BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT

6 Months Ended

Sep. 30, 2020

BORROWINGS FROM FINANCIAL INSTITUTIONS CURRENT AND NONCURRENT

BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT

10.    BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT

The borrowings from certain financial institutions in China represented  the short-term loans of $383,072 from a bank and the difference between the actual proceeds disbursed by the financial institution to Jinkailong and the total amount of principal to be responsible for and repaid by the automobile purchasers of $274,322 as of September 30, 2020. Such borrowings totaled $657,394 and $290,974 bearing interest rates ranging between 6.2% and 8.1% per  annum as of September 30, 2020 and March 31, 2020, respectively, of which $62,420 and $64,221, respectively, is to be repaid over a period of 13 to 24 months.

The interest expense for the three months ended September 30, 2020 and 2019 was $14,892 and $11,430, respectively. The interest expense for the six months ended September 30, 2020 and 2019 was $35,540 and $21,668, respectively.