ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)

6 Months Ended

Sep. 30, 2020

ACCRUED EXPENSES AND OTHER LIABILITIES

Schedule of accrued expenses and other liabilities

	September 30,		March 31,
	2020		2020
	(Unaudited)
Payables to investors of online lending platform (i)	$	2,554,707	$	3,668,957
Accrued payroll and welfare		967,607		890,912
Other payable (ii)		177,170		83,810
Loan repayments received on behalf of financial institutions (iii)		564,376		374,535
Payables for expenditures on automobile transaction and related services		647,178		373,026
Accrued expenses		9,539		104,264
Deposits (iv)		1,399,371		543,843
Other taxes payable		315,212		173,056
Total accrued expenses and other liabilities		6,635,160		6,212,403
Total accrued expenses and other liabilities - discontinued operations		(3,030,422)		(4,204,012)
Total accrued expenses and other liabilities - continuing operations	$	3,604,738	$	2,008,391

(i) The balance of payables to investors of online lending platform represented the outstanding loans from investors on the platform, which was assumed by the Company in connection with the Plan to discontinue its online lending services business.

(ii) The balance of other payable represented amount due to suppliers and vendors for operation purposes.

(iii) The balance of loan repayments received on behalf of financial institutions represented the loan repayments made by the automobile purchasers to financial institutions through the Company, which has not been paid to the financial institutions.

(iv) The balance of deposits represented the security deposit from operating and finance lease customers to cover lease payment and related automobile expense in case the customers’ accounts are in default.  The balance is refundable at the end of the lease term, after deducting any missed lease payment and applicable fee.