased in cash and delivered to us and the remaining purchase commitment of approximately $1.7 million is to be completed before December 31, 2022. Contingencies In measuring the credit risk of guarantee services to automobile purchasers, the Company primarily reflects the “probability of default” by the automobile purchasers on its contractual obligations and considers the current financial position of the automobile purchasers and its likely future development. The Company manages the credit risk of automobile purchasers by performing preliminary credit checks of each automobile purchaser and ongoing monitoring every month. By using the current credit loss model, management is of the opinion that the Company is bearing the credit risk to repay the principal and interests to the financial institutions if automobile purchasers default on their payments for more than three months. Management also periodically re-evaluates probability of default of automobile purchasers to make adjustments in the allowance when necessary, as the Company is the guarantor of the loans. Contingent liabilities for automobile purchasers Historically, most of the automobile purchasers would pay the Company their previous defaulted amounts within one to three months. In December 2019, a novel strain of coronavirus, or COVID-19, surfaced and it has spread rapidly to many parts of China and other parts of the world, including the United States. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. Because substantially all of the Company’s operations are conducted in China, the COVID-19 outbreak has materially and adversely affected, and may continue to affect, the Company’s business operations, financial condition and operating results for 2020 and 2021, including but not limited to decrease in revenues, slower collection of accounts receivables and additional allowance for doubtful accounts. Some of the Company’s customers exited the ride-hailing business and rendered their automobiles to the Company for sublease or sale to generate income or proceeds to cover payments owed to financial institutions and the Company. For the three and nine months ended December 31, 2021, the Company recognized an estimated provision loss of approximately $6,305 and $26,145, respectively. For the three and nine months ended December 31, 2020, the Company recognized an estimated provision loss of approximately $17,000 and $119,000, respectively for the guarantee services because the drivers who exited the ride-hailing business were not able to make the monthly payments. As of December 31, 2021, the maximum contingent liabilities the Company would be exposed to was approximately $9.7 million, assuming all the automobile purchasers were in default. Automobiles are used as collateral to secure the payment obligations of the automobile purchasers under the financing agreements. The Company estimated the fair market value of the collateral to be approximately $3.6 million as of December 31, 2021, based on the market price and the useful life of such collateral, which represents approximately 36.8% of the maximum contingent liabilities. As of December 31, 2021, approximately $5.8 million, including interests of approximately $350,000, due to financial institutions, of all the automobile purchases we serviced were past due mainly due to the COVID-19 pandemic in China. Contingent liability of Jinkailong On May 25, 2018, Chengdu Industrial Impawn Co., Ltd (“Impawn”) signed a pledge and pawn contract (the “Master Contact”) with Langyue, pursuant to which, Impawn shall provide loans to Langyue up to RMB20 million (approximately $2.9 million). In connection with the Master Contract, Jinkailong entered into a guaranty with Impawn and agreed to provide guarantee on all the payments (including principal, interests, compensations and other expenses) of Langyue jointly and severally with seven other guarantors, one of which is a shareholder of Jinkailong. Langyue used RMB7,019,652 (approximately $1,003,000) of the loans from Impawn and re-loaned it to automobile purchasers referred by Jinkailong from June 2018 to September 2018, which were also guaranteed by Jinkailong. Langyue did not pay Impawn the monthly installment of June 2020 timely. In July 2020, Impawn sent the Collection Letter and Notice to Langyue to demand payment of the interest and penalty of RMB100,300 (approximately $14,330). On September 18, 2020, Impawn initiated a legal action with the People's Court of Sichuan Pilot Free Trade Zone (the “Court”) for an order to collect and enforce the repayment of the total outstanding principal, interest and penalty for an aggregate of RMB9,992,728 (approximately $1,428,000) and other expenses by freezing all bank accounts of Langyue and all related guarantors. On October 14, 2020, the cash in the bank accounts of Jinkailong, totaling RMB175,335 (approximately $25,050) was frozen by the Court and became restricted cash accordingly. On January 7, 2021, frozen bank account mentioned above has been fully released. On December 24, 2020, Jinkailong, a shareholder of Jinkailong and Impawn signed a settlement agreement ("Settlement Agreement"). Impawn agreed to release the pledge of Jinkailong’s 75 automobiles, provided that Jinkailong and such shareholder repay an aggregate of RMB4,026,594 (approximately $634,000) in monthly installments over 35 months. In addition, upon the initial payment of RMB600,000 (approximately $94,000) by Jinkailong and such shareholder, Impawn will request the court to release the frozen bank accounts of Jinkailong. The Settlement Agreement further provided that it did not release the guarantee obligations of Jinkailong and in the event Langyue’s loan was not fully repaid at the end of the 35 months, Impawn reserved the right to pursue further actions against Jinkailong and such shareholder for the outstanding balance of the loan. As of December 31, 2021, the original maximum contingent liabilities related to the loans from Langyue to automobile purchasers which Jinkailong would be exposed to was approximately RMB453,000 (approximately $71,000), which has been included in the amount of contingent liabilities of automobile purchasers as mentioned above. Jinkailong will collect monthly installment payments from online ride-hailing drivers who lease those 75 automobiles to repay for the remaining balance of Impawns and recognize guarantee expenses if any. However, as Jinkailong has undertaken the joint and several liability guarantee for all of Langyue’s loans from Impawn, Jinkailong may be required to pay all the outstanding balance of approximately $1,119,000 to Impawn in the future. On September 24 and October 30, 2019, Shanghai Fengbang Leasing Co., Ltd (“Fengbang”) signed two financial leassing agreements (the “Master Agreements”) with two customers of Jinkailong, pursuant to which, Fengbang shall provide financial lease to the customers with the original principal amounted to approximately RMB79,500 (approximately $13,000) and RMB108,800 (approximately $17,000), respectively. In connection with the Master Agreements, Jinkailong entered into the guaranty with Fengbang and agreed to provide guarantee on all the payments (including principal, interests, compensations and other expenses). However, the customers did not pay Fengbang monthly installment on time and Fengbang initiated legal actions with the court of Jiading District in Shanghai (the “Jiading Court”) in March and April 2021, respectively. On March 25, 2021 and May 26, 2021, Jiading Court ruled that those customers should pay Fengbang the total outstanding principal, interest, penalty and other expenses amounted to approximately RMB90,000 (approximately $14,000) and approximately RMB123,000 (approximately $20,000), respectively. However, as those customers did not pay to Fengbang in accordance with Jiading Court’s decision while Jinkailong has guarantee liability on those loans, on January 20, 2022, the cash amounted to RMB93,297 (approximately $15,000) in one of Jinkailong’s bank accounts was frozen by Jiading Court and then excuted to pay to Fengbang. The related two automobiles have been rendered to Jinkailong and the Company has recorded lease liability of approximately RMB169,000 (approximately $27,000) as of December 31, 2021. The Company is in the process of taking actions to lower the potential negative impact on the daily cashflow of Jinkailong and expects to finalize the solution and release the restricted cash before March 31, 2022. From time to time, the Company may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Except the contingent liabilities for Langyue, other amounts accrued, as well as the total amount of reasonable possible losses with the respect to such matters, individually and in the aggregate, are not deemed to be material to the interim unaudited condensed consolidated financial statements.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	20. SEGMENT INFORMATION The Company presents segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The following tables present the summary of each segment's revenue, loss from operations, loss before income taxes and net loss which is considered as a segment operating performance measure, for the three and nine months ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months ended December 31, 2021 ​ ​ Automobile ​ Online ride-hailing ​ ​ ​ ​ ​ ​ ​ ​ Transaction and ​ platform ​ ​ ​ ​ ​ ​ ​ Related Services Services Unallocated Consolidated Revenues ​ $ 2,525,893 ​ $ 1,017,156 ​ $ — ​ $ 3,543,049 Loss from operations ​ $ (1,289,884) ​ $ (629,177) ​ $ (979,941) ​ $ (2,899,002) Income (loss) before income taxes ​ $ (1,069,871) ​ $ (792,769) ​ $ 1,735,058 ​ $ (127,582) Net income (loss) ​ $ (1,074,410) ​ $ (792,769) ​ $ 1,735,058 ​ $ (132,121) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months ended December 31, 2021 ​ ​ Automobile ​ Online ride-hailing ​ ​ ​ ​ ​ ​ ​ ​ Transaction and ​ platform ​ ​ ​ ​ ​ ​ ​ Related Services Services Unallocated Consolidated Revenues ​ $ 6,631,579 ​ $ 1,617,454 ​ $ — ​ $ 8,249,033 Loss from operations ​ $ (3,606,376) ​ $ (6,358,532) ​ $ (1,813,645) ​ $ (11,778,553) Income (loss) before income taxes ​ $ (3,520,754) ​ $ (6,649,325) ​ $ 2,549,947 ​ $ (7,620,132) Net income (loss) ​ $ (3,525,304) ​ $ (6,649,325) ​ $ 2,549,947 ​ $ (7,624,682) ​ The accounting principles for the Company's revenue by segment are set out in Note 3(g). As of December 31, 2021, the Company’s total assets were comprised of $10,669,604 for automobile transaction and related services, $6,204,897 for online ride-hailing platform services and $1,700,731 unallocated. ​ As substantially all of the Company's long-lived assets are located in the PRC and substantially all of the Company's revenue is derived from within the PRC, no geographical information is presented

