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 | |
|