SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Sep. 30, 2020

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:

	September 30, 2020	March 31, 2020
Balance sheet items, except for equity accounts	6.7908	7.0170

	For the Three Months Ended
	September 30,
	2020	2019
Items in the statements of operations and comprehensive loss	6.9195	6.9209

	For the Six Months Ended
	September 30,
	2020	2019
Items in the statements of operations and comprehensive loss, and statements of cash flows	7.0005	6.8237

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 September 30, 2020 and March 31, 2020:

	Carrying Value at		Fair Value Measurement at
	September 30, 2020		September 30, 2020
	(Unaudited)		Level 1		Level 2		Level 3
Derivative liabilities	$	940,728	$	—	$	—	$	940,728

			Fair Value Measurement at
	Carrying Value at		March 31, 2020
	March 31, 2020		Level 1		Level 2		Level 3
Derivative liabilities	$	342,530	$	—	$	—	$	342,530

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 six months ended September 30, 2020 and for the year ended March 31, 2020:

	For the Six Months Ended		For the Year Ended
	September 30, 2020		March 31, 2020
		(Unaudited)
Beginning balance	$	342,530	$	—
Derivative liabilities recognized at grant date on June 20, 2019		—		3,150,006
Derivative liabilities recognized at grant date on August 4, 2020		241,919		—
Change in fair value of derivative liabilities		412,941		(1,796,724)
Fair value of Series B warrants exercised		—		(1,010,752)
Fair value of Series A warrants exercised		(56,662)		—
Ending balance	$	940,728	$	342,530

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Company's Series A and Series B warrants, the placement agent warrants and the Underwriters’ 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), August 4, 2020 (the grant date), March 31, 2020 and September 30, 2020.

	June 20, 2019									August 4, 2020
	Series A			Series B			Placement Agent			Underwriters'
	Warrants			Warrants			Warrants			Warrants
# of shares exercisable		1,336,021			1,116,320			142,509			568,000
Valuation date		6/20/2019			6/20/2019			6/20/2019			8/4/2020
Exercise price	$	3.72		$	3.72		$	3.38		$	0.63
Stock price	$	2.8		$	2.8		$	2.8		$	0.51
Expected term (year)		4			1			4			5
Risk-free interest rate		1.77	%		1.91	%		1.77	%		0.19	%
Expected volatility		86	%		91	%		86	%		129	%

	March 31, 2020
	Series A			Series B			Placement Agent
	Warrants			Warrants			Warrants
# of shares exercisable		1,336,021			3,132			142,509
Valuation date		3/31/2020			3/31/2020			3/31/2020
Exercise price	$	1.50		$	0.0001		$	3.38
Stock price	$	0.44		$	0.44		$	0.44
Expected term (year)		3.22			0.22			3.22
Risk-free interest rate		0.30	%		0.11	%		0.30	%
Expected volatility		122	%		127	%		122	%

	September 30, 2020
				Placement
	Series A			Agent			Underwriters'
	Warrants			Warrants			Warrants
# of shares exercisable		1,286,021			142,509			568,000
Valuation date		9/30/2020			9/30/2020			9/30/2020
Exercise price	$	0.5		$	0.5		$	0.63
Stock price	$	0.61		$	0.61		$	0.61
Expected term (year)		2.72			2.72			4.85
Risk-free interest rate		0.15	%		0.15	%		0.27	%
Expected volatility		129	%		129	%		129	%

Schedule of finance lease receivables

As of September 30, 2020 and March 31, 2020, finance lease receivables consisted of the following:

	September 30,		March 31,
	2020		2020
	(Unaudited)
Gross minimum lease payments receivable	$	1,674,469	$	1,606,230
Less: Amounts representing estimated executory costs		—		—
Minimum lease payments receivable		1,674,469		1,606,230
Less: Allowance for uncollectible minimum lease payments receivable		—		—
Net minimum lease payments receivable		1,674,469		1,606,230
Less: Unearned interest		(435,430)		(412,975)
Financing lease receivables, net	$	1,239,039	$	1,193,255
Finance lease receivables, net, current portion	$	510,044	$	459,110
Finance lease receivables, net, noncurrent portion	$	728,995	$	734,145

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 September 30, 2020 are as follows:

	Minimum future
	payments receivable
Twelve months ending September 30, 2021	$	532,659
Twelve months ending September 30, 2022		675,280
Twelve months ending September 30, 2023		395,455
Twelve months ending September 30, 2024		71,075
Total	$	1,674,469

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
Software	5-10 years

Schedule of disaggregated information of revenues

Disaggregated information of revenues by business lines are as follows:

	For the Three Months Ended				For the Six Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Automobile Transaction and Related Services (Continuing Operations)
- Revenues from sales of automobiles	$	83,787	$	4,886,518	$	423,632	$	8,866,629
- Operating lease revenues from automobile rentals		787,955		—		1,196,433		—
- Service fees from automobile purchase services		75,038		600,684		160,577		1,257,010
- Facilitation fees from automobile transactions		16		41,764		1,616		143,263
- Service fees from management and guarantee services		161,043		97,840		273,601		184,655
- Financing revenues		62,404		47,121		104,434		61,264
- Other service fees		220,153		211,360		377,019		385,029
Total revenues from Automobile Transaction and Related Services (Continuing Operations)		1,390,396		5,885,287		2,537,312		10,897,850
Online Lending Services (Discontinued Operations)
- Transaction fees		1,503		13,479		2,516		70,454
- Service fees		971		8,313		2,038		21,857
- Website development revenue		—		14,087		—		25,445
Total revenues from Online Lending Services (Discontinued Operations)		2,474		35,879		4,554		117,756
Total revenues	$	1,392,870	$	5,921,166	$	2,541,866	$	11,015,606