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS On January 4, 2022, Hunan Ruixi made a donation with amount of RMB1,200,000 (approximately $190,000) to a public welfare foundation in Changsha, China.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	(a) Basis of presentation The accompanying interim unaudited condensed consolidated financial statements of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed interim financial information as of December 31, 2021 and for the three and nine months ended December 31, 2021 and 2020 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 consolidated financial statements and the notes thereto, included in the Form 10-K for the fiscal year ended March 31, 2021, which was filed with the SEC on July 8, 2021. In the opinion of management, all adjustments (including normal recurring adjustments) necessary to present a fair statement of the Company’s unaudited financial position as of December 31, 2021, its unaudited results of operations and changes in shareholders’ equity for the three and nine months ended December 31, 2021 and 2020, and its unaudited cash flows for the nine months ended December 31, 2021 and 2020, as applicable, have been made. The unaudited interim results of operations are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Basis of consolidation	(b) Basis of consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of the subsidiaries and VIEs. All inter-company accounts and transactions have been eliminated in consolidation.
Foreign currency translation	(c) Foreign currency translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates on the date of the balance sheet. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company and its subsidiaries and VIEs is U.S. dollars (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in US$. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the functional currency of the economic environment in which its operations are conducted. In general, for consolidation purposes, assets and liabilities of the Company and its subsidiaries whose functional currency is not the US$, are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of the Company and its subsidiaries and VIEs are recorded as a separate component of accumulated other comprehensive loss within the statement of stockholders’ equity (deficiency). Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Balance sheet items, except for equity accounts 6.3559 6.5527 ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ December 31, ​ 2021 2020 Items in the statements of operations and comprehensive loss 6.3937 6.6224 ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ December 31, ​ 2021 2020 Items in the statements of operations and comprehensive loss, and statements of cash flows ​ 6.4408 6.8726 ​
Use of estimates	(d) Use of estimates In presenting the unaudited condensed consolidated financial statements in accordance with U.S. GAAP, management make estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgement and available information. Accordingly, actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. The Company bases its estimates on past experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The inputs into our judgments and estimates consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Estimates are used when accounting for items and matters including, but not limited to, revenue recognition, residual values, lease classification and liabilities, finance lease receivables, inventory obsolescence, right-of-use assets, determinations of the useful lives and valuation of long-lived assets and goodwill, estimates of allowances for doubtful accounts and prepayments, estimates of impairment of long-lived assets and goodwill, valuation of deferred tax assets, estimated fair value used in business acquisitions, valuation of derivative liabilities, allocation of fair value of derivative liabilities, issuance of common stock and warrants exercised and other provisions and contingencies.
Fair values of financial instruments	(e) Fair values of financial instruments Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments (“Topic 825”) requires disclosure of fair value information of financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Topic 825 excludes certain financial instruments and all nonfinancial assets and liabilities from its disclosure requirements. Accordingly, the aggregate fair value amounts do not represent the underlying value of the Company. The three levels of valuation hierarchy are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ Fair Value Measurement at ​ ​ December 31, 2021 ​ December 31, 2021 ​ (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities ​ $ 3,981,377 ​ $ — ​ $ — ​ $ 3,981,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ Carrying Value at ​ March 31, 2021 ​ March 31, 2021 Level 1 Level 2 Level 3 Derivative liabilities ​ $ 1,278,926 ​ $ — ​ $ — ​ $ 1,278,926 ​ The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for the nine months ended December 31, 2021 and for the year ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August ​ February ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Registered Direct Offering ​ Underwritten ​ Registered ​ May 2021 ​ November 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public ​ Direct ​ Registered Direct Offering ​ Private Placement ​ ​ ​ ​ ​ Series A ​ Series B ​ Placement ​ Offering ​ Offering ​ Investors ​ ​ Placement ​ Investors ​ Placement ​ ​ ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Total BALANCE as of March 31, 2020 ​ $ 315,923 ​ $ 1,371 ​ $ 25,236 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 342,530 Derivative liabilities recognized at grant date ​ ​ — ​ ​ — ​ ​ — ​ ​ 241,919 ​ ​ 755,274 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 997,193 Change in fair value of derivative liabilities ​ ​ 1,234,630 ​ ​ — ​ ​ 138,336 ​ ​ 455,162 ​ ​ (117,713) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,710,415 Fair value of warrants exercised ​ ​ (1,470,285) ​ ​ — ​ ​ — ​ ​ (299,556) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,769,841) Warrant forfeited due to expiration ​ ​ — ​ ​ (1,371) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,371) BALANCE as of March 31, 2021 ​ ​ 80,268 ​ ​ — ​ ​ 163,572 ​ ​ 397,525 ​ ​ 637,561 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,278,926 Derivative liabilities recognized at grant date ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,313,864 ​ ​ 248,541 ​ ​ 4,060,857 ​ ​ 310,173 ​ ​ 7,933,435 Change in fair value of derivative liabilities ​ ​ (29,989) ​ ​ — ​ ​ (138,241) ​ ​ (315,393) ​ ​ (514,123) ​ ​ (1,894,358) ​ ​ (142,082) ​ ​ (1,999,514) ​ ​ (151,609) ​ ​ (5,185,309) Fair value of warrants exercised ​ ​ (45,675) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (45,675) BALANCE as of December 31, 2021 (Unaudited) ​ $ 4,604 ​ $ — ​ $ 25,331 ​ $ 82,132 ​ $ 123,438 ​ $ 1,419,506 ​ $ 106,459 ​ $ 2,061,343 ​ $ 158,564 ​ $ 3,981,377 ​ On June 21, 2019, the Company closed a registered direct offering of an aggregate of 1,781,361 shares of common stock, and in connection therewith, issued to the investors (i) for no additional consideration, Series A warrants to purchase up to an aggregate of 1,336,021 shares of common stock, (ii) for nominal additional consideration, Series B warrants to purchase up to a maximum aggregate of 1,116,320 shares of common stock and (iii) placement agent warrants to purchase up to 142,509 shares of common stock (the “June 2019 Placement Agent Warrants”). On August 6, 2020, the Company completed a public offering of 12,000,000 shares of the Company’s common stock at $0.50 per share (the “Offering Price”), pursuant to an underwriting agreement with The Benchmark Company, LLC and Axiom Capital Management, Inc., as representatives of the several underwriters (the “Underwriters”). On August 13, 2020, the Underwriters exercised their rights to purchase an additional 1,800,000 shares of common stock at the Offering Price. In connection with the offering, the Company issued the Underwriters, on a private placement basis, warrants to purchase up to 568,000 shares of common stock (the “Underwriters’ Warrants”). The Underwriters’ Warrants are exercisable for a period of five years commencing six months from August 4, 2020 at a price per share equal to 125% of the Offering Price and are exercisable on a “cashless” basis. As the underwriting agreement indicated, the Underwriters have the right of first refusal to act as lead or joint investment banker, lead or join book-runner and /or joint placement agent, for each and every future public and private equity and debt offering, including all equity linked financings for the Company, or any successor to or any subsidiary of the Company for a period of twelve months following August 4, 2020, (the “ROFR”). The ROFR was terminated as of February 4, 2021 as disclosed in more details below. On February 10, 2021, the Company completed a registered direct offering of 5,072,465 shares of the Company’s common stock at $1.38 per share, pursuant to a placement agency agreement with FT Global Capital, Inc., as exclusive placement agent in connection with this offering. In connection with the offering, the Company issued the placement agent warrants to purchase up to 380,435 shares of its common stock. These warrants are exercisable for a period of five years commencing 180 days from February 8, 2020 at a price of $1.38 per share and are exercisable on a “cashless” basis. In addition, the company issued to the Underwriters seven percent of the gross proceeds from the offering and warrants to purchase up to 152,174 shares of its common stock, in consideration for the termination of the ROFR as mentioned above. These warrants are exercisable for a period of five years from February 8, 2020 at a price of $1.725 per share. On May 13, 2021, the Company completed a registered direct offering of 5,531,916 shares of the Company’s common stock at $1.175 per share, pursuant to a securities purchase agreement with certain purchasers dated May 11, 2021. As a result, the Company raised approximately $5.8 million, net of placement agent fees and offering expenses, to support the Company’s working capital requirements. In connection with the offering, The Company also issued warrants to the investors to purchase a total of 5,531,916 shares of common stock at an exercise price of $1.05 per share (the “May 2021 Investors Warrants”). The warrants have a term of five years and are exercisable at any time on or after the issuance date. In connection with the offering, the Company paid the placement agent cash commission of approximately $487,500 and issued to it warrants to purchase up to 414,894 shares of common stock at an exercise price of $1.05 per share (the “May 2021 Placement Agent Warrants”), which warrants will be exercisable at any time on or after the issuance date and expire on the fifth-year anniversary of their issuance. On November 10, 2021, the Company completed a private placement of 5,000 shares of the Company’s series A convertible preferred stock at $1,000 per share, pursuant to a securities purchase agreement with certain institutional investors. As a result, the Company raised approximately $4.4 million, net of placement agent fees and offering expenses, to support the Company’s working capital requirements. In connection with the offering, The Company also issued warrants to the investors to purchase a total of 7,352,941 shares of common stock at an exercise price of $0.82 per share (the “ November 2021 Investors Warrants”). The warrants have a term of five years and are exercisable at any time on or after the initial exercisability date. In connection with the offering, the Company paid the placement agent cash commission of approximately $375,000 and issued to it warrants to purchase up to 551,471 shares of common stock at an exercise price of $0.68 per share (the “November 2021 Placement Agent Warrants”), which warrants will be exercisable at any time beginning from the date of six months from the closing of the Offering and expire on the fifth-year anniversary of their issuance. The Series A Convertible Preferred Stock is redeemable as change of control occur. A discount to the redemption amount of a contingently redeemable preferred share should be amortized only once it is probable the share will become redeemable. The Company determined that the redemption is uncertain as the cash redemption feature upon change of control is at the option of the holder, and the redemption date upon the change of control is uncertain. The strike price of the Company’s Series A and Series B warrants, the placement agent warrants, the Underwriters’ Warrants, the ROFR warrants, and the investors warrants are denominated in US$ and the Company's functional currency is RMB; therefore, those warrant shares are not considered indexed to the Company's own stock which should be classified as derivative liability. The Company’s Series A and Series B warrants, the June 2019 Placement Agent Warrants, the Underwriters’ Warrants, the ROFR Warrants, the May 2021 Investors Warrants, the May 2021 Placement Agent Warrants, and the November 2021 Investors Warrants and November 2021 Placement Agent Warrants are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model on June 20, 2019 (the grant date), August 4, 2020 (the grant date), February 10, 2021 (the grant date), May 13, 2021 (the grant date), November 10, 2021 (the grant date), December 31, 2021 and March 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 20, ​ August 4, February 10, ​ May 13, ​ November 10, ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ 2021 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ Series A ​ Series B ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ Investor ​ Agent ​ Investor ​ Agent ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants ​ # of shares exercisable ​ 1,336,021 ​ 1,116,320 ​ 142,509 ​ ​ 568,000 ​ ​ 380,435 ​ 152,174 ​ 5,531,916 ​ 414,894 ​ 7,352,941 ​ ​ 551,471 ​ Valuation date ​ 6/20/2019 ​ 6/20/2019 ​ 6/20/2019 ​ ​ 8/4/2020 ​ ​ 2/10/2021 ​ 2/10/2021 ​ 5/13/2021 ​ 5/13/2021 ​ 11/10/2021 ​ ​ 11/10/2021 ​ Exercise price ​ $ 3.72 ​ $ 3.72 ​ $ 3.38 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ $ 1.05 ​ $ 1.05 ​ $ 0.82 ​ $ 0.68 ​ Stock price ​ $ 2.80 ​ $ 2.80 ​ $ 2.80 ​ $ 0.51 ​ $ 1.63 ​ $ 1.63 ​ $ 0.72 ​ $ 0.72 ​ $ 0.67 ​ $ 0.67 ​ Expected term (years) ​ 4 ​ 1 ​ 4 ​ ​ 5 ​ 5 ​ 5 ​ 5 ​ 5 ​ ​ 5 ​ ​ 5 ​ Risk-free interest rate ​ 1.77 % 1.91 % 1.77 % ​ 0.19 % 0.46 % 0.46 % 0.84 % 0.84 % ​ 1.23 % ​ 1.23 % Expected volatility ​ 86 % 91 % 86 % ​ 129 % 132 % 132 % 131 % 131 % ​ 126 % ​ 126 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ Granted Date ​ June 20, 2019 ​ August 4, 2020 ​ February 10, 2021 ​ May 13, 2021 ​ November 10, 2021 ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ Series A ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ Investor ​ Agent ​ Investor ​ Agent ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants ​ # of shares exercisable ​ 25,902 ​ 142,509 ​ 318,080 ​ ​ 380,435 ​ ​ 152,174 ​ 5,531,916 ​ 414,894 ​ 7,352,941 ​ ​ 551,471 ​ Valuation date ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ ​ 12/31/2021 ​ ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ ​ 12/31/2021 ​ Exercise price ​ $ 0.50 ​ $ 0.50 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ $ 1.05 ​ $ 1.05 ​ $ 0.82 ​ $ 0.68 ​ Stock price ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ Expected term (years) ​ 1.47 ​ 1.47 ​ 3.59 ​ ​ 4.12 ​ 4.12 ​ 4.37 ​ 4.37 ​ ​ 4.86 ​ ​ 4.86 ​ Risk-free interest rate ​ 0.55 % 0.55 % 1.06 % ​ 1.13 % 1.13 % 1.17 % 1.17 % ​ 1.24 % ​ 1.24 % Expected volatility ​ 124 % 124 % 124 % ​ 124 % 124 % 124 % 124 % ​ 124 % ​ 124 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ Granted Date ​ June 20, 2019 ​ August 4, 2020 ​ February 10, 2021 ​ ​ ​ Placement ​ Placement ​ ​ ​ ​ Series A ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ ​ ​ Warrants ​ Warrants ​ Warrants Warrants ​ Warrants ​ # of shares exercisable ​ 69,931 ​ 142,509 ​ ​ 318,080 ​ 380,435 ​ ​ 152,174 ​ Valuation date 3/31/2021 3/31/2021 ​ ​ 3/31/2021 ​ ​ 3/31/2021 ​ ​ 3/31/2021 ​ Exercise price $ 0.50 $ 0.50 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ Stock price $ 1.40 $ 1.40 ​ $ 1.40 ​ $ 1.40 ​ $ 1.40 ​ Expected term (years) ​ 2.22 ​ 2.22 ​ ​ 4.35 ​ ​ 4.87 ​ ​ 4.87 ​ Risk-free interest rate ​ 0.20 % 0.20 % ​ 0.73 % ​ 0.88 % ​ 0.88 % Expected volatility ​ 132 % 132 % ​ 132 % ​ 132 % ​ 132 % ​ As of December 31 and March 31, 2021, financial instruments of the Company comprised primarily current assets and current liabilities including cash and cash equivalents, restricted cash, accounts receivable, inventories, finance lease receivables, prepayments, other receivables and other assets, due from related parties, borrowings from financial institutions, accounts payable, advance from customers, lease liabilities, accrued expenses and other liabilities, due to related parties and affiliates, and operating and financing lease liabilities, which approximate their fair values because of the short-term nature of these instruments, and non-current liabilities of borrowings from financial institutions, which approximate their fair values because of the stated loan interest rate to the rate charged by similar financial institutions. The non-current portion of accounts receivables, finance lease receivables, and operating and financing lease liabilities were recorded at gross adjusted for the interest using the effective interest rate method. The Company believes that the effective interest rates underlying these instruments approximate their fair values because the Company used its incremental borrowing rate to recognize the present value of these instruments as of December 31, 2021 and March 31, 2021. Other than as listed above, the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at fair value.
Business combinations and non-controlling interests	(f) Business combinations and non-controlling interests The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the unaudited condensed consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the unaudited condensed consolidated income statements. For the Company’s non-wholly owned subsidiaries, a non-controlling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Company. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations and comprehensive loss. Cash flows related to transactions with non-controlling interests are presented under financing activities in the unaudited condensed consolidated statements of cash flows.
Segment reporting	(g) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company's management team. Historically, the Company had one single operating and reportable segment, namely the provision of an online lending services which was discontinued in the periods after October 17, 2019. During the year ended March 31, 2019 and 2021, the Company acquired Hunan Ruixi and XXTX, respectively. The Company evaluated how the CODM manages the businesses of the Company to maximize efficiency in allocating resources and assessing performance. Consequently, the Company presents two operating and reportable segments as set forth in Notes 1 and 20.
Cash and cash equivalents	(h) Cash and cash equivalents Cash and cash equivalents primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. Cash and cash equivalents also consist of funds received from automobile purchasers as payment for automobiles, related insurances and taxes to be paid on behalf of the automobile purchasers, which funds were held at the third-party platforms’ fund accounts and which are unrestricted and immediately available for withdrawal and use.
Accounts receivable, net	(i) Accounts receivable, net Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, and are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2021 and March 31, 2021, allowance for doubtful accounts amounted to $34,990 and $78,167, respectively.
Inventories	(j) Inventories Inventories consist of automobiles which are held primarily for sale and for leasing purposes, and are stated at lower of cost or net realizable value, as determined using the weighted average cost method. Management compares the cost of inventories with the net realizable value and if applicable, an allowance is made for writing down the inventory to its net realizable value, if lower than cost. On an ongoing basis, inventories are reviewed for potential write-down for estimated obsolescence or unmarketable inventories which equals the difference between the costs of inventories and the estimated net realizable value based upon forecasts for future demand and market conditions. When inventories are written-down to the lower of cost or net realizable value, it is not marked up subsequently based on changes in underlying facts and circumstances.
Finance lease receivables, net	(k) Finance lease receivables, net Finance lease receivables, which result from sales-type leases, are measured at discounted present value of (i) future minimum lease payments, (ii) any residual value not subject to a bargain purchase option as a finance lease receivables on its balance sheet and (iii) accrued interest on the balance of the finance lease receivables based on the interest rate inherent in the applicable lease over the term of the lease. Management also periodically evaluates individual customer's financial condition, credit history and the current economic conditions to make adjustments in the allowance when necessary. Finance lease receivables is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2021 and March 31, 2021, the Company determined no allowance for doubtful accounts was necessary for finance lease receivables. As of December 31, 2021 and March 31, 2021, finance lease receivables consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Minimum lease payments receivable ​ $ 655,067 ​ $ 1,343,662 Less: Unearned interest ​ (140,400) ​ (328,585) Financing lease receivables, net ​ $ 514,667 ​ $ 1,015,077 Finance lease receivables, net, current portion ​ $ 356,504 ​ $ 541,605 Finance lease receivables, net, non-current portion ​ $ 158,163 ​ $ 473,472 ​ Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ Minimum future payments ​ ​ receivable Twelve months ending December 31, 2022 ​ $ 405,094 Twelve months ending December 31, 2023 ​ 222,094 Twelve months ending December 31, 2024 ​ 27,879 Twelve months ending December 31, 2025 ​ — Total ​ $ 655,067 ​
Property and equipment, net	(l) Property and equipment, net Property and equipment primarily consist of computer equipment, which is stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with no residual value based on the estimated useful life. The useful life of property and equipment is summarized as follows: ​ ​ ​ ​ Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment ​ 2 - 5 years Office equipment 3 - 5 years Automobiles 3 - 5 years ​ The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. For the three and nine months ended December 31, 2021, the impairment for property and equipment was $7,982 and $38,545, respectively. For the three and nine months ended December 31, 2020, the impairment for property and equipment was $10,342. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statements of operations and comprehensive loss.
Intangible assets, net	(m) Intangible assets, net Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: ​ ​ ​ ​ Categories Useful life Software 5-10 years Online ride-hailing platform operating license 2-10 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 nine months ended December 31, 2021 and 2020, there was no impairment of intangible assets.
Goodwill	(n) Goodwill Goodwill represents the excess of the consideration paid of an acquisition over the fair value of the net identifiable assets of the acquired subsidiaries at the date of acquisition. Goodwill is not amortized and is tested for impairment at least annually, more often when circumstances indicate impairment may have occurred. Goodwill is carried at cost less accumulated impairment losses. If impairment exists, goodwill is immediately written off to its fair value and the loss is recognized in the unaudited condensed consolidated statements of operations and comprehensive loss. Impairment losses on goodwill are not reversed. The Company reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist annually or more frequently if events and circumstances indicate that it is more likely than not that an impairment has occurred. The Company assesses qualitative factors to determine whether it is necessary to perform the two-step in accordance with ASC 350-20. If the Company believes, as a result of the qualitative carrying amount, the two-step quantitative impairment test described below is required. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying value of a reporting unit's goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business acquisition with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being a discounted cash flow. For the three and nine months ended December 31, 2021, the Company recorded an impairment of $0 and $139,580 against goodwill, respectively. For the three and nine months ended December 31, 2020, no impairment was recorded against goodwill.
Earnings (loss) per share	(o) Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of outstanding shares of common stock, adjusted for outstanding shares of common stock that are subject to repurchase. For the calculation of diluted income (loss) per share, net income (loss) attributable to stockholders for basic earnings (loss) per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method and convertible securities under the if-converted method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net earnings (loss) per share if their inclusion is anti-dilutive. As of December 31, 2021, the Company’s dilutive securities from series A convertible preferred stock are convertible into approximately 7,352,941 shares of common stock. This amount is not included in the computation of dilutive loss per share because their impact is anti-dilutive.
Mezzanine Equity (redeemable)	(p) Mezzanine Equity (redeemable) The Company evaluates its convertible preferred stock in accordance with ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, to determine if its convertible preferred stock should be treated as a liability or an equity. As a result, the convertible preferred stock should be treated as an equity as it did not meet the definition of liability instrument. In accordance with ASC 480-10-s99, the convertible preferred stock should be classified as a mezzanine equity, since it contained a change of control redemption right feature which is not solely within the control of the Comapany.
Derivative liabilities	(q) Derivative liabilities A contract is designated as an asset or a liability and is carried at fair value on the Company's balance sheet, with any changes in fair value recorded in the Company's results of operations. The Company then determines which options, warrants and embedded features require liability accounting and records the fair value as a derivative liability. The changes in the values of these instruments are shown in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as "change in fair value of derivative liabilities".
Revenue recognition	(r) Revenue recognition The Company recognized its revenue under Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). ASC 606 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. It also requires the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. To achieve that core principle, the Company applies the five steps defined under ASC 606: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company accounts for a contract with a customer when the contract is committed in writing, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration to collect is substantially probable. As of December 31, 2021, the Company had outstanding contracts for automobile transaction and related services amounting to $375,277, of which $291,077 is expected to be completed within twelve months after December 31, 2021, and $84,200 is expected to be completed after December 31, 2022. Disaggregated information of revenues by business lines are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ Automobile Transaction and Related Services (Continuing Operations) ​ ​ ​ ​ ​ ​ - Operating lease revenues from automobile rentals ​ $ 1,947,481 ​ $ 939,645 ​ $ 5,440,470 ​ $ 2,136,078 ​ - Financing revenues ​ 25,780 ​ 74,155 ​ 101,774 ​ 178,589 ​ - Service fees from management and guarantee services ​ 49,846 ​ 41,523 ​ 151,018 ​ 315,124 ​ - Service fees from automobile purchase services ​ — ​ 18,968 ​ 975 ​ 179,545 ​ - Revenues from sales of automobiles ​ ​ — ​ ​ 104,329 ​ ​ — ​ ​ 527,961 ​ - Facilitation fees from automobile transactions ​ ​ — ​ ​ 30 ​ ​ — ​ ​ 1,646 ​ - Other service fees ​ 502,786 ​ 155,365 ​ 937,342 ​ 532,384 ​ Total revenues from Automobile Transaction and Related Services (Continuing Operations) ​ ​ 2,525,893 ​ ​ 1,334,015 ​ ​ 6,631,579 ​ ​ 3,871,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Online Ride-hailing Platform Services (Continuing Operations) ​ ​ 1,017,156 ​ ​ 304,535 ​ ​ 1,617,454 ​ ​ 304,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenues from Continuing Operations ​ ​ 3,543,049 ​ ​ 1,638,550 ​ ​ 8,249,033 ​ ​ 4,175,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Online Lending Services (Discontinued Operations) ​ ​ ​ ​ ​ ​ ​ ​ ​ - Transaction fees ​ ​ — ​ ​ 56 ​ ​ — ​ ​ 2,572 ​ - Service fees ​ ​ — ​ ​ 1,586 ​ ​ — ​ ​ 3,624 ​ Total revenues from Online Lending Services (Discontinued Operations) ​ ​ — ​ ​ 1,642 ​ ​ — ​ ​ 6,196 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 3,543,049 ​ $ 1,640,192 ​ $ 8,249,033 ​ $ 4,182,058 ​ ​ Automobile transaction and related services Operating lease revenues from automobile rentals –The Company generates revenue from sub-leasing automobiles from some online ride-hailing drivers or leasing its own automobiles. The Company recognizes revenue wherein an automobile is transferred to the leasee and the leasee has the ability to control the asset, is accounted for under ASC Topic 842. Rental transactions are satisfied over the rental period. Rental periods are short term in nature, generally are twelve months or less. Sales of automobiles – The Company generated revenue from sales of automobiles to the customers of Jinkailong and Hunan Ruixi. The control over the automobile is transferred to the purchaser along with the delivery of automobiles. The amount of the revenue is based on the sale price agreed by Hunan Ruixi or Yicheng and the counterparties, including Jinkailong, who acts on behalf of its customers. The Company recognizes revenues when an automobile is delivered and control is transferred to the purchaser at a point in time. Accounts receivable related to the revenue are being collected over 36 to 48 months. The interest component is included in the non-current portion of the accounts receivable. Financing revenues – Interest income from the lease arising from the Company’s sales-type leases and bundled lease arrangements are recognized as financing revenues over the lease term based on the effective rate of interest in the lease. Service fees from management and guarantee services – Over 95% of the Company’s customers are online ride-hailing drivers. The drivers sign affiliation agreements with the Company, pursuant to which the Company provides them with management and guarantee services during the affiliation period. Service fees for management and guarantee services are paid by such automobile purchasers on a monthly basis for the management and guarantee services provided during the affiliation period. The Company recognizes revenue over the affiliation period when performance obligations are completed. Service fees from automobile purchase services – Services fees from automobile purchase services are paid by automobile purchasers for a series of the services provided to them throughout the purchase process such as credit assessment, preparation of financing application materials, assistance with closing of financing transactions, license and plate registration, payment of taxes and fees, purchase of insurance, installment of GPS devices, ride-hailing driver qualification and other administrative procedures. The amount of these fees is based on the sales price of the automobiles and relevant services provided. The Company recognizes revenue when all the services are completed and an automobile is delivered to the purchaser at a point in time. Accounts receivable related to the revenue are being collected over 36 to 48 months. The interest component is included in the non-current portion of the accounts receivable. Facilitation fees from automobile transactions – Facilitation fees from automobile purchase transactions are paid by the Company’s customers including third-party sales teams or the automobile purchasers for the facilitation of the sales and financing of automobiles. The Company attracts automobile purchasers through third-party sales teams or its own sales department. For the sales facilitated between third-party sales teams and automobile purchasers, the Company charges the fees from the third-party sales teams, which was derived from the commission paid by the automobile purchasers to the third-party sales teams. Relating to sales facilitated between automobile purchasers and dealers, the Company charges the fees from the automobile purchasers. The Company recognizes revenue from facilitation fees when the titles are transferred to the purchasers at a point in time. The amount of fees is based on the type of automobile and negotiation with each sales team or automobile purchaser. The fees charged from third-party sales teams or automobile purchasers are paid before the automobile purchase transactions are consummated. These fees are non-refundable upon the delivery of automobiles. Online ride-hailing platform services The Company generates revenue from providing services to online ride-hailing drivers (“Drivers”) to assist them in providing transportation services to riders (“Riders”) looking for taxi/ride-hailing services. The Company earns commissions for each completed ride in an amount equal to the difference between an upfront quoted fare and the amount earned by a Driver based on actual time and distance for the ride charged to the Rider. As a result, the Company bears a single performance obligation in the transaction of connecting Drivers with Riders to facilitate the completion of a successful transportation service for Riders. The Company recognizes revenue upon completion of a ride as the single performance obligation is satisfied and the Company has the right to receive payment for the services rendered upon the completion of the ride. The Company evaluates the presentation of revenue on a gross or net basis based on whether it controls the service provided to the Rider and is the principal (i.e. “gross”), or it arranges for other parties to provide the service to the Rider and is an agent (i.e. “net”). Since the Company is not primarily responsible for ride-hailing services provided to Riders, it does not have inventory risk related to the services. Thus, the Company recognizes revenue at a net basis. Leases The Company accounts for leases in accordance with ASC 842. The two primary accounting provisions the Company uses to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Automobile included in arrangements meeting these conditions are accounted for as sales-type leases. Interest income from the lease is recognized in financing revenues over the lease term. Automobile included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. The Company excludes from the measurement of its lease revenues any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. The Company considers the economic life of most of the automobiles to be three A portion of the Company’s direct sales of automobile to end customers are made through bundled lease arrangements which typically include automobile, services (automobile purchase services, facilitation services, and management and guarantee services) and financing components where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. Revenues under these bundled lease arrangements are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement and the financing components. Lease deliverables include the automobile and financing, while the non-lease deliverables generally consist of the services and repayment of advanced fees made on behalf of its customers. The Company considers the fixed payments for purposes of allocation to the lease elements of the contract. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed lease payments that the customer is obligated to make over the lease term. Amounts allocated to the automobile and financing elements are then subjected to the accounting estimates under ASC 842 to ensure the values reflect standalone selling prices. The remainder of any fixed payments are allocated to non-lease elements (automobile purchase services, facilitation fees, and management and guarantee services), for which these revenues are recognized in a manner consistent with the guidance for service fees from automobile purchase services, facilitation fees from automobile transactions, and service fees from management and guarantee services as discussed above. The Company’s lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon the local prevailing rates in the marketplace where its customer will be able to obtain an automobile loan under similar terms from the bank. The Company reassesses its pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. As of December 31, 2021, the Company's pricing interest rate was 6.0% per annum.
Income taxes	(s) Income taxes Deferred income tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provisions or benefits for income taxes consists of tax estimated from taxable income plus or minus deferred tax expenses (benefits) if applicable. Deferred tax is calculated using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be utilized with prior net operating loss carried forwards using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be utilized. Current income taxes are provided for in accordance with the laws of the relevant tax authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of December 31, 2021 and March 31, 2021. As of December 31, 2021, the calendar years ended December 31, 2016 through 2020 for the Company’s PRC entities remain open for statutory examination by PRC tax authorities. The Company presents deferred tax assets and liabilities as non-current in the balance sheet based on an analysis of each taxpaying component within a jurisdiction.
Comprehensive income (loss)	(t) Comprehensive loss Comprehensive loss includes net loss and foreign currency adjustments. Comprehensive loss is reported in the unaudited condensed consolidated statements of operations and comprehensive loss. Accumulated other comprehensive loss, as presented on the unaudited condensed consolidated balance sheets are the cumulative foreign currency translation adjustments.
Share-based awards	(u) Share-based awards Share-based awards granted to the Company’s employees are measured at fair value on grant date and share-based compensation expense is recognized (i) immediately at the grant date if no vesting conditions are required, or (ii) using the accelerated attribution method, net of estimated forfeitures, over the requisite service period. The fair value of restricted shares is determined with reference to the fair value of the underlying shares. At each date of measurement, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards granted by the Company, including but not limited to the fair value of the underlying shares, expected life, expected volatility and expected forfeiture rates. The Company is required to consider many factors and make certain assumptions during this assessment. If any of the assumptions used to determine the fair value of the share-based awards changes significantly, share-based compensation expense may differ materially in the future from that recorded in the current reporting period.
Leases	(v) Leases The Company accounts for leases in accordance with ASC 842. Beginning in the fiscal year ended March 31, 2020, the Company entered into certain agreements as a lessor under which it leased automobiles for a short-term period (usually under 12 months) to ride-hailing car service drivers. The Company also entered into certain agreements as a lessee to lease automobiles and to conduct its automobiles rental operations. If any of the following criteria are met, the Company classifies the lease as a finance lease (as a lessee) or as a direct financing or sales-type lease (both as a lessor): ● The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; ● The lease grants the lessee an option to purchase the underlying asset that the Company is reasonably certain to exercise; ● The lease term is for 75% or more of the remaining economic life of the underlying asset, unless the commencement date falls within the last 25% of the economic life of the underlying asset; ● The present value of the sum of the lease payments equals or exceeds 90% of the fair value of the underlying asset; or ● The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Leases that do not meet any of the above criteria are accounted for as operating leases. The Company combines lease and non-lease components in its contracts under Topic 842, when permissible. Finance and operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The finance or operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognizes the finance leases ROU assets and interest on an amortized cost basis. The amortization of finance ROU assets is recognized on an accretion basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period. Interest expense on the lease liability is determined each period during the lease term as the amount that results in a constant periodic interest rate of the automobile loans on the remaining balance of the liability. The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the three and nine months ended December 31, 2021, the Company did not recognize impairment loss on its finance lease ROU assets. For the three and nine months ended December 31, 2021, the Company did not recognize additional impairment loss on its finance lease ROU assets. For the three and nine months ended December 31, 2020, the Company recognized impairment loss of $31,641 and $111,864 on its finance lease ROU assets, respectively.
Significant risks and uncertainties	(w) Significant risks and uncertainties 1) a. Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of these assets to credit risk is their carrying amounts as of the balance sheet dates. On December 31, 2021 and March 31, 2021, approximately $954,000 and $1,560,000 , respectively, were deposited with a bank in the United States which is insured by the U.S. government up to $250,000 . On December 31, 2021 and March 31, 2021, approximately $1,563,000 and $2,339,000 , respectively, were deposited in financial institutions located in mainland China, which were insured by the government authority. Under the Deposit Insurance System in China, an enterprise's deposits at one bank are insured for a maximum of approximately $80,000 (RMB 500,000 ). To limit exposure to credit risk relating to deposits, the Company primarily places cash deposits with large financial institutions in China which management believes are of high credit quality. The Company’s operations are carried out entirely in mainland China. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the social, political, economic and legal environments in the PRC as well as by the general state of the PRC economy. In addition, the Company’s business may be influenced by changes in PRC government laws, rules and policies with respect to, among other matters, the response to the COVID-19 pandemic, anti-inflationary measures, currency conversion and remittance of currency outside of China, rates and methods of taxation and other factors. b. In measuring the credit risk of accounts receivables due from the automobile purchasers (the "customers"), the Company mainly reflects the “probability of default” by the customer on its contractual obligations and considers the current financial position of the customer and the risk exposures to the customer and its likely future development. Historically, most of the automobile purchasers would pay the Company their previously defaulted amounts within one to three months. As a result, the Company would provide full provisions on accounts receivable if the customers default on repayments for over three months. As of December 31, 2021 and March 31, 2021, the Company provided an allowance for doubtful accounts of $34,990 and $78,167, respectively. For the nine months ended December 31, 2021 and 2020, the Company wrote off accounts receivable of $57,417 and $252,211, respectively, which represent due from automobile purchasers. In measuring the credit risk of accounts receivables due from the borrowers and investors who formally used the Company’s discontinued P2P lending platform (the “P2P customers”), the Company mainly reflects the “probability of default” by the P2P customers on its contractual obligations and considers the current financial position of the P2P customers and the risk exposures to the P2P customers and its likely future development. Historically, most of the borrowers would pay the transaction fee within one year upon (i) disbursement of the proceeds for loans or (ii) full payment of principal and interest of loan. Most of investors would pay the service fee within one year upon receipt of their investment returns. On October 17, 2019, the Board approved the plan for the Company to discontinue and wind down its online lending services business (the “Plan”). For the three and nine months ended December 31, 2021 and 2020, no additional accounts receivable were written-off. 2) As of December 31, 2021 and March 31, 2021, substantially all of the Company’s operating activities and major assets and liabilities, except for the cash deposit of approximately $954,000 and $2,073,000, respectively, in U.S. dollars, are denominated in RMB, which are not freely convertible into foreign currencies. All foreign exchange transactions take place through either the People’s Bank of China (“PBOC”) or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires a payment application together with invoices and signed contracts. The value of RMB is subject to change in central government policies and international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. When there is a significant change in value of RMB, the gains and losses resulting from translation of financial statements of a foreign subsidiary will be significantly affected. RMB was appreciated from 6.55 RMB into US$1.00 on March 31, 2021 to 6.36 RMB into US$1.00 on December 31, 2021. 3) The Company believes that the VIE Agreements and the Voting Agreements are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. The shareholders of Sichuan Senmiao are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, if the shareholders of Sichuan Senmiao were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. However, the other shareholders of Jinkailong are not shareholders of the Company and there is a risk they may act in contrary to the interests of the shareholders of the Company. The Company cannot assure that when conflicts of interest arise, the shareholders of Sichuan Senmiao, the other shareholders of Jinkailong or the shareholders of Youlu will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. In addition, the Company’s ability to control Sichuan Senmiao and Jinkailong via the VIE Agreements and Voting Agreements may not be as effective as direct equity ownership. Further, the VIE Agreements or the Voting Agreements may not be enforced in China if the PRC government or courts consider those contracts contravene PRC laws and regulations or otherwise not enforceable for public policy reasons. If the VIE Agreements or the Voting Agreements were found to be in violation of any existing PRC laws and regulations, the PRC government could: ● revoke the VIEs’ business and operating licenses; ● require the VIEs to discontinue or restrict operations; ● restrict the Company’s right to collect revenues; ● block the Company’s websites; ● require the Company to restructure the operations in such a way as to compel the Company to establish a new enterprise, re-apply for the necessary licenses or relocate our businesses, staff and assets; ● impose additional conditions or requirements with which the Company may not be able to comply; or ● take other regulatory or enforcement actions against the Company that could be harmful to the Company’s business.
Recently issued accounting standards	(x) Recently issued accounting standards In June 2016, the FASB issued new accounting guidance ASU 2016-13 for recognition of credit losses on financial instruments, which is effective January 1, 2020, with early adoption permitted on January 1, 2019. The guidance introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses, and differs significantly from the incurred loss approach used today. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information and will likely result in earlier recognition of credit reserves. In November 2019, the FASB issued ASU No. 2019-10, which is to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has not yet adopted this update and it will become effective on January 1, 2023, assuming the Company will remain eligible to be smaller reporting company. The Company is currently evaluating the impact of this new standard on Company's unaudited condensed consolidated financial statements and related disclosures. CECL adoption will have broad impact on the financial statements of financial services firms, which will affect key profitability and solvency measures. Some of the more notable expected changes include: - Higher allowance on financial guarantee reserve and finance lease receivable levels and related deferred tax assets. While different asset types will be impacted differently, the expectation is that reserve levels will generally increase across the board for all financial firms. - Increased reserve levels may lead to a reduction in capital levels. - As a result of higher reserving levels, the expectation is that CECL will reduce cyclicality in financial firms’ results, as higher reserving in “good times” will mean that less dramatic reserve increases will be loan related income (which will continue to be recognized on a periodic basis based on the effective interest method) and the related credit losses (which will be recognized up front at origination). This will make periods of loan expansion seem less profitable due to the immediate recognition of expected credit losses. Periods of stable or declining loan levels will look comparatively profitable as the income trickles in for loans, where losses had been previously recognized. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The adoption of this standard on January 1, 2021 did not have a material impact on its unaudited condensed consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)" (“Updates”). The amendment in this Update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity. For convertible instruments, the Board decided to reduce the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company has adopted this standard for the fiscal year beginning after March 31, 2021. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated financial position, statements of operations and cash flows of the Company.

