Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Dec. 31, 2025 |
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| Summary of Significant Accounting Policies [Abstract] |
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| Schedule of Unaudited Condensed Consolidated Balance Sheets Restated |
Impact to the unaudited condensed consolidated balance sheet as of December 31, 2025 | | | As reported | | | Adjustments | | | As restated | | | Derivative liabilities | | $ | 3 | | | $ | 4,924,530 | | | $ | 4,924,533 | | | Total current liabilities | | | 1,935,959 | | | | 4,924,530 | | | | 6,860,489 | | | Total liabilities | | | 1,946,170 | | | | 4,924,530 | | | | 6,870,700 | | | | | | | | | | | | | | | | | Additional paid-in capital | | | 48,226,206 | | | | (2,828,725 | ) | | | 45,397,481 | | | Accumulated deficit | | | (46,959,942 | ) | | | (2,095,805 | ) | | | (49,055,747 | ) | | Total Senmiao Technology Limited stockholders’ equity (deficit) | | | 397,256 | | | | (4,924,530 | ) | | | (4,527,274 | ) | | Total equity (deficit) | | $ | 3,752,054 | | | $ | (4,924,530 | ) | | $ | (1,172,476 | ) |
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| Schedule of Unaudited Condensed Consolidated Statement of Operations Restated |
Impact to the unaudited condensed consolidated statement of operations for the three months ended December 31, 2025 | | | As reported | | | Adjustments | | | As restated | | | Change in fair value of derivative liabilities | | $ | 180 | | | $ | 813,225 | | | $ | 813,405 | | | Excess of warrant fair value over offering proceeds | | | — | | | | (2,896,455 | ) | | | (2,896,455 | ) | | Other income, net | | | 243,272 | | | | (12,575 | ) | | | 230,697 | | | Total other (expense) income, net | | | 243,452 | | | | (2,095,805 | ) | | | (1,852,353 | ) | | Loss before income tax expense | | | (853,133 | ) | | | (2,095,805 | ) | | | (2,948,938 | ) | | Net loss from continuing operations | | | (853,133 | ) | | | (2,095,805 | ) | | | (2,948,938 | ) | | Net loss | | | (873,677 | ) | | | (2,095,805 | ) | | | (2,969,482 | ) | | Net loss attributable to the Company’s stockholders | | | (1,037,229 | ) | | | (2,095,805 | ) | | | (3,133,034 | ) | | Comprehensive loss | | | (1,044,770 | ) | | | (2,095,805 | ) | | | (3,140,575 | ) | | Total comprehensive loss attributable to stockholders | | | (1,059,786 | ) | | | (2,095,805 | ) | | | (3,155,591 | ) | | Loss per share - basic and diluted* | | | (0.29 | ) | | | (0.59 | ) | | | (0.88 | ) | | | | | | | | | | | | | | | | Loss per share - basic and diluted | | | | | | | | | | | | | | Continuing operations | | $ | (0.28 | ) | | $ | (0.59 | ) | | $ | (0.87 | ) | Impact to the unaudited condensed consolidated statement of operations for the nine months ended December 31, 2025 | | | As reported | | | Adjustments | | | As restated | | | Change in fair value of derivative liabilities | | $ | 80,489 | | | $ | 813,225 | | | $ | 893,714 | | | Excess of warrant fair value over offering proceeds | | | — | | | | (2,896,455 | ) | | | (2,896,455 | ) | | Other income, net | | | 305,068 | | | | (12,575 | ) | | | 292,493 | | | Total other (expense) income, net | | | 385,557 | | | | (2,095,805 | ) | | | (1,710,248 | ) | | Loss before income tax expense | | | (1,771,242 | ) | | | (2,095,805 | ) | | | (3,867,047 | ) | | Net loss from continuing operations | | | (1,771,242 | ) | | | (2,095,805 | ) | | | (3,867,047 | ) | | Net loss | | | (1,873,845 | ) | | | (2,095,805 | ) | | | (3,969,650 | ) | | Net loss attributable to the Company’s stockholders | | | (1,850,369 | ) | | | (2,095,805 | ) | | | (3,946,174 | ) | | Comprehensive loss | | | (2,061,870 | ) | | | (2,095,805 | ) | | | (4,157,675 | ) | | Total comprehensive loss attributable to stockholders | | | (1,889,577 | ) | | | (2,095,805 | ) | | | (3,985,382 | ) | | Loss per share - basic and diluted* | | | (0.90 | ) | | | (1.02 | ) | | | (1.92 | ) | | | | | | | | | | | | | | | | Loss per share - basic and diluted | | | | | | | | | | | | | | Continuing operations | | $ | (0.85 | ) | | $ | (1.02 | ) | | $ | (1.87 | ) |
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| Schedule of Unaudited Condensed Consolidated Statement of Changes in Equity Restated |
