v3.26.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Jun. 30, 2026
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,  
    2026     2026  
Balance sheet items, except for equity accounts – RMB: US$1:     6.7851       6.8980  

 

    For the Three months ended
June 30,
 
    2026     2025  
Items in the statements of operations and comprehensive loss, and cash flows – RMB: US$1:     6.8048       7.2331  
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, 2026 and March 31, 2026:

 

    Carrying
Value as of
    Fair Value Measurement as of  
    June 30,     June 30, 2026  
    2026     Level 1     Level 2     Level 3  
    (Unaudited)                 (Unaudited)  
Derivative liabilities   $ 48,032,895     $     $     $ 48,032,895  

 

    Carrying
 Value as of
    Fair Value Measurement as of  
    March 31,     March 31, 2026  
    2026     Level 1     Level 2     Level 3  
Derivative liabilities   $ 5,615,288     $     $     $ 5,615,288  
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, 2026 and for the year ended March 31, 2026:

 

    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
    June 2026
Units
Private
Placement
       
    Offering
Warrants
    Offering
Warrants
    Investors
Warrants
    Placement
Warrants
    Offering
Warrants
    Placement
Warrants
    Investors
Warrants
    Pre-funded Warrant     Investors
Warrants
    Total  
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 )     (60,487 )     (5,980 )     (231,066 )     108,599             (202,959 )
Exercise                             (4,099 )                             (4,099 )
BALANCE as of March 31, 2026                                         4,493,099       1,122,189             5,615,288  
Derivative liabilities recognized at grant date                                                     45,149,713       45,149,713  
Change in fair value of derivative liabilities                                         440,056       81,448       (3,253,610 )     (2,732,106 )
BALANCE as of June 30, 2026 (Unaudited)   $     $     $     $     $     $     $ 4,933,155     $ 1,203,637     $ 41,896,103     $ 48,032,895  
​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 June 30, 2026 and March 31, 2026.

 

    As of June 30, 2026  
    November 10, 2021     November 14,
2025
    November 17,
2025
    June 26,
2026
 
          Placement                    
    Investor     Agent     Investor     Pre-funded     Units  
Granted Date   Warrants     Warrants     Warrants     Warrants     Warrants  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
# of shares exercisable*     1,341,362       5,515       4,510,000       905,000       40,00,000  
Valuation date     6/30/2026       6/30/2026       6/30/2026       6/30/2026       6/30/2026  
Exercise price*   $ 1.03     $ 68.00     $ 1.26     $ 0.0001     $ 1.46  
Stock price*   $ 1.33     $ 1.33     $ 1.33     $ 1.33     $ 1.33  
Expected term (years)     0.36       0.36       5.49       **       5.00  
Risk-free interest rate     4.01 %     4.01 %     4.22 %     4.69 %     4.19 %
Expected volatility     80 %     80 %     108 %     117 %     109 %

 

    As of March 31, 2026  
    May 13, 2021     November 10, 2021     November 14,
2025
    November 17,
2025
 
          Placement           Placement              
    Investor     Agent     Investor     Agent     Investor     Pre-funded  
Granted Date   Warrants     Warrants     Warrants     Warrants     Warrants     Warrants  
# of shares exercisable*     55,319       4,149       1,341,362       5,515       4,510,000       905,000  
Valuation date     3/31/2026       3/31/2026       3/31/2026       3/31/2026       3/31/2026       3/31/2026  
Exercise price*   $ 105.00     $ 105.00     $ 1.03     $ 68.00     $ 1.26     $ 0.0001  
Stock price*   $ 1.24     $ 1.24     $ 1.24     $ 1.24     $ 1.24     $ 1.24  
Expected term (years)     0.12       0.12       0.61       0.61       5.12       **  
Risk-free interest rate     3.73 %     3.73 %     3.71 %     3.71 %     3.93 %     4.86 %
Expected volatility     106 %     106 %     125 %     125 %     109 %     118 %

 

* Giving retroactive effect to the 1-for-10 reverse stock split effected on July 29, 2025, except for the November 2025 Warrants and June 2026 Units Warrants.
** 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.
​​Schedule of Finance Lease Receivables

As of June 30, 2026 and March 31, 2026, finance lease receivables consisted of the following:

 

    June 30,     March 31,  
    2026     2026  
    (Unaudited)        
Minimum lease payments receivable   $ 49,851     $ 85,774  
Less: Unearned interest     (20,620 )     (36,268 )
Financing lease receivables   $ 29,231     $ 49,506  
Finance lease receivables, current   $ 26,296     $ 44,454  
Finance lease receivables, non-current   $ 2,935     $ 5,052  
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, 2026 are as follows:

 

    Minimum
future
payments
receivable
 
Twelve months ending June 30, 2027   $ 48,539  
Twelve months ending June 30, 2028     1,312  
Total   $ 49,851  
Schedule of Useful Life of Property and Equipment The useful life of property and equipment is summarized as follows:

 

Categories   Useful life
Office equipment, fixture and furniture   3 – 5 years
Automobiles   3 – 5 years
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 recorded by continuing operations by business lines are as follows:

 

    For the Three Months Ended  
    June 30,  
    2026     2025  
    (Unaudited)     (Unaudited)  
Automobile Transaction and Related Services            
- Operating lease revenues from automobile rentals   $ 313,335     $ 386,266  
- Service fees from NEVs leasing     21,291        
- Financing revenues     11,813       22,331  
- Service fees from automobile purchase services     4,670       1,270  
- Default revenue     3,439       7,294  
- Monthly services commissions     1,163       8,265  
- Other service fees     5,178       2,272  
Total Revenues   $ 360,889     $ 427,698