PREPAYMENTS FOR INTANGIBLE ASSETS	9 Months Ended
Dec. 31, 2019
PREPAYMENTS FOR INTANGIBLE ASSETS
PREPAYMENTS FOR INTANGIBLE ASSETS	10. PREPAYMENTS FOR INTANGIBLE ASSETS As of December 31, 2019 and March 31, 2019, the balance of prepayments for intangible assets of $750,000 and $280,000 respectively, represented the advance payments to a third party for the development of software to be used in the Company’s automobile transaction and related services. The balance will be recognized as intangible assets and amortized over the estimated useful life upon the completion of installation and testing of the software. As of December 31, 2019 and March 31, 2019, the balance of prepayments for intangible assets of $0 and $190,706 respectively, represented the advance payments for the development of software to be used in the Company's online P2P lending services business. On October 17, 2019, the Board approved the Plan under which the Company discontinued and is winding down its online P2P lending services business. As a result, the Company re-evaluated its prepayments for intangible assets to be used in the Company's online P2P lending platform and determined that it would no longer be using such software. As a result, the Company wrote off all those prepayments of $143,636 for intangible assets for the three and nine months ended December 31, 2019.

10. PREPAYMENTS FOR INTANGIBLE ASSETS

As of December 31, 2019 and March 31, 2019, the balance of prepayments for intangible assets of $750,000 and $280,000 respectively, represented the advance payments to a third party for the development of software to be used in the Company’s automobile transaction and related services. The balance will be recognized as intangible assets and amortized over the estimated useful life upon the completion of installation and testing of the software.

As of December 31, 2019 and March 31, 2019, the balance of prepayments for intangible assets of $0 and $190,706 respectively, represented the advance payments for the development of software to be used in the Company's online P2P lending services business. On October 17, 2019, the Board approved the Plan under which the Company discontinued and is winding down its online P2P lending services business. As a result, the Company re-evaluated its prepayments for intangible assets to be used in the Company's online P2P lending platform and determined that it would no longer be using such software. As a result, the Company wrote off all those prepayments of $143,636 for intangible assets for the three and nine months ended December 31, 2019.