6. PREPAYMENTS, OTHER RECEIVABLES AND OTHER CURRENT ASSETS

As of December 31, 2025 and March 31, 2025, the prepayments, other receivables and other current assets were comprised of the following:

Movement of allowance for credit losses for the nine months ended December 31, 2025 and for the year ended March 31, 2025 are as follows:

There were no recoveries of other receivables that had been written off in prior periods during the nine months ended December 31, 2025.

The balance of prepaid expense represented automobile purchase prepayments, automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense, etc. that will expire within one year.

The balance of purchase contract termination refund represented the part of the purchase prepayments originally made for automobile purchase, which will be refunded before March 31, 2026 due to the termination of automobile purchase.

The balance of deposits mainly represented the security deposit made by the Company to various automobile leasing companies and Didi Chuxing Technology Co., Ltd., who runs an online ride-hailing platform. As of December 31, 2025 and March 31, 2025, no allowance for credit losses was recorded.