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)	9 Months Ended
	Dec. 31, 2021
ORGANIZATION AND PRINCIPAL ACTIVITIES
Schedule of total assets and total liabilities VIEs	Total assets and total liabilities of the Company’s VIEs included in the Company’s unaudited condensed consolidated financial statements as of December 31, 2021 and March 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ Current assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 175,768 ​ $ 134,776 Accounts receivable, net, current portion ​ ​ 389,952 ​ ​ 935,165 Inventories ​ ​ 33,622 ​ ​ — Prepayments, other receivables and other assets, net ​ ​ 1,590,490 ​ ​ 1,245,330 Other receivable - intercompany ​ ​ 2,977,816 ​ ​ 1,815,250 Due from related parties ​ ​ 27,938 ​ ​ 39,572 Current assets - discontinued operations (1) ​ ​ 195,665 ​ ​ 571,172 Total current assets ​ ​ 5,391,251 ​ ​ 4,741,265 ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ Property and equipment, net ​ ​ 293,611 ​ ​ 451,522 Property and equipment, net - discontinued operations ​ ​ — ​ ​ 2,706 Total property and equipment, net ​ ​ 293,611 ​ ​ 454,228 ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, net ​ ​ 216,132 ​ ​ 265,470 Operating lease right-of-use assets, net, related parties ​ ​ 6,582 ​ ​ 9,896 Financing lease right-of-use assets, net ​ ​ 1,659,036 ​ ​ 4,201,693 Accounts receivable, net, non-current ​ ​ 28,153 ​ ​ 207,240 Total other assets ​ ​ 1,909,903 ​ ​ 4,684,299 ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 7,594,765 ​ $ 9,879,792 ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ Borrowings from financial institutions ​ $ 500,363 ​ $ 310,662 Advances from customers ​ ​ 637,596 ​ ​ 45,413 Income tax payable ​ ​ 17,947 ​ ​ 17,408 Accrued expenses and other liabilities ​ ​ 4,331,429 ​ ​ 3,750,393 Other payable - intercompany ​ ​ 7,868,916 ​ ​ 6,895,543 Due to related parties and affiliates ​ ​ 364,705 ​ ​ 352,827 Operating lease liabilities ​ ​ 107,241 ​ ​ 99,831 Operating lease liabilities - related parties ​ ​ 5,381 ​ ​ 4,989 Financing lease liabilities ​ ​ 4,104,460 ​ ​ 4,814,808 Current liabilities - discontinued operations (2) ​ ​ 527,104 ​ ​ 2,372,652 Total current liabilities ​ ​ 18,465,142 ​ ​ 18,664,526 ​ ​ ​ ​ ​ ​ ​ Other liabilities: ​ ​ ​ ​ ​ ​ Borrowings from financial institutions, non-current ​ ​ 21,776 ​ ​ 38,857 Operating lease liabilities, non-current ​ ​ 131,988 ​ ​ 167,822 Operating lease liabilities, non-current - related parties ​ ​ 1,395 ​ ​ 3,850 Financing lease liabilities, non-current ​ ​ 1,296,238 ​ ​ 2,037,609 Total other liabilities ​ ​ 1,451,397 ​ ​ 2,248,138 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ $ 19,916,539 ​ $ 20,912,664 (1) Includes intercompany receivables of $183,331 and $177,825 as of December 31, 2021 and March 31, 2021, respectively. (2) Includes intercompany payables of $0 and $35,790 as of December 31, 2021 and March 31, 2021, respectively.
Schedule of net revenue, loss from operations and net loss of the VIEs	Net revenue, loss from operations and net loss of the VIEs that were included in the Company's unaudited condensed consolidated financial statements for the three months and nine months ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Net revenue from continuing operations ​ $ 1,902,560 ​ $ 1,157,146 ​ $ 5,644,454 ​ $ 2,925,839 Net revenue from discontinued operations ​ $ — ​ $ 1,642 ​ $ — ​ $ 6,196 Loss from operations from continuing operations ​ $ (875,683) ​ $ (985,172) ​ $ (2,949,481) ​ $ (3,551,034) Loss from operations from discontinued operations ​ $ — ​ $ (2,238) ​ $ — ​ $ (84,692) Net loss from continuing operations attributable to stockholders ​ $ (708,800) ​ $ (972,620) ​ $ (2,426,729) ​ $ (2,911,651) Net loss from discontinued operations attributable to stockholders ​ $ — ​ $ (8,212) ​ $ — ​ $ (233,977) Net loss attributable to stockholders ​ $ (708,800) ​ $ (980,832) ​ $ (2,426,729) ​ $ (3,145,628)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of translation of amounts from RMB into US$	Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Balance sheet items, except for equity accounts 6.3559 6.5527 ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ December 31, ​ 2021 2020 Items in the statements of operations and comprehensive loss 6.3937 6.6224 ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ December 31, ​ 2021 2020 Items in the statements of operations and comprehensive loss, and statements of cash flows ​ 6.4408 6.8726 ​
Schedule of financial assets and liabilities that were accounted for at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ Fair Value Measurement at ​ ​ December 31, 2021 ​ December 31, 2021 ​ (Unaudited) Level 1 Level 2 Level 3 Derivative liabilities ​ $ 3,981,377 ​ $ — ​ $ — ​ $ 3,981,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ Carrying Value at ​ March 31, 2021 ​ March 31, 2021 Level 1 Level 2 Level 3 Derivative liabilities ​ $ 1,278,926 ​ $ — ​ $ — ​ $ 1,278,926
Schedule of reconciliation of beginning and ending balance of the assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August ​ February ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 Registered Direct Offering ​ Underwritten ​ Registered ​ May 2021 ​ November 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public ​ Direct ​ Registered Direct Offering ​ Private Placement ​ ​ ​ ​ ​ Series A ​ Series B ​ Placement ​ Offering ​ Offering ​ Investors ​ ​ Placement ​ Investors ​ Placement ​ ​ ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Total BALANCE as of March 31, 2020 ​ $ 315,923 ​ $ 1,371 ​ $ 25,236 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 342,530 Derivative liabilities recognized at grant date ​ ​ — ​ ​ — ​ ​ — ​ ​ 241,919 ​ ​ 755,274 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 997,193 Change in fair value of derivative liabilities ​ ​ 1,234,630 ​ ​ — ​ ​ 138,336 ​ ​ 455,162 ​ ​ (117,713) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,710,415 Fair value of warrants exercised ​ ​ (1,470,285) ​ ​ — ​ ​ — ​ ​ (299,556) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,769,841) Warrant forfeited due to expiration ​ ​ — ​ ​ (1,371) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,371) BALANCE as of March 31, 2021 ​ ​ 80,268 ​ ​ — ​ ​ 163,572 ​ ​ 397,525 ​ ​ 637,561 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,278,926 Derivative liabilities recognized at grant date ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,313,864 ​ ​ 248,541 ​ ​ 4,060,857 ​ ​ 310,173 ​ ​ 7,933,435 Change in fair value of derivative liabilities ​ ​ (29,989) ​ ​ — ​ ​ (138,241) ​ ​ (315,393) ​ ​ (514,123) ​ ​ (1,894,358) ​ ​ (142,082) ​ ​ (1,999,514) ​ ​ (151,609) ​ ​ (5,185,309) Fair value of warrants exercised ​ ​ (45,675) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (45,675) BALANCE as of December 31, 2021 (Unaudited) ​ $ 4,604 ​ $ — ​ $ 25,331 ​ $ 82,132 ​ $ 123,438 ​ $ 1,419,506 ​ $ 106,459 ​ $ 2,061,343 ​ $ 158,564 ​ $ 3,981,377
Schedule of estimates of fair value to warrants using Black Scholes valuation model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 20, ​ August 4, February 10, ​ May 13, ​ November 10, ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ 2021 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ Series A ​ Series B ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ Investor ​ Agent ​ Investor ​ Agent ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants ​ # of shares exercisable ​ 1,336,021 ​ 1,116,320 ​ 142,509 ​ ​ 568,000 ​ ​ 380,435 ​ 152,174 ​ 5,531,916 ​ 414,894 ​ 7,352,941 ​ ​ 551,471 ​ Valuation date ​ 6/20/2019 ​ 6/20/2019 ​ 6/20/2019 ​ ​ 8/4/2020 ​ ​ 2/10/2021 ​ 2/10/2021 ​ 5/13/2021 ​ 5/13/2021 ​ 11/10/2021 ​ ​ 11/10/2021 ​ Exercise price ​ $ 3.72 ​ $ 3.72 ​ $ 3.38 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ $ 1.05 ​ $ 1.05 ​ $ 0.82 ​ $ 0.68 ​ Stock price ​ $ 2.80 ​ $ 2.80 ​ $ 2.80 ​ $ 0.51 ​ $ 1.63 ​ $ 1.63 ​ $ 0.72 ​ $ 0.72 ​ $ 0.67 ​ $ 0.67 ​ Expected term (years) ​ 4 ​ 1 ​ 4 ​ ​ 5 ​ 5 ​ 5 ​ 5 ​ 5 ​ ​ 5 ​ ​ 5 ​ Risk-free interest rate ​ 1.77 % 1.91 % 1.77 % ​ 0.19 % 0.46 % 0.46 % 0.84 % 0.84 % ​ 1.23 % ​ 1.23 % Expected volatility ​ 86 % 91 % 86 % ​ 129 % 132 % 132 % 131 % 131 % ​ 126 % ​ 126 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ Granted Date ​ June 20, 2019 ​ August 4, 2020 ​ February 10, 2021 ​ May 13, 2021 ​ November 10, 2021 ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ ​ ​ ​ ​ Placement ​ ​ ​ ​ Placement ​ ​ ​ Series A ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ Investor ​ Agent ​ Investor ​ Agent ​ ​ Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants Warrants ​ # of shares exercisable ​ 25,902 ​ 142,509 ​ 318,080 ​ ​ 380,435 ​ ​ 152,174 ​ 5,531,916 ​ 414,894 ​ 7,352,941 ​ ​ 551,471 ​ Valuation date ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ ​ 12/31/2021 ​ ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ 12/31/2021 ​ ​ 12/31/2021 ​ Exercise price ​ $ 0.50 ​ $ 0.50 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ $ 1.05 ​ $ 1.05 ​ $ 0.82 ​ $ 0.68 ​ Stock price ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ $ 0.37 ​ Expected term (years) ​ 1.47 ​ 1.47 ​ 3.59 ​ ​ 4.12 ​ 4.12 ​ 4.37 ​ 4.37 ​ ​ 4.86 ​ ​ 4.86 ​ Risk-free interest rate ​ 0.55 % 0.55 % 1.06 % ​ 1.13 % 1.13 % 1.17 % 1.17 % ​ 1.24 % ​ 1.24 % Expected volatility ​ 124 % 124 % 124 % ​ 124 % 124 % 124 % 124 % ​ 124 % ​ 124 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ Granted Date ​ June 20, 2019 ​ August 4, 2020 ​ February 10, 2021 ​ ​ ​ Placement ​ Placement ​ ​ ​ ​ Series A ​ Agent ​ Underwriters' ​ Agent ​ ROFR ​ ​ ​ Warrants ​ Warrants ​ Warrants Warrants ​ Warrants ​ # of shares exercisable ​ 69,931 ​ 142,509 ​ ​ 318,080 ​ 380,435 ​ ​ 152,174 ​ Valuation date 3/31/2021 3/31/2021 ​ ​ 3/31/2021 ​ ​ 3/31/2021 ​ ​ 3/31/2021 ​ Exercise price $ 0.50 $ 0.50 ​ $ 0.63 ​ $ 1.38 ​ $ 1.73 ​ Stock price $ 1.40 $ 1.40 ​ $ 1.40 ​ $ 1.40 ​ $ 1.40 ​ Expected term (years) ​ 2.22 ​ 2.22 ​ ​ 4.35 ​ ​ 4.87 ​ ​ 4.87 ​ Risk-free interest rate ​ 0.20 % 0.20 % ​ 0.73 % ​ 0.88 % ​ 0.88 % Expected volatility ​ 132 % 132 % ​ 132 % ​ 132 % ​ 132 %
Schedule of finance lease receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Minimum lease payments receivable ​ $ 655,067 ​ $ 1,343,662 Less: Unearned interest ​ (140,400) ​ (328,585) Financing lease receivables, net ​ $ 514,667 ​ $ 1,015,077 Finance lease receivables, net, current portion ​ $ 356,504 ​ $ 541,605 Finance lease receivables, net, non-current portion ​ $ 158,163 ​ $ 473,472
Schedule of future scheduled minimum lease payments for investments in sales-type leases	​ ​ ​ ​ ​ ​ Minimum future payments ​ ​ receivable Twelve months ending December 31, 2022 ​ $ 405,094 Twelve months ending December 31, 2023 ​ 222,094 Twelve months ending December 31, 2024 ​ 27,879 Twelve months ending December 31, 2025 ​ — Total ​ $ 655,067
Schedule of property and equipment	​ ​ ​ ​ Categories Useful life Leasehold improvements Shorter of the remaining lease terms or estimated useful lives Computer equipment ​ 2 - 5 years Office equipment 3 - 5 years Automobiles 3 - 5 years
Schedule of separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method	​ ​ ​ ​ Categories Useful life Software 5-10 years Online ride-hailing platform operating license 2-10 years
Schedule of disaggregated information of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ Automobile Transaction and Related Services (Continuing Operations) ​ ​ ​ ​ ​ ​ - Operating lease revenues from automobile rentals ​ $ 1,947,481 ​ $ 939,645 ​ $ 5,440,470 ​ $ 2,136,078 ​ - Financing revenues ​ 25,780 ​ 74,155 ​ 101,774 ​ 178,589 ​ - Service fees from management and guarantee services ​ 49,846 ​ 41,523 ​ 151,018 ​ 315,124 ​ - Service fees from automobile purchase services ​ — ​ 18,968 ​ 975 ​ 179,545 ​ - Revenues from sales of automobiles ​ ​ — ​ ​ 104,329 ​ ​ — ​ ​ 527,961 ​ - Facilitation fees from automobile transactions ​ ​ — ​ ​ 30 ​ ​ — ​ ​ 1,646 ​ - Other service fees ​ 502,786 ​ 155,365 ​ 937,342 ​ 532,384 ​ Total revenues from Automobile Transaction and Related Services (Continuing Operations) ​ ​ 2,525,893 ​ ​ 1,334,015 ​ ​ 6,631,579 ​ ​ 3,871,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Online Ride-hailing Platform Services (Continuing Operations) ​ ​ 1,017,156 ​ ​ 304,535 ​ ​ 1,617,454 ​ ​ 304,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenues from Continuing Operations ​ ​ 3,543,049 ​ ​ 1,638,550 ​ ​ 8,249,033 ​ ​ 4,175,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Online Lending Services (Discontinued Operations) ​ ​ ​ ​ ​ ​ ​ ​ ​ - Transaction fees ​ ​ — ​ ​ 56 ​ ​ — ​ ​ 2,572 ​ - Service fees ​ ​ — ​ ​ 1,586 ​ ​ — ​ ​ 3,624 ​ Total revenues from Online Lending Services (Discontinued Operations) ​ ​ — ​ ​ 1,642 ​ ​ — ​ ​ 6,196 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 3,543,049 ​ $ 1,640,192 ​ $ 8,249,033 ​ $ 4,182,058 ​