Impact to the unaudited condensed consolidated statement of changes in equity for the nine months ended December 31, 2025 | | | As reported | | | Adjustments | | | As restated | | | Net loss | | $ | (1,873,845 | ) | | $ | (2,095,805 | ) | | $ | (3,969,650 | ) | | Additional paid-in capital | | | 48,226,206 | | | | (2,828,725 | ) | | | 45,397,481 | | | Accumulated deficit | | | (46,959,942 | ) | | | (2,095,805 | ) | | | (49,055,747 | ) | | Total equity (deficit) | | $ | 3,752,054 | | | $ | (4,924,530 | ) | | $ | (1,172,476 | ) |
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| Schedule of Unaudited Condensed Consolidated Statement of Cash Flows Restated |
Impact to the unaudited condensed consolidated statement of cash flows for the nine months ended December 31, 2025 | | | As reported | | | Adjustments | | | As restated | | | Net loss | | $ | (1,873,845 | ) | | $ | (2,095,805 | ) | | $ | (3,969,650 | ) | | Net loss from continuing operations | | | (1,771,242 | ) | | | (2,095,805 | ) | | | (3,867,047 | ) | | Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | Excess of warrant fair value over offering proceeds | | | — | | | | 2,896,455 | | | | 2,896,455 | | | Offering costs allocable to derivative liabilities | | | — | | | | 12,575 | | | | 12,575 | | | Change in fair value of derivative liabilities | | $ | (80,489 | ) | | $ | (813,225 | ) | | $ | (893,714 | ) |
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| 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: | | | December 31, | | | March 31, | | | | | 2025 | | | 2025 | | | Balance sheet items, except for equity accounts – RMB: US$1: | | | 6.9931 | | | | 7.2567 | | | | | For the Three months ended
December 31, | | | | | 2025 | | | 2024 | | | Items in the statements of operations and comprehensive loss, and cash flows – RMB: US$1: | | | 7.0889 | | | | 7.1896 | | | | | For the Nine months ended
December 31, | | | | | 2025 | | | 2024 | | | Items in the statements of operations and comprehensive loss, and cash flows – RMB: US$1: | | | 7.1600 | | | | 7.1981 | |
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| 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 December 31, 2025 and March 31, 2025: | | | Carrying
Value as of | | | Fair Value Measurement as of | | | | | December 31, | | | December 31, 2025 | | | | | 2025 | | | Level 1 | | | Level 2 | | | Level 3 | | | | | (Unaudited) | | | | | | | | | (Unaudited) | | | Derivative liabilities | | $ | 4,924,533 | | | $ | — | | | $ | — | | | $ | 4,924,533 | | | | | 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 | |
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| 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 nine months ended December 31, 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 | | | November 2025
Private Placement | | | November 2025
Registered
Direct
Offering | | | | | | | | Offering
Warrants | | | Offering
Warrants | | | Investors
Warrants | | | Placement
Warrants | | | Offering
Warrants | | | Placement
Warrants | | | Investors
Warrants | | | Pre-funded Warrant | | | 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 | | | Derivative liabilities recognized at grant date | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,724,165 | | | | 1,013,590 | | | | 5,737,755 | | | Change in fair value of derivative liabilities | | | (21 | ) | | | (219 | ) | | | (12,823 | ) | | | (962 | ) | | | (60,485 | ) | | | (5,979 | ) | | | (767,975 | ) | | | (45,250 | ) | | | (893,714 | ) | | Exercise | | | — | | | | — | | | | — | | | | — | | | | (4,099 | ) | | | — | | | | — | | | | — | | | | (4,099 | ) | | BALANCE as of December 31, 2025 (Unaudited). | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2 | | | $ | 1 | | | $ | 3,956,190 | | | $ | 968,340 | | | $ | 4,924,533 | |
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| Schedule of Estimates the Fair Value to those Warrants Using the Black-Scholes Valuation Model |
