12.	Short-term bank loan and credit facility

As of

March 31, 2019,

the Company had a revolving credit facility of

RMB5.0

million (approximately

US$0.7

million) for short-term working capital loans granted by a major financial institution in China, which currently is available to the Company until

January 2020.

As of

March 31, 2019,

under the revolving credit facility, the Company borrowed

RMB3.0

million (approximately

US$0.45

million) short-term loan, which will mature in

January 2020.

As of

March 31, 2019,

the Company borrowed another

RMB3.0

million (approximately

US$0.45

million) short-term working capital loan from the same financial institution, of which

RMB1.5

million (approximately

US$0.22

million) will mature in

July 2019

and the remaining

RMB1.5

million (approximately

US$0.22

million) will mature in

September 2019.

Collateral for the above discussed revolving credit facility and short-term bank loans included an unlimited guarantee from Mr. Handong Cheng (Chairman and Chief Executive Officer of the Company) and his spouse and an approximately

US$0.03

million term deposit, included in the Company’s cash and cash equivalents, which will mature on

September 21, 2019.

Interest rate of the current outstanding short-term working capital loans was

5.655%

per annum, which is

30%

over the benchmark rate of the People’s Bank of China (the “PBOC”).