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	9 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATION
Summary of fair value of the identifiable assets acquired and liabilities assumed	Under ASC 805-30-30-1, goodwill is calculated as follows as of December 31, 2021: ​ ​ ​ ​ ​ ​ Fair value Purchase consideration paid ​ $ 472,573 Fair value of non-controlling interest ​ ​ 326,570 Less: fair value of nets assets of XXTX: ​ ​ ​ Cash and cash equivalents ​ ​ 105,386 Other current assets ​ 525,005 Plant and equipment ​ 790 Intangible assets ​ 265,536 Total assets ​ 896,717 Total liabilities ​ (230,247) Total fair value of net assets of XXTX ​ 666,470 Goodwill as of the acquisition date ​ 132,673 Effect of exchange rate changes on goodwill ​ 6,907 Less: impairment loss of goodwill ​ (139,580) Goodwill as of December 31, 2021 ​ $ —

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Dec. 31, 2021
DISCONTINUED OPERATIONS
Schedule of disposal Groups, Including Discontinued Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ ​ Prepayments, other receivables and other assets, net ​ 12,334 ​ 393,348 Total current assets ​ 12,334 ​ 393,348 ​ ​ ​ ​ ​ Property and equipment, net ​ — ​ 5,592 ​ ​ ​ Total assets ​ $ 12,334 ​ $ 398,940 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ ​ Accrued expenses and other liabilities ​ $ 508,265 ​ $ 2,288,066 Due to a stockholder ​ 18,839 ​ 48,795 Total current liabilities ​ 527,104 ​ 2,336,861 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ $ 527,104 ​ $ 2,336,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Revenues ​ $ — ​ $ 1,642 ​ $ — ​ $ 6,196 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ — ​ (2,450) ​ ​ — ​ (90,888) Total operating expenses ​ — ​ (2,450) ​ ​ — ​ (90,888) ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ Loss from discontinued operations ​ — ​ (808) ​ ​ — ​ (84,692) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other income, net ​ — ​ 236 ​ ​ — ​ 6,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ — ​ (572) ​ ​ — ​ (78,351) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expenses ​ — ​ — ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to stockholders ​ $ — ​ $ (572) ​ $ — ​ $ (78,351)

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	9 Months Ended
	Dec. 31, 2021
ACCOUNTS RECEIVABLE, NET
Schedule of accounts receivable	As of December 31, 2021 and March 31, 2021, accounts receivable were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31 ​ 2021 2021 ​ ​ (Unaudited) ​ ​ ​ Receivables of automobile sales due from automobile purchasers ​ $ 485,442 ​ $ 760,126 Receivables of service fees due from automobile purchasers ​ 257,405 ​ 731,962 Receivables of online ride hailing fees from online ride-hailing drivers ​ ​ 125,899 ​ ​ 162,197 Receivables of operating lease ​ ​ — ​ ​ 170,707 Less: Unearned interest ​ (10,092) ​ (40,447) Less: Allowance for doubtful accounts ​ (34,990) ​ (78,167) Accounts receivable, net ​ $ 823,664 ​ $ 1,706,378 ​ ​ ​ ​ ​ ​ ​ Accounts receivable, net, current portion ​ $ 794,389 ​ $ 1,437,195 Accounts receivable, net, non-current portion ​ $ 29,275 ​ $ 269,183 ​
Schedule of movement of allowance for doubtful accounts	Movement of allowance for doubtful accounts for December 31, 2021 and March 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Beginning balance ​ $ 78,167 ​ $ 379,689 Addition ​ ​ 12,421 ​ ​ 374,785 Recovery ​ ​ — ​ ​ (209,723) Write off ​ (57,417) ​ (485,384) Translation adjustment ​ 1,819 ​ 18,800 Ending balance ​ $ 34,990 ​ $ 78,167

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2021
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Automobiles (i) ​ $ 211,054 ​ $ 127,933 (i) As of December 31, 2021, the Company owned 17 automobiles with a total value of $177,432 for sale or sales-type leases, 16 automobiles with a total value of $33,622 for sale. As of March 31, 2021, the Company owned three automobiles with a total value of $47,410 for sale, and six automobiles with a total value of $80,523 for either leasing or sale.

PREPAYMENTS, OTHER RECEIVABLE_2

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Tables)	9 Months Ended
	Dec. 31, 2021
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS
Schedule of prepayments, receivables and other assets	As of December 31, 2021 and March 31, 2021, the prepayments, receivables and other assets were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Receivables from borrowers of online lending platform, net (i) ​ $ 12,334 ​ $ 393,348 Prepaid expenses (ii) ​ ​ 1,247,567 ​ ​ 829,032 Deposits (iii) ​ ​ 1,073,696 ​ ​ 537,619 Due from automobile purchasers, net (iv) ​ ​ 541,568 ​ ​ 504,792 Value added tax (“VAT”) recoverable ​ ​ 488,946 ​ ​ 99,445 Receivables from aggregation platforms (v) ​ ​ 380,598 ​ ​ 867,614 Prepayments for automobiles (vi) ​ ​ 29,116 ​ ​ 1,026,802 Employee advances ​ 23,097 ​ 9,739 Others ​ 12,888 ​ 30,235 Total prepayments, receivables and other assets ​ ​ 3,809,810 ​ ​ 4,298,626 Total prepayments, receivables and other assets - discontinued operations ​ ​ (12,334) ​ ​ (393,348) Total prepayments, receivables and other assets - continuing operations ​ $ 3,797,476 ​ $ 3,905,278 ​ (i) Receivables from borrowers of online lending platform, net The balance of receivables from borrowers of online lending platform represented the outstanding loans the Company assumed from investors on the Company’s discontinued P2P lending platform, which will be collected from related borrowers. As of December 31, 2021 and March 31, 2021, the Company recorded allowance of $4,014,583 and $3,894,011, respectively, against doubtful receivables. (ii) Prepaid expense The balance of prepaid expense represented automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense and etc. that will expire within one year. (iii) Deposits The balance of deposits mainly represented the security deposit made by the Company to various automobile leasing companies, financial institutions and Didi Chuxing Technology Co., Ltd., an online ride-hailing platform. (iv) Due from automobile purchasers, net The balance due from automobile purchasers represented the payment of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of December 31, 2021 and March 31, 2021, the Company recorded allowance of $52,408 and $41,759, respectively, against doubtful receivables. During the nine months ended December 31, 2021 and 2020, the Company wrote off balance due from automobile purchasers of $58,756 and $270,442, respectively, and recorded additional allowances of $80,297 and $0, respectively, while recovered allowance against the balance due from automobile purchasers of $12,308 and $43,173, respectively. (v) Receivables from aggregation platforms The balance of receivables from aggregation platforms represented the amount due from the collaborated aggregation platforms based on the confirmed billings, which will be disbursed to the drivers who completed their rides through the Company's online ride-hailing platform. (vi) Prepayments for automobiles The balance represented advanced payments in purchasing automobiles from auto dealers or other parties.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Leasehold improvements ​ $ 197,966 ​ $ 192,020 Electronic devices ​ 109,759 ​ 53,200 Office equipment, fixtures and furniture ​ 99,900 ​ 104,735 Vehicles ​ 7,317,751 ​ 3,778,811 Subtotal ​ 7,725,376 ​ 4,128,766 Less: accumulated depreciation and amortization ​ (1,295,578) ​ (423,027) Total property and equipment, net ​ ​ 6,429,798 ​ ​ 3,705,739 Total property and equipment, net - discontinued operations ​ ​ — ​ ​ (5,592) Total property and equipment, net - continuing operations ​ $ 6,429,798 ​ $ 3,700,147

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	9 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS, NET
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Software $ 795,926 ​ $ 794,548 Online ride-hailing platform operating licenses ​ ​ 384,122 ​ ​ 297,258 Less: Accumulated amortization (240,855) ​ (123,675) Total intangible assets, net ​ $ 939,193 ​ $ 968,131
Schedule of amortization expenses	​ ​ ​ ​ ​ ​ Amortization ​ ​ expenses Twelve months ending December 31, 2022 ​ $ 169,930 Twelve months ending December 31, 2023 ​ 165,661 Twelve months ending December 31, 2024 ​ 154,534 Twelve months ending December 31, 2025 ​ 117,209 Twelve months ending December 31, 2026 ​ ​ 80,193 Thereafter ​ 251,666 Total ​ $ 939,193

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Payables to investors of online lending platform (i) ​ $ — ​ $ 1,795,066 Deposits (ii) ​ 2,162,835 ​ 1,639,681 Accrued payroll and welfare ​ ​ 1,904,621 ​ ​ 1,306,509 Payables to drivers from aggregation platforms (iii) ​ ​ 791,330 ​ ​ 2,352,264 Other taxes payable ​ ​ 858,428 ​ ​ 398,220 Loan repayments received on behalf of financial institutions (iv) ​ 754,009 ​ 839,770 Payables for expenditures on automobile transaction and related services ​ ​ 273,518 ​ ​ 159,388 Accrued expenses ​ 522 ​ 6,090 Other payables (v) ​ 324,163 ​ 446,670 Total accrued expenses and other liabilities ​ ​ 7,069,426 ​ ​ 8,943,658 Total accrued expenses and other liabilities - discontinued operations ​ ​ (508,265) ​ ​ (2,288,066) Total accrued expenses and other liabilities - continuing operations ​ $ 6,561,161 ​ $ 6,655,592 (i) The balance of payables to investors of online lending platform represented the outstanding loans from investors on the Company’s discontinued P2P lending platform, which was assumed by the Company in connection with the Plan to discontinue its online lending services business. As of December 31, 2021, the Company has fully settled the outstanding loans. (ii) The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default. The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee. (iii) The balance of payables to drivers from aggregation platforms represented the amount the Company collected on behalf of drivers who completed their transaction through the Company’s online ride-hailing platform base on the confirmed billings. (iv) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions. (v) The balance of other payables represented amount due to suppliers and vendors for operation purposes .