The warrants presented in the table above 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 December 31, 2025 and March 31, 2025. | | | As of December 31, 2025 | | | | | February 10, 2021 | | | May 13, 2021 | | | November 10, 2021 | | | November | | | November | | | | | Placement | | | | | | | | | Placement | | | | | | Placement | | | 14, 2025 | | | 17, 2025 | | | | | Agent | | | ROFR | | | Investor | | | Agent | | | Investor | | | Agent | | | Investor | | | Pre-funded | | | Granted Date | | Warrants | | | Warrants | | | Warrants | | | Warrants | | | Warrants | | | Warrants | | | Warrants | | | Warrants | | | # of shares exercisable* | | | 3,804 | | | | 1,522 | | | | 55,319 | | | | 4,149 | | | | 1,341,362 | | | | 5,515 | | | | 4,510,000 | | | | 905,000 | | | Valuation date | | | 12/31/2025 | | | | 12/31/2025 | | | | 12/31/2025 | | | | 12/31/2025 | | | | 12/31/2025 | | | | 12/31/2025 | | | | 12/31/2025 | | | | 12/31/2025 | | | Exercise price* | | $ | 138.00 | | | $ | 172.50 | | | $ | 105.00 | | | $ | 105.00 | | | $ | 1.03 | | | $ | 68.00 | | | $ | 1.26 | | | $ | 0.0001 | | | Stock price* | | $ | 1.07 | | | $ | 1.07 | | | $ | 1.07 | | | $ | 1.07 | | | $ | 1.07 | | | $ | 1.07 | | | $ | 1.07 | | | $ | 1.07 | | | Expected term (years) | | | 0.11 | | | | 0.11 | | | | 0.36 | | | | 0.36 | | | | 0.86 | | | | 0.86 | | | | 5.37 | | | | ** | | | Risk-free interest rate | | | 3.67 | % | | | 3.67 | % | | | 3.59 | % | | | 3.59 | % | | | 3.51 | % | | | 3.51 | % | | | 3.77 | % | | | 4.78 | % | | Expected volatility | | | 119 | % | | | 119 | % | | | 119 | % | | | 119 | % | | | 119 | % | | | 119 | % | | | 115 | % | | | 119 | % | | | | 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 | | | | 2,778,315 | | | | 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 | | | $ | 2.16 | | | $ | 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 | | ** | No fixed termination date is specified in the agreement of November 2025 Pre-funded Warrants, which can be exercised at any time on or after the initial exercise date and until it is exercised in full, yet the Company adopted a 20-year assumption for valuation purposes. |
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| Schedule of Finance Lease Receivables |
As of December 31, 2025 and March 31, 2025, finance lease receivables consisted of the following: | | | December 31, | | | March 31, | | | | | 2025 | | | 2025 | | | | | | (Unaudited) | | | | (Unaudited) | | | Minimum lease payments receivable | | $ | 132,624 | | | $ | 293,872 | | | Less: Unearned interest | | | (52,905 | ) | | | (104,340 | ) | | Financing lease receivables | | $ | 79,719 | | | $ | 189,532 | | | Finance lease receivables, current | | $ | 72,543 | | | $ | 166,339 | | | Finance lease receivables, non-current | | $ | 7,176 | | | $ | 23,193 | |
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| 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 December 31, 2025 are as follows: | | | Minimum
future
payments
receivable | | | Twelve months ending December 31, 2026 | | $ | 110,582 | | | Twelve months ending December 31, 2027 | | | 22,042 | | | Total | | $ | 132,624 | |
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| Schedule of Useful Life of Property and Equipment |
| Categories | | Useful life | | | Office equipment, fixture and furniture | | | 3 - 5 years | | | Automobiles | | | 3 - 5 years | | | Categories | | Useful life | | | Software | | | 5-10 years | |
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| Schedule of Disaggregated Information of Revenues |
Disaggregated information of revenues by business lines are as follows: | | | For the Three Months Ended | | | For the Nine Months Ended | | | | | December 31, | | | December 31, | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | Automobile Transaction and Related Services | | | | | | | | | | | | | | - Operating lease revenues from automobile rentals | | $ | 317,153 | | | $ | 409,731 | | | $ | 1,076,175 | | | $ | 1,312,582 | | | - Financing revenues | | | 15,117 | | | | 23,668 | | | | 56,297 | | | | 72,697 | | | - Service fees from NEVs leasing | | | 14,799 | | | | — | | | | 33,341 | | | | — | | | - Default revenue | | | 5,831 | | | | 7,711 | | | | 23,320 | | | | 27,294 | | | - Monthly services commissions | | | 3,427 | | | | 3,828 | | | | 14,422 | | | | 16,353 | | | - Service fees from automobile purchase services | | | — | | | | 2,959 | | | | 8,936 | | | | 29,862 | | | - Other service fees | | | 2,357 | | | | 3,550 | | | | 7,137 | | | | 17,450 | | | Total Revenues | | $ | 358,684 | | | $ | 451,447 | | | $ | 1,219,628 | | | $ | 1,476,238 | |
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