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RELATED PARTY TRANSACTIONS AND BALANCES (Tables)
9 Months Ended
Dec. 31, 2019
RELATED PARTY TRANSACTIONS AND BALANCES  
Summary of amounts payable to stockholders, related parties and affiliates

 

This is comprised of amounts payable to two stockholders and are unsecured, interest free and due on demand.

 

 

 

 

 

 

 

 

 

    

December 31,

    

March 31,

 

 

2019

 

2019

 

 

(Unaudited)

 

 

 

Jun Wang

 

$

74,640

 

$

107,233

Xiang Hu

 

 

69,816

 

 

972,814

Total due to stockholders

 

$

144,456

 

$

1,080,047

Total due to stockholders - discontinued operations

 

 

(144,456)

 

 

(1,080,047)

Total due to stockholders - continuing operations

 

$

 —

 

$

 —

 

3)Due to related parties and affiliates

 

 

 

 

 

 

 

 

 

    

December 31,

    

March 31,

 

 

2019

 

2019

 

 

(Unaudited)

 

 

 

Loan payable to related parties (i)

 

$

260,782

 

$

95,781

Other payables due to related parties (ii)

 

 

 —

 

 

297,978

Others (iii)

 

 

70,014

 

 

22,172

Total due to related parties and affiliates

 

 

330,796

 

 

415,931

Total due to related parties and affiliates – discontinued operations

 

 

(118,652)

 

 

 —

Total due to related parties and affiliates – continuing operations

 

$

212,144

 

$

415,931


(i)

As of December 31, 2019 and March 31, 2019, the balances represented borrowings from three related parties, which is unsecured, interest free and due in the fiscal year of 2020. The balance as of March 31, 2019 bore an interest rate of 10% per annum and is due in the fiscal year of 2020.

(ii)

As of March 31, 2019, the balance represented borrowings from two related parties, who obtained borrowings from the online P2P lending platform of Sichuan Senmiao and then loaned the money to Jinkailong. The balance bore an interest rate of 8.22% per annum and was fully repaid in April 2019.

(iii)

As of December 31, 2019 and March 31, 2019, the balances represented $70,014 of payables to three other related parties for operational purposes. These balances are interest free and due on demand.