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Dec. 31, 2021
EQUITY
Summary of allocation of net proceeds	​ ​ ​ ​ ​ Fair value of the warrants $ 3,562,404 Common stock ​ 2,208,649 Total net proceeds ​ $ 5,771,053 ​
Summary of outstanding warrants	The Company has warrants outstanding as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ Warrants ​ Warrants ​ Exercise ​ Contractual ​ Outstanding Exercisable Price Life Balance, March 31, 2020 1,519,602 1,519,602 ​ $ 1.76 3.21 Granted 1,100,609 1,100,609 ​ $ 1.48 5.00 Forfeited (3,132) (3,132) ​ — — Exercised (1,516,010) (1,516,010) ​ ​ — — Balance, March 31, 2021 1,101,069 1,101,069 ​ $ 1.16 4.09 Granted 13,851,222 13,851,222 ​ $ 0.91 5.00 Exercised (44,029) (44,029) ​ — — Balance, December 31, 2021 (Unaudited) 14,908,262 14,908,262 ​ $ 0.93 4.57
Schedule of fair value of derivative instrument allocated	​ ​ ​ ​ ​ Fair value of investor warrants $ 4,060,857 Fair value of placement agent warrants (i) ​ 310,173 Total fair value of warrants allocated to derivative liabilities ​ $ 4,371,030 ​ (i) The issuance costs for placement agent warrants which was classified as liability were immediately expensed.
Schedule of RSU activity	​ ​ ​ ​ ​ Fair value of Investor warrants $ 4,060,857 Series A Preferred Stock ​ ​ 939,143 Total gross proceeds ​ ​ 5,000,000 Issuance cost ​ ​ 630,063 Total net proceeds ​ $ 4,369,937

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of components of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months ended ​ For the Nine Months ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Current income tax expenses ​ $ 4,539 ​ $ 7,487 ​ $ 4,550 ​ $ 14,464 Deferred income tax expenses ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total income tax expenses ​ $ 4,539 ​ $ 7,487 ​ $ 4,550 ​ $ 14,464
Schedule of tax effects of temporary differences	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ 2021 2021 ​ ​ (Unaudited) ​ ​ ​ Deferred Tax Assets ​ ​ ​ ​ ​ ​ Net operating loss carryforwards in the PRC ​ $ 4,506,696 ​ $ 2,036,311 Net operating loss carryforwards in the U.S. ​ 1,157,348 ​ 798,489 Allowance for doubtful account ​ ​ 5,856 ​ ​ 21,435 Less: valuation allowance ​ (5,669,900) ​ (2,856,235) Deferred tax assets, net ​ $ — ​ $ — Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Capitalized intangible assets cost ​ $ 46,386 ​ $ 45,146 Deferred tax liabilities, net ​ $ 46,386 ​ $ 45,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 ​ ​ (Unaudited) ​ ​ ​ Net operating loss carryforwards in the PRC ​ $ 2,595,919 ​ $ 2,595,919 Less: valuation allowance ​ (2,595,919) ​ (2,595,919) ​ ​ $ — ​ $ —

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	9 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS AND BALANCES
Summary of amounts payable to stockholders, related parties and affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Jun Wang ​ $ 18,839 ​ $ 48,795 Total due to a stockholder ​ ​ 18,839 ​ ​ 48,795 Total due to a stockholder - discontinued operations ​ ​ (18,839) ​ ​ (48,795) Total due to a stockholder - continuing operations ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2021 ​ 2021 ​ ​ (Unaudited) ​ ​ ​ Loan payable to related parties (i) ​ $ 121,007 ​ $ 182,281 Others (ii) ​ 243,698 ​ 170,546 Total due to related parties and affiliates - continuing operations ​ $ 364,705 ​ $ 352,827 (i) As of December 31, 2021 and March 31, 2021, the balances represented borrowings from three related parties, of which, $121,007 and $182,281 are unsecured, interest free and due on demand, respectively. (ii) As of December 31, 2021 and March 31, 2021, the balances represented $243,698 and $170,546, respectively of payables to five other related parties for operational purposes. These balances are interest free and due on demand.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2021
LEASES
Schedule of operating and finance lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ December 31, December 31, December 31, December 31, ​ ​ Classification ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) ​ (Unaudited) Operating lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease expenses Selling, general and administrative ​ $ 165,263 ​ $ 93,646 ​ $ 434,733 ​ $ 299,526 Finance lease cost ​ ​ ​ ​ ​ ​ ​ Amortization of leased asset Cost of revenue ​ 834,807 ​ 758,091 ​ 2,419,695 ​ 1,524,439 Amortization of leased asset General and administrative ​ 76,187 ​ 382,727 ​ 522,605 ​ 1,455,527 Interest on lease liabilities Interest expenses on finance leases ​ 97,919 ​ 150,227 ​ 313,766 ​ 587,457 Total lease expenses ​ ​ ​ $ 1,174,176 ​ $ 1,384,691 ​ $ 3,690,799 ​ $ 3,866,949
Schedule of minimum lease payments in future periods	The following table sets forth the Company’s minimum lease payments in future periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance ​ ​ ​ *Operating lease ​ lease ​ ​ ​ ​ payments ​ payments ​ Total Twelve months ending December 31, 2022 ​ $ 542,688 ​ $ 5,907,307 ​ $ 6,449,995 Twelve months ending December 31, 2023 ​ ​ 326,802 ​ ​ 66,083 ​ 392,885 Twelve months ending December 31, 2024 ​ ​ 137,555 ​ ​ — ​ 137,555 Twelve months ending December 31, 2025 ​ ​ 57,179 ​ ​ — ​ ​ 57,179 Twelve months ending December 31, 2026 ​ ​ 9,451 ​ ​ — ​ ​ 9,451 Total lease payments ​ ​ 1,073,675 ​ ​ 5,973,390 ​ 7,047,065 Less: discount ​ ​ (76,143) ​ ​ (135,263) ​ (211,406) Present value of lease liabilities ​ $ 997,532 ​ $ 5,838,127 ​ $ 6,835,659

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
Summary of each segment's revenue, loss from operations, loss before income taxes and net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months ended December 31, 2021 ​ ​ Automobile ​ Online ride-hailing ​ ​ ​ ​ ​ ​ ​ ​ Transaction and ​ platform ​ ​ ​ ​ ​ ​ ​ Related Services Services Unallocated Consolidated Revenues ​ $ 2,525,893 ​ $ 1,017,156 ​ $ — ​ $ 3,543,049 Loss from operations ​ $ (1,289,884) ​ $ (629,177) ​ $ (979,941) ​ $ (2,899,002) Income (loss) before income taxes ​ $ (1,069,871) ​ $ (792,769) ​ $ 1,735,058 ​ $ (127,582) Net income (loss) ​ $ (1,074,410) ​ $ (792,769) ​ $ 1,735,058 ​ $ (132,121) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months ended December 31, 2021 ​ ​ Automobile ​ Online ride-hailing ​ ​ ​ ​ ​ ​ ​ ​ Transaction and ​ platform ​ ​ ​ ​ ​ ​ ​ Related Services Services Unallocated Consolidated Revenues ​ $ 6,631,579 ​ $ 1,617,454 ​ $ — ​ $ 8,249,033 Loss from operations ​ $ (3,606,376) ​ $ (6,358,532) ​ $ (1,813,645) ​ $ (11,778,553) Income (loss) before income taxes ​ $ (3,520,754) ​ $ (6,649,325) ​ $ 2,549,947 ​ $ (7,620,132) Net income (loss) ​ $ (3,525,304) ​ $ (6,649,325) ​ $ 2,549,947 ​ $ (7,624,682)

ORGANIZATION AND PRINCIPAL AC_3

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) - USD ($)		Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash, and cash equivalents		$ 2,801,711	$ 4,448,075
Accounts receivable, net, current portion		794,389	1,437,195
Inventories		211,054	127,933
Prepayments, other receivables and other assets, net		3,797,476	3,905,278
Due from related parties		27,938	39,572
Current assets - discontinued operations		12,334	393,348
Total current assets		8,001,406	10,893,006
Property and equipment, net:
Property and equipment, net		6,429,798	3,700,147
Property and equipment, net - discontinued operations			5,592
Total property and equipment, net		6,429,798	3,705,739
Other assets:
Operating lease right-of-use assets, net		354,312	499,221
Operating lease right-of-use assets, net, related parties		578,951	580,367
Financing lease right-of-use assets, net		2,096,466	4,778,772
Accounts receivable, net, noncurrent		29,275	269,183
Total other assets		4,156,360	7,704,534
Total assets		18,587,564	22,303,279
Current liabilities:
Borrowings from financial institutions		500,363	310,662
Accounts payable		124,052	44,769
Advances from customers		749,345	155,586
Income tax payable		17,947	17,408
Accrued expenses and other liabilities		6,561,161	6,655,592
Due to related parties and affiliates		364,705	352,827
Operating lease liabilities		156,769	209,644
Operating lease liabilities - related parties		366,998	243,726
Financing lease liabilities		4,526,480	5,172,943
Current liabilities - discontinued operations		527,104	2,336,861
Total current liabilities		17,876,301	16,778,944
Other liabilities:
Borrowings from financial institutions, noncurrent		27,982	44,962
Operating lease liabilities, noncurrent		179,778	263,708
Operating lease liabilities, noncurrent - related parties		293,987	341,549
Financing lease liabilities, noncurrent		1,311,647	2,256,553
Total other liabilities		1,859,780	2,951,765
Total liabilities		19,736,081	19,730,709
Variable Interest Entity, Primary Beneficiary [Member]
Current assets:
Cash, and cash equivalents		175,768	134,776
Accounts receivable, net, current portion		389,952	935,165
Inventories		33,622
Prepayments, other receivables and other assets, net		1,590,490	1,245,330
Other receivable - intercompany		2,977,816	1,815,250
Due from related parties		27,938	39,572
Current assets - discontinued operations	[1]	195,665	571,172
Total current assets		5,391,251	4,741,265
Property and equipment, net:
Property and equipment, net		293,611	451,522
Property and equipment, net - discontinued operations			2,706
Total property and equipment, net		293,611	454,228
Other assets:
Operating lease right-of-use assets, net		216,132	265,470
Operating lease right-of-use assets, net, related parties		6,582	9,896
Financing lease right-of-use assets, net		1,659,036	4,201,693
Accounts receivable, net, noncurrent		28,153	207,240
Total other assets		1,909,903	4,684,299
Total assets		7,594,765	9,879,792
Current liabilities:
Borrowings from financial institutions		500,363	310,662
Advances from customers		637,596	45,413
Income tax payable		17,947	17,408
Accrued expenses and other liabilities		4,331,429	3,750,393
Other payable - intercompany		7,868,916	6,895,543
Due to related parties and affiliates		364,705	352,827
Operating lease liabilities		107,241	99,831
Operating lease liabilities - related parties		5,381	4,989
Financing lease liabilities		4,104,460	4,814,808
Current liabilities - discontinued operations	[2]	527,104	2,372,652
Total current liabilities		18,465,142	18,664,526
Other liabilities:
Borrowings from financial institutions, noncurrent		21,776	38,857
Operating lease liabilities, noncurrent		131,988	167,822
Operating lease liabilities, noncurrent - related parties		1,395	3,850
Financing lease liabilities, noncurrent		1,296,238	2,037,609
Total other liabilities		1,451,397	2,248,138
Total liabilities		19,916,539	20,912,664
Other receivable - intercompany, included in current assets - discontinued operations		183,331	177,825
Other payable - intercompany, included in current liabilities- discontinued operations		$ 0	$ 35,790
[1]	Includes intercompany receivables of $183,331 and $177,825 as of December 31, 2021 and March 31, 2021, respectively.
[2]	Includes intercompany payables of $0 and $35,790 as of December 31, 2021 and March 31, 2021, respectively.

ORGANIZATION AND PRINCIPAL AC_4

ORGANIZATION AND PRINCIPAL ACTIVITIES - Consolidated Cash Flow Statement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Loss from operations from continuing operations	$ (132,121)	$ (3,673,892)	$ (7,624,682)	$ (8,565,587)
Loss from operations from discontinued operations		(572)	0	(78,351)
Net loss attributable to stockholders	155,459	(3,081,012)	(5,673,230)	(7,242,241)
Variable Interest Entity, Primary Beneficiary [Member]
Net revenue from continuing operations	1,902,560	1,157,146	5,644,454	2,925,839
Net revenue from discontinued operations		1,642		6,196
Loss from operations from continuing operations	(875,683)	(985,172)	(2,949,481)	(3,551,034)
Loss from operations from discontinued operations		(2,238)		(84,692)
Net loss from continuing operations attributable to stockholders	(708,800)	(972,620)	(2,426,729)	(2,911,651)
Net loss from discontinued operations attributable to stockholders		(8,212)		(233,977)
Net loss attributable to stockholders	$ (708,800)	$ (980,832)	$ (2,426,729)	$ (3,145,628)

ORGANIZATION AND PRINCIPAL AC_5

ORGANIZATION AND PRINCIPAL ACTIVITIES - Additional information (Details)

Nov. 09, 2021shares

Oct. 22, 2021USD ($)$ / shares

Aug. 31, 2020

Feb. 29, 2020

Aug. 31, 2018

Dec. 31, 2021CNY (¥)subsidiarysegmentshares

Dec. 31, 2021USD ($)subsidiary$ / sharesshares

May 11, 2021$ / shares

Apr. 30, 2021USD ($)

Mar. 31, 2021$ / shares

Feb. 05, 2021CNY (¥)

Feb. 05, 2021USD ($)

Dec. 31, 2020CNY (¥)

Dec. 31, 2020USD ($)

Sep. 11, 2020CNY (¥)

Sep. 11, 2020USD ($)

Incorporation, State Country Name

Nevada

Entity Incorporation, Date of Incorporation

Jun. 8, 2017

Number of Operating Segments | segment

3

Par value | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

Corenel

Registered capital

¥ 10,000,000

$ 1,600,000

Chengdu Xichuang Technology Service Co., Ltd.

