v3.25.2
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Jun. 30, 2025
Summary of Significant Accounting Policies [Abstract]  
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:

 

   June 30,   March 31, 
   2025   2025 
Balance sheet items, except for equity accounts – RMB: US$1:   7.1636    7.2567 

 

   For the three months ended
June 30,
 
   2025   2024 
Items in the statements of operations and comprehensive loss, and cash flows – RMB: US$1:   7.2331    7.2410 
Schedule of 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 June 30, 2025 and March 31, 2025:

 

   Carrying
 Value as of
   Fair Value Measurement as of 
   June 30,   June 30, 2025 
   2025   Level 1   Level 2   Level 3 
   (Unaudited)           (Unaudited) 
Derivative liabilities  $4,213   $
   $
   $4,213 

 

   Carrying
 Value as of
   Fair Value Measurement as of 
   March 31,   March 31, 2025 
   2025   Level 1   Level 2   Level 3 
Derivative liabilities  $84,591   $
   $
   $84,591 
Schedule of Assets and Liabilities Measured at Fair Value

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 three months ended June 30, 2025 and for the year ended March 31, 2025:

 

   August
2020
Underwritten
Public
   February
2021
Registered
Direct
   May 2021
Registered Direct Offering
   November 2021
Private Placement
     
   Offering
Warrants
   Offering
Warrants
   Investors
Warrants
   Placement
Warrants
   Investors
Warrants
   Placement
Warrants
   Total 
BALANCE as of March 31, 2024  $   3,219   $4,333   $80,636   $6,048   $179,520   $15,077   $288,833 
Change in fair value of derivative liabilities   (3,198)   (4,114)   (67,813)   (5,086)   (114,934)   (9,097)   (204,242)
BALANCE as of March 31, 2025   21    219    12,823    962    64,586    5,980    84,591 
Change in fair value of derivative liabilities   (21)   (219)   (12,660)   (949)   (57,742)   (5,591)   (77,182)
Exercise   
    
    
    
    (3,196)   
    (3,196)

BALANCE as of June 30, 2025 (Unaudited)

  $
   $
   $163   $13   $3,648   $389   $4,213 
​Schedule of Estimates the Fair Value to those Warrants Using the Black-Scholes Valuation Model

The August 2020 Underwriters’ Warrants, the February 2021 Placement Agent Warrants, the February 2021 ROFR Warrants, the May 2021 Investors Warrants, the May 2021 Placement Agent Warrants, and the November 2021 Investors Warrants and November 2021 Placement Agent Warrants (all discussed below) are not traded in an active securities market; therefore, the Company estimates the fair value to those warrants using the Black-Scholes valuation model as of June 30, 2025 and March 31, 2025.

 

   As of June 30, 2025 
   August 4, 2020   February 10, 2021   May 13, 2021   November 10, 2021 
       Placement           Placement       Placement 
   Underwriters’   Agent   ROFR   Investor   Agent   Investor   Agent 
Granted Date  Warrants   Warrants   Warrants   Warrants   Warrants   Warrants   Warrants 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
# of shares exercisable*   3,181    3,804    1,522    55,319    4,149    **    5,515 
Valuation date        6/30/2025    6/30/2025    6/30/2025    6/30/2025    6/30/2025    6/30/2025    6/30/2025 
Exercise price*  $62.50   $138.00   $172.50   $105.00   $105.00   $**   $68.00 
Stock price*  $3.00   $3.00   $3.00   $3.00   $3.00   $3.00   $3.00 
Expected term (years)   0.10    0.62    0.62    0.87    0.87    1.36    1.36 
Risk-free interest rate   0.38%   2.44%   2.44%   3.44%   3.44%   3.87%   3.87%
Expected volatility   118%   118%   118%   118%   118%   118%   118%
   As of March 31, 2025 
   August 4, 2020   February 10, 2021   May 13, 2021   November 10, 2021 
       Placement           Placement       Placement 
   Underwriters’   Agent   ROFR   Investor   Agent   Investor   Agent 
Granted Date  Warrants   Warrants   Warrants   Warrants   Warrants   Warrants   Warrants 
# of shares exercisable*   3,181    3,804    1,522    55,319    4,149    **    5,515 
Valuation date        3/31/2025    3/31/2025    3/31/2025    3/31/2025    3/31/2025    3/31/2025    3/31/2025 
Exercise price*  $62.50   $138.00   $172.50   $105.00   $105.00   $**   $68.00 
Stock price*  $8.90   $8.90   $8.90   $8.90   $8.90   $8.90   $8.90 
Expected term (years)   0.35    0.87    0.87    1.12    1.12    1.61    1.61 
Risk-free interest rate   1.39%   3.49%   3.49%   4.01%   4.01%   4.21%   4.21%
Expected volatility   112%   112%   112%   112%   112%   112%   112%

 

*Giving retroactive effect to the 1-for-10 reverse stock split effected on July 29, 2025

 

**

The Company did not update the number of shares of exercisable and the exercise price of the November 2021 Investors Warrants in the table to reflect the dilution effect resulting from the 1-for-10 reverse stock split effected on July 29, 2025 but will update the final information in the next quarterly report (refer to Note 11).

​​Schedule of Finance Lease Receivables

As of June 30, 2025 and March 31, 2025, finance lease receivables consisted of the following:

 

   June 30,   March 31, 
   2025   2025 
   (Unaudited)     
Minimum lease payments receivable  $224,588   $293,872 
Less: Unearned interest   (73,885)   (104,340)
Financing lease receivables  $150,703   $189,532 
Finance lease receivables, current  $136,579   $166,339 
Finance lease receivables, non-current  $14,124   $23,193 
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 June 30, 2025 are as follows:

 

   Minimum
future
payments
receivable
 
Twelve months ending June 30, 2026  $191,526 
Twelve months ending June 30, 2027   33,062 
Total  $224,588 
Schedule of Useful Life of Property and Equipment The useful life of property and equipment is summarized as follows:
Categories   Useful life
Computer equipment   2 - 5 years
Office equipment, fixture and furniture   3 - 5 years
Automobiles   3 - 5 years

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 
   June 30, 
   2025   2024 
   (Unaudited)   (Unaudited) 
Automobile Transaction and Related Services        
- Operating lease revenues from automobile rentals  $         695,403   $756,315 
- Service fees from NEVs leasing   83,444    22,094 
- Monthly services commissions   35,825    26,254 
- Financing revenues   22,331    22,176 
- Default revenue   10,229    22,764 
- Service fees from automobile purchase services   1,270    21,738 
- Other service fees   11,597    7,668 
Total Revenues  $860,099   $879,009