ACCOUNTS RECEIVABLE, NET

9 Months Ended

Dec. 31, 2019

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

5.    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, 2019 and March 31, 2019, accounts receivable were comprised of the following:

	December 31,		March 31,
	2019		2019
	(Unaudited)
Receivables of transaction fees due from borrowers	$	—	$	126,272
Receivables of automobile sales due from automobile purchasers		1,532,275		—
Receivables of services fees due from automobile purchasers		1,774,999		199,909
Less: Unearned interest		(122,483)		—
Less: Allowance for doubtful accounts		(84,415)		—
Accounts receivable, net	$	3,100,376	$	326,181
Account receivable, net, - discontinued operations		—		(126,272)
Account receivable, net, - continuing operations	$	3,100,376	$	199,909
Account receivable, net, current portion	$	2,009,589	$	199,909
Account receivable, net, long-term portion	$	1,090,787	$	—

Movement of allowance for doubtful accounts is as follows:

	December 31, 2019		March 31, 2019
	(Unaudited)
Beginning balance	$	—	$	—
Provision for doubtful accounts		84,429		—
Translation adjustment		(14)		—
Ending balance	$	84,415	$	—