ACQUISITION OF HUNAN RUIXI AND ITS VIE (Tables)

9 Months Ended

Dec. 31, 2019

ACQUISITION OF HUNAN RUIXI AND ITS VIE

Summary the fair values for major classes of assets acquired and liabilities assumed at the date of acquisition

The following table summarizes the fair values for major classes of assets acquired and liabilities assumed at the date of acquisition:

	Fair value
Net assets acquired (i)	$	63,965
Gain from acquisition of Hunan Ruixi and its subsidiary and VIE		—
Noncontrolling interests (ii)		—
Total purchase consideration	$	—

(i) Net assets acquired primarily include cash and cash equivalents of $213,645, other current assets of $1,813,821, property and equipment of $107,865, other current liabilities of $711,303 and borrowings from related parties and affiliates of $785,231, and borrowings from financial institutions of $554,802.

(ii) Fair value of the noncontrolling interests is estimated with reference to the purchase price per share as of the acquisition date.