ACCOUNTS RECEIVABLE, NET

6 Months Ended

Sep. 30, 2020

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 September 30, 2020 and March 31, 2020, accounts receivable were comprised of the following:

	September 30,		March 31
	2020		2020
	(Unaudited)
Receivables of automobile sales due from automobile purchasers	$	1,089,778	$	1,172,765
Receivables of service fees due from automobile purchasers		689,396		854,730
Less: Unearned interest		(69,953)		(105,083)
Less: Allowance for doubtful accounts		(242,970)		(379,689)
Accounts receivable, net	$	1,466,251	$	1,542,723
Accounts receivable, net, current portion	$	867,576	$	660,645
Accounts receivable, net, noncurrent portion	$	598,675	$	882,078

Movement of allowance for doubtful accounts for the six months ended September 30, 2020 and the fiscal year ended March 31, 2020 are as follows:

	September 30, 2020		March 31, 2020
	(Unaudited)
Beginning balance	$	379,689	$	—
Addition		205,319		1,797,816
Recovery		(182,004)		—
Write off		(171,752)		(1,410,736)
Translation adjustment		11,718		(7,391)
Ending balance	$	242,970	$	379,689