Registered capital

¥ 200,000

$ 32,000

Voting Agreement with Jinkailongs other shareholders [Member]

Equity Method Investment, Ownership Percentage

35.00%

65.00%

Business Agreement Term

18 years

20 years

Exclusive Option Agreement [Member]

Contract period

10 years

Hunan Xixingtianxia Technology Co., Ltd ("XXTX")

Equity Method Investment, Ownership Percentage

27.74%

27.74%

Investment in subsidiary

¥ 36,840,000

$ 5,700,000

Hunan Xixingtianxia Technology Co., Ltd ("XXTX") | Senmiao Consulting [Member]

Increased In Registered Capital

¥ 50,800,000

$ 7,800,000

Hunan Xixingtianxia Technology Co., Ltd ("XXTX") | Sichuan Senmiao [Member]

Equity Method Investment, Ownership Percentage

51.00%

51.00%

Investment in subsidiary

$ 500,000

Hunan Xixingtianxia Technology Co., Ltd ("XXTX") | Share Swap Agreement [Member] | Senmiao Consulting [Member] | Common stock

Total purchase price

$ 3,500,000

Par value | $ / shares

$ 0.0001

Number of trading days reported

10

Shares issued (in shares) | shares

5,331,667

Sichuan Senmiao [Member]

Number of Aggregate Common Stock Shares Issued | shares

20,250,000

20,250,000

Business Agreement Term

10 years

Sichuan Senmiao [Member] | Senmiao Consulting [Member]

Business Agreement Term

10 years

Sichuan Senmiao [Member] | Hunan Xixingtianxia Technology Co., Ltd ("XXTX")

Investment in subsidiary | ¥

¥ 3,160,000

Capital contribution | ¥

¥ 36,160,000

Sichuan Senmiao [Member] | Hunan Xixingtianxia Technology Co., Ltd ("XXTX")

Capital contribution

$ 5,690,000

Number of wholly owned subsidiaries | subsidiary

8

8

Number of wholly owned subsidiaries that has operations | subsidiary

1

1

Hunan Ruixi [Member]

Equity Method Investment, Ownership Percentage

70.00%

70.00%

Hunan Ruixi [Member] | Equity Transfer Agreement with Another Shareholder of Xichuang [Member]

Percent of shares transferred as free

30.00%

Hunan Ruixi [Member] | Jinkailong

Equity Method Investment, Ownership Percentage

35.00%

35.00%

Jinkailong [Member]

Equity Method Investment, Ownership Percentage

35.00%

35.00%

Senmiao HK

Equity Method Investment, Ownership Percentage

99.99%

Registered capital

$ 10,000

GOING CONCERN (Details)

GOING CONCERN (Details)	May 13, 2021USD ($)	Feb. 22, 2021USD ($)item	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
GOING CONCERN
Net loss from continuing operations			$ (132,121)	$ (3,673,892)	$ (7,624,682)	$ (8,565,587)
Net loss from discontinued operations				$ (572)	0	(78,351)
Accumulated deficit			39,738,151		39,738,151		$ 34,064,921
Working capital			9,900,000		9,900,000
Net operating cash flows from continuing operations					(5,004,790)	(208,041)
Net cash used in operating activities from discontinued operations					(1,454,382)	$ (1,578,633)
Purchase commitment		$ 3,400,000	$ 1,700,000		$ 1,700,000
Total number of automobiles		200	200		200
Number of automobiles is required to purchase in cash | item		100
Amount of automobiles is required to purchase in cash		$ 1,700,000
Number of automobiles is required to purchase commitment | item		100
Amount of automobiles is required to purchase commitment		$ 1,700,000	$ 1,700,000		$ 1,700,000
Number of purchase contracts entered | item			100		100
Amount of purchase contracts entered			$ 1,700,000		$ 1,700,000
Net proceeds from offering	$ 5,800,000				2,208,649
Maximum contingent liabilities			$ 9,700,000		$ 9,700,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign currency translation (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Balance sheet items, except for equity accounts	6.3559		6.3559		6.5527
Items in the statements of operations and comprehensive loss	6.3937	6.6224
Items in the statements of operations and comprehensive loss, and statements of cash flows			6.4408	6.8726

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value on recurring basis (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 3,981,377	$ 1,278,926	$ 342,530
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	3,981,377	1,278,926
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 3,981,377	$ 1,278,926

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of assets and liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Beginning balance	$ 1,278,926	$ 342,530
Derivative liabilities recognized at grant date	7,933,435	997,193
Change in fair value of derivative liabilities	(5,185,309)	1,710,415
Fair value of warrants exercised	(45,675)	(1,769,841)
Warrant forfeited due to expiration		(1,371)
Ending balance	3,981,377	1,278,926
Series A warrants
Class of Warrant or Right [Line Items]
Beginning balance	80,268	315,923
Change in fair value of derivative liabilities	(29,989)	1,234,630
Fair value of warrants exercised	(45,675)	(1,470,285)
Ending balance	4,604	80,268
Series B Warrants
Class of Warrant or Right [Line Items]
Beginning balance		1,371
Warrant forfeited due to expiration		(1,371)
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning balance	163,572	25,236
Change in fair value of derivative liabilities	(138,241)	138,336
Ending balance	25,331	163,572
August 2020 | Underwritten Public Offering Warrants
Class of Warrant or Right [Line Items]
Beginning balance	397,525
Derivative liabilities recognized at grant date		241,919
Change in fair value of derivative liabilities	(315,393)	455,162
Fair value of warrants exercised		(299,556)
Ending balance	82,132	397,525
May 13, 2021 | Registered Direct Offering Investors Warrants Member
Class of Warrant or Right [Line Items]
Derivative liabilities recognized at grant date	3,313,864
Change in fair value of derivative liabilities	(1,894,358)
Ending balance	1,419,506
May 13, 2021 | Registered Direct Offering Placement Warrants Member
Class of Warrant or Right [Line Items]
Derivative liabilities recognized at grant date	248,541
Change in fair value of derivative liabilities	(142,082)
Ending balance	106,459
November 2021 | Private Placement Investors Warrants Member
Class of Warrant or Right [Line Items]
Derivative liabilities recognized at grant date	4,060,857
Change in fair value of derivative liabilities	(1,999,514)
Ending balance	2,061,343
November 2021 | Private Placement Placement Warrants Member
Class of Warrant or Right [Line Items]
Derivative liabilities recognized at grant date	310,173
Change in fair value of derivative liabilities	(151,609)
Ending balance	158,564
February 10, 2021 | Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Beginning balance	637,561
Derivative liabilities recognized at grant date		755,274
Change in fair value of derivative liabilities	(514,123)	(117,713)
Ending balance	$ 123,438	$ 637,561

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value of warrants (Details)	Nov. 10, 2021$ / sharesshares	May 13, 2021$ / sharesshares	Jun. 21, 2019shares	Dec. 31, 2021$ / sharesshares	Apr. 23, 2021shares	Mar. 31, 2021$ / sharesshares	Feb. 10, 2021$ / sharesshares	Aug. 04, 2020$ / sharesshares	Jun. 20, 2019$ / sharesshares
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares		5,531,916	1,781,361	7,352,941
May 13, 2021
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares		5,531,916
November 10, 2021
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares	7,352,941
Series A warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares			1,336,021		44,029
Series A warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				25,902		69,931			1,336,021
Series B Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares			1,116,320
Series B Warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				142,509					1,116,320
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares				551,471
Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares						142,509			142,509
Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				380,435		380,435	380,435
Placement Agent Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares		414,894		414,894
Placement Agent Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	551,471			551,471
Placement Agent Warrants [Member] | Maximum
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares			142,509
Underwriter Warrant [Member] | August 4, 2020
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				318,080		318,080		568,000
ROFR Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				152,174		152,174	152,174
Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares				7,352,941
Investor Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares		5,531,916		5,531,916
Investor Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	7,352,941			7,352,941
Exercise price [Member] | Series A warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.50		0.50			3.72
Exercise price [Member] | Series B Warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.50					3.72
Exercise price [Member] | Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input						0.50			3.38
Exercise price [Member] | Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.38		1.38	1.38
Exercise price [Member] | Placement Agent Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.05		1.05
Exercise price [Member] | Placement Agent Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.68			0.68
Exercise price [Member] | Underwriter Warrant [Member] | August 4, 2020
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.63		0.63		0.63
Exercise price [Member] | ROFR Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.73		1.73	1.73
Exercise price [Member] | Investor Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		1.05		1.05
Exercise price [Member] | Investor Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.82			0.82
Stock price [Member] | Series A warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.37		1.40			2.80
Stock price [Member] | Series B Warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.37					2.80
Stock price [Member] | Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input						1.40			2.80
Stock price [Member] | Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.37		1.40	1.63
Stock price [Member] | Placement Agent Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.72		0.37
Stock price [Member] | Placement Agent Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.67			0.37
Stock price [Member] | Underwriter Warrant [Member] | August 4, 2020
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.37		1.40		0.51
Stock price [Member] | ROFR Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.37		1.40	1.63
Stock price [Member] | Investor Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.72		0.37
Stock price [Member] | Investor Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.67			0.37
Expected term [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0
Expected term [Member] | Series A warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.47		2.22			4
Expected term [Member] | Series B Warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.47					1
Expected term [Member] | Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input						2.22			4
Expected term [Member] | Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				4.12		4.87	5
Expected term [Member] | Placement Agent Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		5		4.37
Expected term [Member] | Placement Agent Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	5			4.86
Expected term [Member] | Underwriter Warrant [Member] | August 4, 2020
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				3.59		4.35		5
Expected term [Member] | ROFR Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				4.12		4.87	5
Expected term [Member] | Investor Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		5		4.37
Expected term [Member] | Investor Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	5			4.86
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.84
Risk-free interest rate [Member] | Series A warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.55		0.20			1.77
Risk-free interest rate [Member] | Series B Warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.55					1.91
Risk-free interest rate [Member] | Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input						0.20			1.77
Risk-free interest rate [Member] | Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.13		0.88	0.46
Risk-free interest rate [Member] | Placement Agent Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.84		1.17
Risk-free interest rate [Member] | Placement Agent Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.23			1.24
Risk-free interest rate [Member] | Underwriter Warrant [Member] | August 4, 2020
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.06		0.73		0.19
Risk-free interest rate [Member] | ROFR Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.13		0.88	0.46
Risk-free interest rate [Member] | Investor Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.84		1.17
Risk-free interest rate [Member] | Investor Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.23			1.24
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				131
Expected volatility [Member] | Series A warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				124		132			86
Expected volatility [Member] | Series B Warrants | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				124					91
Expected volatility [Member] | Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input						132			86
Expected volatility [Member] | Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				124		132	132
Expected volatility [Member] | Placement Agent Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		131		124
Expected volatility [Member] | Placement Agent Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	126			124
Expected volatility [Member] | Underwriter Warrant [Member] | August 4, 2020
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				124		132		129
Expected volatility [Member] | ROFR Warrants [Member] | February 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input				124		132	132
Expected volatility [Member] | Investor Warrants [Member] | May 13, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		131		124
Expected volatility [Member] | Investor Warrants [Member] | November 10, 2021
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	126			124

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Finance lease receivables, net (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for doubtful on finance lease receivables	$ 0	$ 0
Capital Leases, Net Investment in Sales Type Leases [Abstract]
Gross minimum lease payments receivable		655,067
Minimum lease payments receivable	1,343,662	655,067
Less: Unearned interest	(328,585)	(140,400)
Financing lease receivables, net	1,015,077	514,667
Finance lease receivables, net, current portion	541,605	356,504
Finance lease receivables, net, noncurrent portion	$ 473,472	158,163
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]
Twelve months ending June 30, 2022		405,094
Twelve months ending June 30, 2023		222,094
Twelve months ending June 30, 2024		27,879
Total		$ 655,067

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net (Details)	9 Months Ended
	Dec. 31, 2021
Minimum [Member] | Computer Equipment [Member]
Useful Life	2 years
Minimum [Member] | Office Equipment [Member]
Useful Life	3 years
Minimum [Member] | Property and Equipment net Automobiles
Useful Life	3 years
Maximum | Computer Equipment [Member]
Useful Life	5 years
Maximum | Office Equipment [Member]
Useful Life	5 years
Maximum | Property and Equipment net Automobiles
Useful Life	5 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Impairment of Intangible Assets, Finite-lived	$ 0	$ 0	$ 0	$ 0
Software [Member] | Minimum [Member]
Finite-Lived Intangible Asset, Useful Life			5 years
Software [Member] | Maximum
Finite-Lived Intangible Asset, Useful Life			10 years
Online ride-hailing platform operating services
Finite-Lived Intangible Asset, Useful Life			10 years

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues by business lines
Total Revenues from Operations	$ 3,543,049	$ 1,638,550	$ 8,249,033	$ 4,175,862
Total Revenues	3,543,049	1,640,192	8,249,033	4,182,058
Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	2,525,893	1,334,015	6,631,579	3,871,327
Total Revenues from Operations	3,543,049	1,638,550	8,249,033	4,175,862
Continuing Operations | Online ride-hailing platform operating services
Revenues by business lines
Online Lending Services	1,017,156	304,535	1,617,454	304,535
Discontinued Operations
Revenues by business lines
Total Revenues from Operations	0	1,642		6,196
Revenues from sales of automobiles [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	0	104,329		527,961
Operating lease revenues from automobile rentals [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	1,947,481	939,645	5,440,470	2,136,078
Service fees from automobile purchase services [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	0	18,968	975	179,545
Facilitation fees from automobile transaction [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	0	30		1,646
Service fees from management and guarantee services [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	49,846	41,523	151,018	315,124
Financing revenues [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	25,780	74,155	101,774	178,589
Other service fees [Member] | Continuing Operations
Revenues by business lines
Automobile Transaction and Related Services	502,786	155,365	$ 937,342	532,384
Transaction fees [Member] | Discontinued Operations
Revenues by business lines
Online Lending Services	0	56		2,572
Service fees [Member] | Discontinued Operations
Revenues by business lines
Online Lending Services	$ 0	$ 1,586		$ 3,624

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details)	Nov. 10, 2021USD ($)$ / sharesshares	Nov. 07, 2021USD ($)$ / sharesshares	May 13, 2021USD ($)$ / sharesshares	May 11, 2021shares	Feb. 10, 2021$ / sharesshares	Aug. 13, 2020shares	Aug. 06, 2020$ / sharesshares	Aug. 04, 2020shares	Feb. 08, 2020$ / sharesshares	Jun. 21, 2019shares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)segmentshares	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)shares	Dec. 31, 2021CNY (¥)shares	Mar. 31, 2020USD ($)	Jun. 20, 2019shares
Allowance for doubtful accounts | $											$ 34,990		$ 34,990		$ 78,167		$ 379,689
Contract Receivable, Total | $											375,277		375,277
Contract Receivable, Due in Next Twelve Months | $											291,077		291,077
Contract Receivable, Due in Year Two | $											$ 84,200		$ 84,200
Percentage of customers to which the Company provides them with management and guarantee services													95.00%
Company's pricing interest rate per annum													6.00%
Percentage of Income Taxes Benefit											50.00%		50.00%			50.00%
Percentage of remaining economic life of underlying asset													75.00%
Percentage of economic life of underlying asset													25.00%
Percentage of equal or exceeds lease payment													90.00%
Impairment of property and equipment | $											$ 7,982	$ 10,342	$ 38,545	$ 10,342
Impairment loss on finance lease ROU assets | $												31,641		111,864
Impairment loss on goodwill | $											0	0	$ 139,580	0
Number of operating segment | segment													3
Additional accounts receivable, Write off | $											$ 0	$ 0	$ 0	$ 0
Cash deposits | $													$ 954,000		$ 2,073,000
Foreign Currency Exchange Rate, Remeasurement											6.36		6.36		6.55	6.36
Shares issued				5,531,916
Shares Offered During Period, New Issuance			5,531,916							1,781,361			7,352,941
Proceeds from Issuance of Common Stock | $			$ 5,800,000										$ 2,208,649
Private-placement
Offering price | $ / shares		$ 0.68
Shares issued (in shares)		551,471
Exercisable term								5 years
Payments for Placement Agent Commissions, Net, | $		$ 375,000
Offering Price [Member]
Shares issued							12,000,000
Offering price | $ / shares							$ 0.50
Shares issued (in shares)						1,800,000
Warrant
Offering price | $ / shares									$ 1.725
Class of Warrant Number of Securities Called by Warrants									152,174
Exercisable term									5 years
Placement Agency Agreement [Member]
Offering price | $ / shares					$ 1.38				$ 1.38
Class of Warrant Number of Securities Called by Warrants					380,435
Exercisable term					5 years
Exercise price of warrants (as a percent)									7.00%
Shares Offered During Period, New Issuance					5,072,465
Automobiles [Member] | Minimum [Member]
Useful Life													3 years
Automobiles [Member] | Maximum
Useful Life													5 years
CHINA
Cash, Uninsured Amount | $											$ 1,563,000		$ 1,563,000		$ 2,339,000
Maximum Insurance Claim Deposit											80,000		80,000			¥ 500,000
UNITED STATES
Deposits, Savings Deposits | $											954,000		954,000		1,560,000
Cash, FDIC Insured Amount | $											$ 250,000		$ 250,000		$ 250,000
May 13, 2021
Offering price | $ / shares			$ 1.175
Shares issued (in shares)			414,894
Exercisable term			5 years
Shares Offered During Period, New Issuance			5,531,916
Proceeds from Issuance of Common Stock | $			$ 5,800,000
Payments for Placement Agent Commissions, Net, | $			$ 487,500
November 10, 2021
Offering price | $ / shares	$ 1,000
Shares issued (in shares)	551,471
Exercisable term	5 years
Shares Offered During Period, New Issuance	7,352,941
Proceeds from Issuance of Common Stock | $	$ 4,400,000
Payments for Placement Agent Commissions, Net, | $	$ 375,000
November 10, 2021 | Private-placement
Shares Offered During Period, New Issuance	5,000
Underwriter Warrant [Member] | August 4, 2020
Class of Warrant Number of Securities Called by Warrants								568,000			318,080		318,080		318,080	318,080
Underwriter Warrant [Member] | August 4, 2020 | Private-placement
Exercise price of warrants (as a percent)								125.00%
Investor Warrants [Member]
Shares Offered During Period, New Issuance													7,352,941
Investor Warrants [Member] | May 13, 2021
Offering price | $ / shares			$ 1.05
Class of Warrant Number of Securities Called by Warrants			5,531,916								5,531,916		5,531,916			5,531,916
Investor Warrants [Member] | November 10, 2021
Offering price | $ / shares	$ 0.82
Class of Warrant Number of Securities Called by Warrants	7,352,941										7,352,941		7,352,941			7,352,941
Placement Agent Warrants [Member]
Shares Offered During Period, New Issuance													551,471
Placement Agent Warrants [Member] | Maximum
Class of Warrant Number of Securities Called by Warrants										142,509
Placement Agent Warrants [Member] | June 20, 2019
Class of Warrant Number of Securities Called by Warrants															142,509			142,509
Placement Agent Warrants [Member] | February 10, 2021
Class of Warrant Number of Securities Called by Warrants					380,435						380,435		380,435		380,435	380,435
Placement Agent Warrants [Member] | May 13, 2021
Offering price | $ / shares			$ 1.05
Class of Warrant Number of Securities Called by Warrants			414,894								414,894		414,894			414,894
Placement Agent Warrants [Member] | November 10, 2021
Offering price | $ / shares	$ 0.68
Class of Warrant Number of Securities Called by Warrants	551,471										551,471		551,471			551,471
ROFR Warrants [Member] | February 10, 2021
Class of Warrant Number of Securities Called by Warrants					152,174						152,174		152,174		152,174	152,174

