SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Dec. 31, 2019

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, 2019	March 31, 2019
Balance sheet items, except for equity accounts	6.9632	6.7119

	For the Three Months Ended
	December 31,
	2019	2018
Items in the statements of operations and comprehensive income (loss)	7.0600	6.9162

	For the Nine Months Ended
	December 31,
	2019	2018
Items in the statements of operations and comprehensive income (loss), and statements of cash flows	6.9620	6.7008

Schedule of financial assets and liabilities that were accounted for at fair value on a recurring basis

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, 2019:

	Carrying Value at		Fair Value Measurement at
	December 31, 2019		December 31, 2019
	(Unaudited)		Level 1		Level 2		Level 3
Derivative liabilities	$	629,848	$	—	$	—	$	629,848

Schedule of fair value of warrants

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, 2019:

	December 31,
	2019
Beginning balance	$	—
Derivative liabilities recognized at grant date on June 20, 2019		3,150,006
Change in fair value of derivative liabilities		(1,509,406)
Fair value of Series B warrants exercised		(1,010,752)
Ending balance	$	629,848

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Company's Series A and Series B 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) and December 31, 2019.

	June 20, 2019
	Series A			Series B			Placement Agent
	Warrants			Warrants			Warrants
# of shares exercisable		1,336,021			1,116,320			142,509
Valuation date		6/20/2019			6/20/2019			6/20/2019
Exercise price	$	3.72		$	3.72		$	3.38
Stock price	$	2.80		$	2.80		$	2.80
Expected term(year)		4.00			1.00			4.00
Risk-free interest rate		1.77	%		1.77	%		1.77	%
Expected volatility		86	%		86	%		86	%

	December 31, 2019
	Series A			Series B			Placement Agent
	Warrants			Warrants			Warrants
# of shares exercisable		1,336,021			3,132			142,509
Valuation date		12/31/2019			12/31/2019			12/31/2019
Exercise price	$	1.50		$	0.0001		$	3.38
Stock price	$	0.67		$	0.67		$	0.67
Expected term(year)		3.47			0.47			3.47
Risk-free interest rate		1.64	%		1.60	%		1.64	%
Expected volatility		123	%		123	%		123	%

Schedule of finance lease receivables

As of December 31, 2019 and March 31, 2019, finance lease receivables consisted of the following:

	December 31,		March 31,
	2019		2019
	(Unaudited)
Gross minimum lease payments receivable	$	1,637,763	$	40,023
Less: Amounts representing estimated executory costs		—		—
Minimum lease payments receivable		1,637,763		40,023
Less Allowance for uncollectible minimum lease payments receivable		—		—
Net minimum lease payments receivable		1,637,763		40,023
Estimated residual value of leased automobiles		—		—
Less: Unearned interest		(460,556)		(7,471)
Financing lease receivables, net	$	1,177,207	$	32,552
Finance lease receivables, net, current portion	$	428,958	$	10,254
Finance lease receivables, net, long-term portion	$	748,249	$	22,298

Schedule of future scheduled minimum lease payments for investments in sales-type leases

Future scheduled minimum lease payments for investments in sales-type leases as of December 31, 2019 are as follows:

	Minimum future
	payments receivable
Twelve months ending December 31, 2020	$	559,494
Twelve months ending December 31, 2021		550,856
Twelve months ending December 31, 2022		407,269
Twelve months ending December 31, 2023		120,144
Total	$	1,637,763

Schedule of property and equipment

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 - 4 years

Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method

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
Platform	7 years
Customer relationship	10 years
Software	5‑7 years

Schedule of disaggregated information of revenues

Disaggregated information of revenues by business lines are as follows:

	For the Three Months Ended				For the Nine Months Ended
	December 31,				December 31,
	2019		2018		2019		2018
Automobile Transaction and Related Services (Continuing Operations)
- Revenues from sales of automobiles	$	1,987,433	$	—	$	10,828,063	$	—
- Service fees from automobile purchase services		352,351		70,654		1,609,361		70,654
- Facilitation fees from automobile transactions		21,031		16,424		164,294		16,424
- Service fees from management and guarantee services		128,893		21,332		313,548		21,332
- Financing revenues		44,149		—		105,413		—
- Other service fees		211,722		10,326		622,750		10,326
Online Lending Services (Discontinued Operations)
- Transaction fees		1,160		80,564		72,394		261,450
- Service fees		3,134		10,557		24,990		26,205
- Website development revenue		—		—		15,234		—
Total revenues		2,749,873		209,857		13,756,047		406,391
Total revenues from discontinued operations		(4,294)		(91,121)		(112,618)		(287,655)
Total revenues from continuing operations	$	2,745,579	$	118,736	$	13,643,429	$	118,736