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LONG-TERM INVESTMENTS, NET | 12 Months Ended
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Mar. 31, 2022
LONG-TERM INVESTMENTS, NET |
LONG-TERM INVESTMENTS, NET | Note 11 – LONG-TERM INVESTMENTS, NET ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​
​ | ​ | As of | ​ | As of
​ | ​ | March 31, 2022 | ​ | March 31, 2021
​ | ​ | USD | ​ | USD
Investments in equity security without readily determinable fair value | ​ | ​ | ​ | ​ | ​ | ​
Phoenix Intelligent Credit Group Ltd (“Phoenix Intelligent Credit”) (a) | ​ |  | 29,189,836 | ​ |  | 29,189,836
Musketeer Group Inc. (“Musketeer”) (b) | ​ |  | 1,600,000 | ​ |  | 1,600,000
​ | ​ |  | 30,789,836 | ​ |  | 30,789,836
Impairment on investments | ​ |  | (30,789,836) | ​ |  | (30,789,836)
Long term investments, net | ​ | ​ | — | ​ | ​ | —
(a) | On January 8, 2019, the Company signed an agreement to acquire a 5.88% equity stake in Phoenix Intelligent Credit Group Ltd (“Phoenix Intelligent Credit”), a wholly owned subsidiary of Phoenix Financial Group Ltd (“Phoenix Finance”), which is unrelated to the Company, and operator of one of China’s leading peer-to-peer lending platforms, for a total consideration of approximately US$29 million (RMB 200 million). The acquisition was completed as of March 31, 2019 and the Company had an acquisition price payable to Phoenix Finance in the amount of US$14,289,371 as of March 31, 2019, which was fully paid in April 2019. Pursuant to the investment agreement, such investment is redeemable at the option of the Company if certain future performance condition cannot be met. The Company accounted the investment as investment in an equity security without readily determinable fair value. In light of the significant change in the regulatory environment in the PRC related to the peer-to-peer lending industry and the impact of COVID-19 on Phoenix Intelligent Credit, the Company recognized a full impairment of this investment as of March 31, 2022 and 2021.
(b) | On August 9, 2018, the Company acquired a 19.99% equity stake in Musketeer Group Inc. (“Musketeer”), an Indonesian online lending platform that offers consumption installment loans, for approximately US$1.6 million. The investment was accounted for using the cost method because the Company does not have any significant influence over Musketeer. Since Musketeer is a start-up company in its early stage, there was no readily determinable fair value. On August 14, 2019, Musketeer completed its registration for a peer-to-peer (P2P) lending platform with the Indonesian Financial Services Authority (OJK). In light of the significant changes of market conditions and the impact of COVID-19 in Indonesia, the Company recognized full impairment of this investment as of March 31, 2022 and 2021.
For the years ended March 31, 2022, 2021 and 2020, the Company recognized impairment losses for the long-term investments of nil, US$1,600,000 and $29,189,836, respectively.

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- Definition The entire disclosure for investment holdings. This includes the information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
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