BUSINESS COMBINATION (Details)

BUSINESS COMBINATION (Details) ¥ in Thousands	Nov. 09, 2021shares	Oct. 31, 2021shares	Oct. 31, 2021USD ($)	Oct. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021	Feb. 05, 2021USD ($)	Feb. 05, 2021CNY (¥)	Oct. 23, 2020	Sep. 11, 2020USD ($)	Sep. 11, 2020CNY (¥)
Agreed consideration
Exchange rate					6.3559		6.5527
Cash acquired from XXTX, net of cash paid to XXTX					$ 0	$ 7,975
XXTX
Agreed consideration
Investment in subsidiary								$ 5,700,000	¥ 36,840		$ 500,000	¥ 3,160
Percentage of ownership interest acquired											51.00%	51.00%
Increased In Registered Capital								$ 7,800,000	¥ 50,800
Issuance of common stock in purhcase of XXTX's remaining NCI (in shares) | shares	5,331,667	5,331,667
Equity Method Investment, Ownership Percentage		100.00%	100.00%	100.00%				27.74%	27.74%
Consideration paid in cash			$ 5,690,000	¥ 36,160
Exchange rate										6.69
Cash acquired from XXTX, net of cash paid to XXTX					$ 8,065
Remaining purchase consideration payable								$ 5,700,000			$ 300,000

BUSINESS COMBINATION - Identifi

BUSINESS COMBINATION - Identifiable assets and liabilities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill as of the acquisition date			$ 135,388
Less: impairment loss of goodwill	$ 0	$ 0	139,580	$ 0
XXTX
Business Acquisition [Line Items]
Purchase consideration paid			472,573
Fair value of non-controlling interest	326,570		326,570
Cash and cash equivalents	105,386		105,386
Other current assets	525,005		525,005
Plant and equipment	790		790
Intangible assets	265,536		265,536
Total assets	896,717		896,717
Total liabilities	(230,247)		(230,247)
Total fair value of net assets of XXTX	666,470		666,470
Goodwill as of the acquisition date			132,673
Effect of exchange rate changes on goodwill			6,907
Less: impairment loss of goodwill			139,580
Goodwill as of December 31, 2021	$ 0		$ 0

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	6 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Mar. 31, 2021	Oct. 17, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other receivables		$ 4,014,583	$ 3,894,011
Discontinued operations, abandonment | Online Lending Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net				$ 143,668
Other receivables				3,760,599
Prepayments for impaired intangible assets				$ 143,943
Provision for doubtful accounts	$ 4,048,210

DISCONTINUED OPERATIONS - Carry

DISCONTINUED OPERATIONS - Carrying amounts of major classes of assets and liabilities (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Current assets
Total current assets	$ 12,334	$ 393,348
Current liabilities
Total current liabilities	527,104	2,336,861
Discontinued operations, abandonment | Online Lending Business
Current assets
Prepayments, other receivables and other assets, net	12,334	393,348
Total current assets	12,334	393,348
Property and equipment, net	0	5,592
Total assets	12,334	398,940
Current liabilities
Accrued expenses and other liabilities	508,265	2,288,066
Due to stockholder	18,839	48,795
Total current liabilities	527,104	2,336,861
Total liabilities	$ 527,104	$ 2,336,861

DISCONTINUED OPERATIONS - Recon

DISCONTINUED OPERATIONS - Reconciliation of major classes of income and losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating expenses
Net income (loss) attributable to stockholders		$ (572)	$ 0	$ (78,351)
Discontinued operations, abandonment | Online Lending Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 0	1,642	0	6,196
Operating expenses
Selling, general and administrative expenses	0	(2,450)	0	(90,888)
Total operating expenses	0	(2,450)	0	(90,888)
Income (loss) from discontinued operations	0	(808)	0	(84,692)
Other income, net	0	236	0	6,341
Income (loss) before income taxes	0	(572)	0	(78,351)
Income tax expenses	0	0	0	0
Net income (loss) attributable to stockholders	$ 0	$ (572)	$ 0	$ (78,351)

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Unearned interest	$ (10,092)	$ (40,447)
Less: Allowance for doubtful accounts	(34,990)	(78,167)	$ (379,689)
Accounts receivable, net	823,664	1,706,378
Accounts receivable, net, current portion	794,389	1,437,195
Accounts receivable, net, non-current portion	29,275	269,183
Receivables of automobile sales due from automobile purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	485,442	760,126
Receivables of services fees due from automobile purchasers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	257,405	731,962
Receivables of online ride hailing fees from online ride-hailing drivers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 125,899	162,197
Receivables of operating lease
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross		$ 170,707

ACCOUNTS RECEIVABLE, NET - Allo

ACCOUNTS RECEIVABLE, NET - Allowance for doubtful accounts (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET
Beginning balance		$ 78,167	$ 379,689
Addition	$ 374,785	12,421
Recovery	(209,723)	0
Write off	(485,384)	(57,417)	$ (252,211)
Translation adjustment	18,800	1,819
Ending balance	$ 78,167	$ 34,990

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Public Utilities, Inventory [Line Items]
Inventories	$ 211,054	$ 127,933
Automobiles [Member]
Public Utilities, Inventory [Line Items]
Inventories	$ 211,054	$ 127,933

INVENTORIES - Additional inform

INVENTORIES - Additional information (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)item	Mar. 31, 2021USD ($)item
Public Utilities, Inventory [Line Items]
Number Of Inventory Unit | item	16	3
Inventory Net Available For Sale	$ 33,622	$ 47,410
Inventory Write-down	$ 0	$ 0
Automobiles For Either Leasing Or Sale [Member]
Public Utilities, Inventory [Line Items]
Number Of Inventory Unit | item	17	6
Inventory Net For Sale or Sales-type Leases	$ 177,432	$ 80,523

PREPAYMENTS, OTHER RECEIVABLE_3

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Receivables from borrowers of online lending platform, net (i)	$ 12,334	$ 393,348
Prepaid expenses (ii)	1,247,567	829,032
Due from automobile purchasers, net (iii)	541,568	504,792
Deposits (iv)	1,073,696	537,619
Value added tax ("VAT") recoverable	488,946	99,445
Receivables from aggregation platforms (v)	380,598	867,614
Prepayments for automobiles (vi)	29,116	1,026,802
Employee advances	23,097	9,739
Others	12,888	30,235
Total prepayments, receivables and other assets - continuing operations	3,809,810	4,298,626
Discontinued Operations
Total prepayments, receivables and other assets - continuing operations	12,334	393,348
Continuing Operations
Total prepayments, receivables and other assets - continuing operations	$ 3,797,476	$ 3,905,278

PREPAYMENTS, OTHER RECEIVABLE_4

PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS
Allowance for doubtful receivables	$ 4,014,583		$ 3,894,011
Allowance for Doubtful Other Receivables, Current	52,408		$ 41,759
Write Off Receivables	58,756	$ 270,442
Amount of additional allowance received	80,297	0
Allowance recovered	$ 12,308	$ 43,173

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Property and equipment
Property, plant and equipment, Gross	$ 7,725,376		$ 7,725,376		$ 4,128,766
Less: accumulated depreciation and amortization	(1,295,578)		(1,295,578)		(423,027)
Total property and equipment, net	6,429,798		6,429,798		3,705,739
Discontinued Operations
Property and equipment
Total property and equipment, net					5,592
Depreciation and amortization expense	0	$ 2,097	0	$ 6,365
Continuing Operations
Property and equipment
Total property and equipment, net	6,429,798		6,429,798		3,700,147
Depreciation and amortization expense	328,551	$ 69,276	849,642	$ 175,884
Leasehold improvements
Property and equipment
Property, plant and equipment, Gross	197,966		197,966		192,020
Electronic devices
Property and equipment
Property, plant and equipment, Gross	109,759		109,759		53,200
Office equipment, fixtures and furniture
Property and equipment
Property, plant and equipment, Gross	99,900		99,900		104,735
Vehicles
Property and equipment
Property, plant and equipment, Gross	$ 7,317,751		$ 7,317,751		$ 3,778,811

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Less: Accumulated amortization	$ (240,855)	$ (123,675)
Total intangible assets, net	939,193	968,131
Software
Finite-Lived Intangible Assets, Gross	795,926	794,548
Online ride-hailing platform operating services
Finite-Lived Intangible Assets, Gross	$ 384,122	$ 297,258

INTANGIBLE ASSETS, NET - Amorti

INTANGIBLE ASSETS, NET - Amortization expenses (Details)	Dec. 31, 2021USD ($)
INTANGIBLE ASSETS, NET
Twelve months ending December 31, 2022	$ 169,930
Twelve months ending December 31, 2023	165,661
Twelve months ending December 31, 2024	154,534
Twelve months ending December 31, 2025	117,209
Twelve months ending December 31, 2026	80,193
Thereafter	251,666
Total	939,193
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract]
Total	$ 939,193

INTANGIBLE ASSETS, NET - Additi

INTANGIBLE ASSETS, NET - Additional information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets			$ 104,829	$ 59,209
Continuing Operations
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 30,186	$ 17,539	$ 104,829	$ 59,209

BORROWINGS FROM FINANCIAL INS_2

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Loans Payable to Bank, Noncurrent	$ 27,982		$ 27,982		$ 44,962
Shor-term loan from financial institutions
Short-term loan from a bank and the difference between the actual proceeds disbursed by the financial institution to Jinkailong	327,729		327,729
Principal paid by purchaser			200,616
Financial Institutions Borrower [Member]
Loans Payable to Bank	528,345		528,345		355,624
Loans Payable to Bank, Noncurrent	27,982		27,982		$ 44,962
Interest Expense, Borrowings	$ 16,475	$ 2,158	$ 44,123	$ 37,698
Minimum [Member] | Financial Institutions Borrower [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.20%		6.20%
Minimum [Member] | Credit line with Bank of Changsha
Long-term Debt, Term	13 months		13 months
Maximum | Financial Institutions Borrower [Member]
Debt Instrument, Interest Rate, Stated Percentage					8.10%
Maximum | Credit line with Bank of Changsha
Long-term Debt, Term					24 months

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Payables to investors of online lending platform (i)	$ 0	$ 1,795,066
Deposits (ii)	2,162,835	1,639,681
Accrued payroll and welfare	1,904,621	1,306,509
Payables to drivers from aggregation platforms (iii)	791,330	2,352,264
Other taxes payable	858,428	398,220
Loan repayments received on behalf of financial institutions (iv)	754,009	839,770
Payables for expenditures on automobile transaction and related services	273,518	159,388
Accrued expenses	522	6,090
Other payables (v)	324,163	446,670
Total accrued expenses and other liabilities	7,069,426	8,943,658
Continuing Operations
Total accrued expenses and other liabilities	6,561,161	6,655,592
Discontinued Operations
Total accrued expenses and other liabilities	$ 508,265	$ 2,288,066

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Continuing Operations
Defined Contribution Plan, Cost	$ 209,209	$ 61,262	$ 566,024	$ 130,427
Defined Benefit Plan, Benefit Obligation	892,629		892,629		$ 442,485
Discontinued Operations
Defined Contribution Plan, Cost	0	$ 16,886	0	$ 45,457
Defined Benefit Plan, Benefit Obligation	$ 506,062		$ 506,062		$ 566,140

EQUITY - IPO Warrants (Details)

EQUITY - IPO Warrants (Details) - shares	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	168,411	212,440
IPO Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	37,940
Common stock | IPO Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	337,940
Class Of Warrant Or Rights Term And Price Description	Each five-year warrant entitles warrant holder to purchase one share of the Company’s common stock at the price of $4.80 per share and is not exercisable for a period of 180 days from March 16, 2018.

EQUITY - 2019 Registered Direct

EQUITY - 2019 Registered Direct Offering Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	168,411		168,411		212,440
Changes in fair value was a loss of recognized		$ (786,200)		$ 1,148,417
Change in fair value of derivative liabilities	$ (3,536,859)	$ 1,030,843	$ (5,185,309)	$ 1,443,784
Fair value of the derivative instrument	29,935		29,935		$ 243,840
2019 Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities	$ 32,150		$ 168,230

EQUITY - August 2020 Underwrite

EQUITY - August 2020 Underwriters' Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	168,411		168,411		212,440
Fair value of the derivative instrument	$ 29,935		$ 29,935		$ 243,840
Underwriters Securities Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	318,080		318,080		318,080
Fair value of the derivative instrument	$ 82,132		$ 82,132		$ 397,525
Fair value of the liabilities	$ 64,140	$ 244,643	$ 315,393	$ 295,367

EQUITY - February 2021 Register

EQUITY - February 2021 Registered Direct Offering Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	168,411		168,411		212,440
Change in fair value of derivative liabilities	$ (3,536,859)	$ 1,030,843	$ (5,185,309)	$ 1,443,784
Fair value of the derivative instrument	$ 29,935		$ 29,935		$ 243,840
February 2021 Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	532,609		532,609		532,609
Change in fair value of derivative liabilities	$ 102,568		$ 514,123
Fair value of the derivative instrument	$ 123,438		$ 123,438		$ 637,561

EQUITY - May 2021 Registered Di

EQUITY - May 2021 Registered Direct Offering Warrants (Details)	May 13, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)shares
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Term	5 years
Fair value of the warrants				$ 3,562,404
Common stock	$ 5,800,000			2,208,649
Total net proceeds				$ 5,771,053	$ 0
Class of Warrant or Right, Outstanding | shares		168,411		168,411		212,440
Changes in fair value was a loss of recognized			$ (786,200)		1,148,417
Change in fair value of derivative liabilities		$ (3,536,859)	$ 1,030,843	$ (5,185,309)	$ 1,443,784
Fair value of the derivative instrument		29,935		29,935		$ 243,840
Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value of the warrants				4,060,857
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value of the warrants				310,173
May 2021 Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities		1,186,878		2,036,440
Fair value of the derivative instrument		$ 1,525,965		$ 1,525,965
February 2021 Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares		532,609		532,609		532,609
Change in fair value of derivative liabilities		$ 102,568		$ 514,123
Fair value of the derivative instrument		$ 123,438		$ 123,438		$ 637,561
Underwriters Securities Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding | shares		318,080		318,080		318,080
Fair value of the derivative instrument		$ 82,132		$ 82,132		$ 397,525
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		131		131
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0.84		0.84
Measurement Input, Expected Dividend Rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0		0
Expected term [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input		0		0
Expected term [Member] | Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Term		5 years		5 years
Stock price [Member] | Underwriters Securities Warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.72

EQUITY - November 2021 Private

EQUITY - November 2021 Private Placement Warrants (Details)	May 13, 2021USD ($)shares	Jun. 21, 2019shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares	5,531,916	1,781,361			7,352,941
Warrants and Rights Outstanding, Term	5 years
Fair value of the warrants					$ 3,562,404
Series A Preferred Stock	$ 5,800,000				2,208,649
Total net proceeds					5,771,053	$ 0
Changes in fair value was a loss of recognized				$ (786,200)		1,148,417
Change in fair value of derivative liabilities			$ 3,536,859	$ (1,030,843)	5,185,309	$ (1,443,784)
Fair value of the derivative instrument			29,935		29,935		$ 243,840
Total fair value of warrants allocated to derivative liabilities					$ 4,371,030
Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares					7,352,941
Fair value of the warrants					$ 4,060,857
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Offered During Period, New Issuance | shares					551,471
Fair value of the warrants					$ 310,173
May 2021 Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities			(1,186,878)		(2,036,440)
Fair value of the derivative instrument			1,525,965		1,525,965
February 2021 Registered Direct Offering Warrants
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities			(102,568)		(514,123)
Fair value of the derivative instrument			123,438		123,438		637,561
November 2021 Private Placement Warrants
Class of Warrant or Right [Line Items]
Fair value of the warrants					4,060,857
Series A Preferred Stock					939,143
Total gross proceeds					5,000,000
Issuance cost					630,063
Total net proceeds					4,369,937
Fair Value Adjustment of Warrants					0.67
Change in fair value of derivative liabilities			2,151,123		2,151,123
Fair value of the derivative instrument			2,219,907		2,219,907
Underwriters Securities Warrants
Class of Warrant or Right [Line Items]
Fair value of the derivative instrument			$ 82,132		$ 82,132		$ 397,525
Expected volatility [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			131		131
Expected volatility [Member] | November 2021 Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			126		126
Risk-free interest rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0.84		0.84
Risk-free interest rate [Member] | November 2021 Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			1.23		1.23
Measurement Input, Expected Dividend Rate [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0		0
Expected term [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input			0		0
Expected term [Member] | Investor Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Term			5 years		5 years
Expected term [Member] | November 2021 Private Placement Warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Term			5 years		5 years
Stock price [Member] | Underwriters Securities Warrants
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.72

EQUITY - Warrants Outstanding (

EQUITY - Warrants Outstanding (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021
Weighted Average Exercise Price
Average remaining contractual life	0 years
Warrant
Warrants Outstanding
Balance at the beginning			1,101,069
Granted	1,100,609		13,851,222
Forfeited	(3,132)
Exercised	(1,516,010)		(44,029)
Balance at the end	1,101,069	1,519,602	14,908,262
Warrants Exercisable
Balance at the beginning			1,101,069
Granted	1,100,609		13,851,222
Forfeited	(3,132)
Exercised	(1,516,010)		(44,029)
Balance at the end	1,101,069	1,519,602	14,908,262
Weighted Average Exercise Price
Balance at the beginning			$ 1.16
Granted	$ 1.48		0.91
Balance at the end	$ 1.16	$ 1.76	$ 0.93
Granted	5 years		5 years
Average remaining contractual life	4 years 1 month 2 days	3 years 2 months 15 days	4 years 6 months 25 days

EQUITY - Restricted Stock Units

EQUITY - Restricted Stock Units (Details)	Oct. 29, 2020USD ($)shares	Oct. 29, 2021	Jul. 29, 2021	Apr. 29, 2021	Jan. 29, 2021
Class of Warrant or Right [Line Items]
Aggregate fair value | $	$ 127,273
Vested | shares	95,457
Restricted stock units
Class of Warrant or Right [Line Items]
Granted | shares	127,273
Aggregate fair value | $	$ 140,000
Vesting period		4	4	4	4

EQUITY - Equity Incentive Plan

EQUITY - Equity Incentive Plan (Details)	Apr. 23, 2021director	Oct. 29, 2020shares
Class of Warrant or Right [Line Items]
RSUs vested | shares		95,457
Equity Incentive Plan
Class of Warrant or Right [Line Items]
Number of Directors Ceased To Serve | director	2

EQUITY - Exercise of 2019 Regis

EQUITY - Exercise of 2019 Registered Direct Offering Warrants (Details) - USD ($)	Apr. 23, 2021	May 11, 2021	Jun. 21, 2019
Class of Warrant or Right [Line Items]
Exercise price of warrants		$ 1.05
Series A warrants
Class of Warrant or Right [Line Items]
Class of Warrant Number of Securities Called by Warrants	44,029		1,336,021
Exercise price of warrants	$ 0.50
Gross proceeds from warrant exercises	$ 22,015

EQUITY - May 2021 Registered _2

EQUITY - May 2021 Registered Direct Offering (Details) - USD ($)	Nov. 10, 2021	May 13, 2021	May 11, 2021	Dec. 31, 2021	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Shares issued			5,531,916
Common stock, par value			$ 0.0001	$ 0.0001	$ 0.0001
Price per share			$ 1.175
Placement Agent Cash Commission			$ 6,500,000
Net proceeds from offering		$ 5,800,000		$ 2,208,649
Warrants term		5 years
Exercise price of warrants			$ 1.05
Number of warrants issued			414,894
Proceeds from the offering and warrants to purchase up shares of its common stock			5,531,916
Percentage Of Ownership Upon Exercise Price Of Warrants Or Rights1	4.99%		4.99%
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Cash fee			7.50%
Exercise price of warrants			$ 1.05
FT Global Capital, Inc.
Class of Warrant or Right [Line Items]
Cash fee			7.50%

EQUITY - Private Placement (Det

EQUITY - Private Placement (Details) - USD ($)	Nov. 10, 2021	Nov. 08, 2021	Nov. 07, 2021	May 11, 2021	Dec. 31, 2021	Sep. 30, 2020	May 13, 2021	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Value of shares					$ 653,000	$ 445,000
Common stock, par value				$ 0.0001	$ 0.0001			$ 0.0001
Term of the warrants							5 years
Exercise price of warrants				$ 1.05
Percentage of ownership upon exercise of warrants	4.99%			4.99%
Private Placement
Class of Warrant or Right [Line Items]
Shares of common stock issued to a consultant for services to be rendered		5,000
Common stock, par value		$ 0.0001
Share price			$ 0.68
Threshold for adjusted conversion price	$ 0.41
Threshold percentage on closing bid price	85.00%
Term of the warrants	5 years
Commencement period for warrants to become exercisable	6 months 1 day
Exercise price of warrants	$ 0.82		$ 0.68
Minimum adjustment price	$ 0.7125
Percentage of ownership upon exercise of warrants	9.99%
Cash fee			7.50%
Cash commission			$ 375,000
Issuance of common stock and warrants in a registered direct offering, net of issuance costs			551,471
Private Placement | Purchase Agreement [Member] | Series A Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Value of shares		$ 5,000,000
Initial conversion price		$ 0.68
Share price		$ 1,000
Proceeds from private placement	$ 4,400,000

EQUITY - Share Swap in purchase

EQUITY - Share Swap in purchase of remaining minority interest (Details) - XXTX - shares	Nov. 09, 2021	Oct. 31, 2021	Feb. 05, 2021
Class of Warrant or Right [Line Items]
Issuance of common stock in purhcase of XXTX's remaining NCI (in shares)	5,331,667	5,331,667
Equity interest		100.00%	27.74%

EQUITY - Common stock issued fo

EQUITY - Common stock issued for consulting services (Details) - USD ($)	Nov. 03, 2021	Oct. 22, 2021	Dec. 31, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Nov. 09, 2021	May 11, 2021	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Common stock, par value			$ 0.0001		$ 0.0001			$ 0.0001	$ 0.0001
Value of shares			$ 653,000	$ 445,000
Common Stock issued as compensation			61,783,794		61,783,794				49,780,725
Stock compensation					$ 653,000	$ 445,000
Consulting Agreement With Jolly Good River Group Limited [Member]
Class of Warrant or Right [Line Items]
Service period for advisory services		12 months
Shares of common stock issued to a consultant for services to be rendered		1,000,000
Common stock, par value		$ 0.0001
Common Stock issued as compensation							1,000,000
Working days within which compensation to be paid in shares		10 days
Consulting Fee	$ 653,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Current income tax expenses	$ 4,539	$ 7,487	$ 4,550	$ 14,464
Deferred income tax expenses	0	0	0	0
Total income tax expenses	$ 4,539	$ 7,487	$ 4,550	$ 14,464

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Net operating loss carryforwards in the PRC	$ 4,506,696	$ 2,036,311
Allowance for doubtful accounts	5,856	21,435
Less: valuation allowance	(1,160,000)	(800,000)
Continuing Operations
Net operating loss carryforwards in the PRC	4,506,696	2,036,311
Net operating loss carryforwards in the U.S.	1,157,348	798,489
Allowance for doubtful accounts	5,856	21,435
Less: valuation allowance	(5,669,900)	(2,856,235)
Deferred tax assets, net	0	0
Deferred tax liabilities:
Capitalized intangible assets cost	46,386	45,146
Deferred tax liabilities, net	46,386	45,146
Discontinued Operations
Net operating loss carryforwards in the PRC	2,595,919	2,595,919
Less: valuation allowance	(2,595,919)	(2,595,919)
Deferred tax assets, net	$ 0	$ 0

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Net Operating Loss Included In Operating Loss Carryforwards	$ 3,400,000
Deferred Tax Assets, Operating Loss Carryforwards	$ 5,500,000
Deferred Tax Assets, Valuation Allowance, Percentage	100.00%	100.00%
Valuation allowances for deferred tax assets	$ 1,160,000	$ 800,000
Deferred Tax Assets on Allowance For Doubtful Account	5,856	21,435
Net operating loss carryforwards in the PRC	$ 4,506,696	2,036,311
Effective Income Tax Rate Reconciliation, Percent	80.00%
Continuing Operations
Operating Loss Carryforwards	$ 17,400,000	8,100,000
Valuation allowances for deferred tax assets	5,669,900	2,856,235
Deferred Tax Assets on Allowance For Doubtful Account	5,856	21,435
Net operating loss carryforwards in the PRC	4,506,696	2,036,311
Discontinued Operations
Operating Loss Carryforwards	10,400,000	10,400,000
Valuation allowances for deferred tax assets	2,595,919	2,595,919
Net operating loss carryforwards in the PRC	$ 2,595,919	$ 2,595,919
State Administration of Taxation, China [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.00%

CONCENTRATION (Details)

CONCENTRATION (Details) - item	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Number of suppliers	2	2
Maximum
Concentration Risk [Line Items]
Percentage of total cost of revenue	19.00%	17.50%
Minimum [Member]
Concentration Risk [Line Items]
Percentage of total cost of revenue	10.70%	10.40%

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND BALANCES - Amount due to related parties and affiliates (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Total due to a stockholder	$ 18,839	$ 48,795
Loan payable to related parties (i)	121,007	182,281
Others (ii)	243,698	170,546
Interest Free Loan Payable To Related Parties, Current	121,007	182,281
Jun Wang [Member]
Total due to a stockholder	18,839	48,795
Continuing Operations
Total due to a stockholder	0	0
Total due to related parties and affiliates	364,705	352,827
Discontinued Operations
Total due to a stockholder	$ 18,839	$ 48,795

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND BALANCES - Additional information (Details)	Aug. 17, 2021USD ($)agreement	Jul. 28, 2021USD ($)agreement	Nov. 01, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Related Party Transaction, Due from (to) Related Party					$ 12,205		$ 12,205		$ 24,311
Proceeds from Related Party Debt							15,546	$ 0
Due to Officers or Stockholders					18,839		18,839		48,795
Due To Related Parties Others					243,698		243,698		170,546
Interest Expense, Related Party					0	$ 0	0	0
Operating lease right-of-use assets, net					354,312		$ 354,312		499,221
Lessee Operating Lease Contract Period Description							November 1, 2018 to October 31, 2023
Operating Leases Annual Rental Payments			$ 44,250
Advances to non-controlling shareholders					15,733		$ 15,733		15,261
Operating Lease, Liability, Current					156,769		156,769		209,644
Operating Lease, Liability, Noncurrent					179,778		179,778		263,708
Rental expense					165,263	93,646	434,733	299,526
Sichuan Qihuaxin Automobiles [Member]
Maintenance Fees To Affiliates					242,046		776,182
Sichuan Yousen Automobiles Maintenance Services Ltd [Member]
Maintenance Fees To Affiliates						197,396		390,396
Xiang Hu [Member]
Proceeds from Related Party Debt				$ 955,000
Jun Wang [Member]
Proceeds from Related Party Debt				$ 159,000
Shareholders [Member]
Operating lease, rent expense					60,721	29,206	176,652	87,617
Hunan Dingchentai Investment Co [Member]
Operating lease, rent expense					11,384	$ 11,080	34,153	$ 33,239
CEO
Number of loan agreements | agreement	2	2
Outstanding balance	$ 800,000	$ 800,000
Continuing Operations
Due to Officers or Stockholders					0		0		0
Operating lease right-of-use assets, net					499,210		499,210		475,408
Operating Lease, Liability, Current					242,692		242,692		161,818
Operating Lease, Liability, Noncurrent					268,078		268,078		285,371
Outstanding balance					364,705		364,705		352,827
Continuing Operations | Hunan Dingchentai Investment Co [Member]
Operating lease right-of-use assets, net					79,741		79,741		104,959
Operating Lease, Liability, Current					124,306		124,306		81,908
Operating Lease, Liability, Noncurrent					25,909		25,909		56,178
Discontinued Operations
Due to Officers or Stockholders					18,839		18,839		48,795
Discontinued Operations | Xiang Hu [Member]
Due to Officers or Stockholders					18,839		18,839		48,795
Discontinued Operations | Jun Wang [Member]
Due to Officers or Stockholders					$ 0		$ 0		$ 0

LEASES - Lease expense (Details

LEASES - Lease expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost
Lease expenses	$ 165,263	$ 93,646	$ 434,733	$ 299,526
Finance lease cost
Amortization of leased asset			3,347,999	3,119,274
Total lease expenses	1,174,176	1,384,691	3,690,799	3,866,949
Selling, general and administrative
Operating lease cost
Lease expenses	165,263	93,646	434,733	299,526
Cost of revenue
Finance lease cost
Amortization of leased asset	834,807	758,091	2,419,695	1,524,439
General and administrative
Finance lease cost
Amortization of leased asset	76,187	382,727	522,605	1,455,527
Interest expenses on finance leases
Finance lease cost
Interest on lease liabilities	$ 97,919	$ 150,227	$ 313,766	$ 587,457

LEASES - Lease obligations in f

LEASES - Lease obligations in future periods (Details)	Dec. 31, 2021USD ($)
Operating lease
Twelve months ending December 31, 2022	$ 542,688
Twelve months ending December 31, 2023	326,802
Twelve months ending December 31, 2024	137,555
Twelve months ending December 31, 2025	57,179
Twelve months ending December 31, 2026	9,451
Total lease payments	1,073,675
Less: discount	(76,143)
Present value of lease liabilities	997,532
Finance lease
Twelve months ending December 31, 2022	5,907,307
Twelve months ending December 31, 2023	66,083
Twelve months ending December 31, 2024	0
Twelve months ending December 31, 2025	0
Twelve months ending December 31, 2026	0
Total lease payments	5,973,390
Less: discount	(135,263)
Present value of lease liabilities	5,838,127
Lease payments
Twelve months ending December 31, 2022	6,449,995
Twelve months ending December 31, 2023	392,885
Twelve months ending December 31, 2024	137,555
Twelve months ending December 31, 2025	57,179
Twelve months ending December 31, 2026	9,451
Total lease payments	7,047,065
Less: discount	(211,406)
Present value of lease liabilities	6,835,659
Outstanding balance of operating lease payments	$ 660,985

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating Lease, Weighted Average Discount Rate, Percent	6.00%		6.00%
Remaining operating lease term	1 year 6 months 29 days		1 year 6 months 29 days
Remaining finance lease term	1 year 10 months 24 days		1 year 10 months 24 days
Operating lease expenses	$ 165,263	$ 93,646	$ 434,733	$ 299,526
Continuing Operations
Interest expense on finance leases	$ 97,919	$ 150,227	$ 313,766	$ 587,457

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	May 26, 2021USD ($)	May 26, 2021CNY (¥)	Mar. 25, 2021USD ($)	Mar. 25, 2021CNY (¥)	Feb. 22, 2021USD ($)item	Dec. 24, 2020USD ($)	Sep. 18, 2020USD ($)	Sep. 18, 2020CNY (¥)	Oct. 30, 2019USD ($)	Oct. 30, 2019CNY (¥)	Sep. 24, 2019USD ($)	Sep. 24, 2019CNY (¥)	May 25, 2018USD ($)item	May 25, 2018CNY (¥)item	Jul. 31, 2020USD ($)	Jul. 31, 2020CNY (¥)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Jan. 20, 2022USD ($)	Jan. 20, 2022CNY (¥)	Dec. 31, 2021CNY (¥)item	Dec. 24, 2020CNY (¥)	Oct. 14, 2020USD ($)	Oct. 14, 2020CNY (¥)
Total number of automobiles					200												200		200				200
Aggregate purchase price					$ 3,400,000												$ 1,700,000		$ 1,700,000
Number of automobiles is required to purchase in cash | item					100
Amount of automobiles is required to purchase in cash					$ 1,700,000
Number of automobiles is required to purchase commitment | item					100
Amount of automobiles is required to purchase commitment					$ 1,700,000												1,700,000		$ 1,700,000
Number of automobiles purchased during the period | item																			100
Loss contingency accrual, provision																	6,305	$ 17,000	$ 26,145	$ 119,000
Loss Contingency Accrual																	9,700,000		9,700,000
Loss Contingency, Fair Value Of Collateral																	3,600,000		3,600,000
Loss contingency, amount past due including interest to financial institutions																	5,800,000		5,800,000
Loss contingency, amount of interest past due to financial institutions																	350,000		350,000
Period for monthly installments over which default amount to be paid						35 months
Jinkailong
Amount payable for default mobiles for releasing the 75 automobiles						$ 634,000																		¥ 4,026,594
Amount of automobile loans to be payable for releasing the frozen bank accounts						$ 94,000																		¥ 600,000
Fengbang
Financial lease principal amount									$ 17,000	¥ 108,800	$ 13,000	¥ 79,500
Amount sentenced by court from customer	$ 20,000	¥ 123,000	$ 14,000	¥ 90,000
Amount frozen by court																					$ 15,000	¥ 93,297
lease liability																	27,000		27,000				¥ 169,000
Master Contact | Chengdu Industrial Impawn Co
Loss contingency, amount past due including interest to financial institutions																	1,119,000		1,119,000
Maximum loans to be provided													$ 2,900,000	¥ 20,000,000
Number of guarantors with whom guarantee contacts are signed | item													7	7
Amount of loans used and re-loaned to automobile purchasers													$ 1,003,000	¥ 7,019,652
Interest and penalty sought															$ 14,330	¥ 100,300
Total outstanding including interest and penalty							$ 1,428,000	¥ 9,992,728
Amount of cash in bank accounts																									$ 25,050	¥ 175,335
Settlement agreement | Chengdu Industrial Impawn Co | Jinkailong
Maximum contingent liabilities related to loans																	$ 71,000		$ 71,000				¥ 453,000
Maximum
Loss Contingency, Percentage of Contingent Liabilities																			36.80%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 3,543,049	$ 1,640,192	$ 8,249,033	$ 4,182,058
Income (loss) before income taxes	(127,582)	(3,666,405)	(7,620,132)	(8,551,123)
Net income (loss)	155,459	$ (3,081,012)	(5,673,230)	$ (7,242,241)
Automobile transaction and related services
Revenues	2,525,893		6,631,579
Loss from operations	(1,289,884)		(3,606,376)
Income (loss) before income taxes	(1,069,871)		(3,520,754)
Net income (loss)	(1,074,410)		(3,525,304)
Online ride-hailing platform operating services
Revenues	1,017,156		1,617,454
Loss from operations	(629,177)		(6,358,532)
Income (loss) before income taxes	(792,769)		(6,649,325)
Net income (loss)	(792,769)		(6,649,325)
Unallocated
Loss from operations	(979,941)		(1,813,645)
Income (loss) before income taxes	1,735,058		2,549,947
Net income (loss)	1,735,058		2,549,947
Consolidated
Revenues	3,543,049		8,249,033
Loss from operations	(2,899,002)		(11,778,553)
Income (loss) before income taxes	(127,582)		(7,620,132)
Net income (loss)	$ (132,121)		$ (7,624,682)

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Assets	$ 18,587,564	$ 22,303,279
Automobile transaction and related services
Assets	10,669,604
Online ride-hailing platform operating services
Assets	6,204,897
Unallocated
Assets	$ 1,700,731

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Jan. 04, 2022	CNY (¥)	USD ($)
Subsequent event | Hunan Ruixi [Member]
Subsequent Event [Line Items]
Donation to a public welfare foundation	¥ 1,200,000	$ 190,000