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PARENT-ONLY FINANCIALS | 9 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
| 15. | PARENT-ONLY FINANCIALS
SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED BALANCE SHEETS
|  | December 31, |  |  | March 31, |
|  | 2018 |  |  | 2018 |
|  | (unaudited) |  |  |  |
ASSETS |  |  |  |  |  |  |  |
|  |  |  |  |  |  | - |
Current Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,319,126 |  |  | $ | 10,961,071 |
Prepayments, receivables and other assets |  |  | 33,651 |  |  |  | 39,964 |
Due from investors |  |  | 1,900,000 |  |  |  | - |
Escrow receivable due within one year |  |  | 600,000 |  |  |  | - |
Total Current Assets |  |  | 7,852,777 |  |  |  | 11,001,035 |
Other Assets |  |  |  |  |  |  |  |
Escrow receivable |  |  | - |  |  |  | 1,200,000 |
Deposit in intangible assets |  |  | 230,000 |  |  |  | - |
Investment in subsidiaries |  |  | 2,436,747 |  |  |  | 830,562 |
Total Assets |  | $ | 10,519,524 |  |  | $ | 13,031,597 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Total Liabilities |  | $ | 216,383 |  |  | $ | 152,927 |
Stockholders' Equity |  |  |  |  |  |  |  |
Common stock (par value $0.0001 per share, 100,000,000 shares authorized; 25,879,400 shares issued and outstanding at December 31, 2018 and March 31, 2018) |  |  | 2,588 |  |  |  | 2,588 |
Additional paid-in capital |  |  | 23,657,407 |  |  |  | 23,611,512 |
Accumulated deficit |  |  | (12,973,371 | ) |  |  | (10,481,669 | )
Accumulated other comprehensive loss |  |  | (386,524 | ) |  |  | (253,761 | )
Total Stockholders’ Equity |  |  | 10,300,100 |  |  |  | 12,878,670 |
Noncontrolling interests |  |  | 3,041 |  |  |  | - |
Total Equity |  |  | 10,303,141 |  |  |  | 12,878,670 |
Total Liabilities and Equity |  | $ | 10,519,524 |  |  | $ | 13,031,597 |
SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
|  | For the Nine Months Ended December 31, |
|  | 2018 |  |  | 2017 |
|  | (unaudited) |  |  | (unaudited) |
General and administrative expenses |  | $ | (887,662 | ) |  | $ | - |
Other income, net |  |  | 5,948 |  |  |  | - |
Equity of loss in subsidiaries |  |  | (1,606,947 | ) |  |  | - |
Net loss |  |  | (2,488,661 | ) |  |  | - |
Net income attributable to noncontrolling interest |  |  | (3,041 | ) |  |  | - |
Foreign currency translation adjustments |  |  | (132,723 | ) |  |  | - |
Comprehensive loss |  | $ | (2,624,425 | ) |  | $ | - |
SENMIAO TECHNOLOGY LIMITED CONDENSED STATEMENTS OF CASH FLOWS
|  | For the Nine Months Ended December 31, |
|  | 2018 |  |  | 2017 |
|  | (unaudited) |  |  | (unaudited) |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |
Net loss |  | $ | (2,488,661 | ) |  | $ | - |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity of loss of subsidiaries |  |  | 1,606,947 |  |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Prepayments, receivables and other assets |  |  | 6,313 |  |  |  | - |
Accrued expenses and other liabilities |  |  | 63,302 |  |  |  | - |
Cash Flows provided by Operating Activities |  |  | (812,099 | ) |  |  | - |
Cash Flows From Investing Activities: |  |  |  |  |  |  |  |
Deposits in intangible assets |  |  | (230,000 | ) |  |  |  |
Investment in subsidiaries |  |  | (3,300,000 | ) |  |  |  |
Cash Flows used in Investing Activities |  |  | (3,530,000 | ) |  |  | - |
Cash Flows From Financing Activities: |  |  |  |  |  |  |  |
Repayment of borrowing to stockholders |  |  | (1,900,000 | ) |  |  | - |
Due to stockholders |  |  | 154 |  |  |  | - |
Release of escrow receivable |  |  | 600,000 |  |  |  | - |
Cash Flows used in Financing Activities |  |  | (1,299,846 | ) |  |  | - |
Net decrease in cash and cash equivalents |  |  | (5,641,945 | ) |  |  | - |
Cash and cash equivalents, beginning of the period |  |  | 10,961,071 |  |  |  | - |
Cash and cash equivalents, end of the period |  | $ | 5,319,126 |  |  | $ | - |
Supplemental Cash Flows Information: |  |  |  |  |  |  |  |
Income tax paid |  | $ | - |  |  | $ | - |
Interest paid |  | $ | - |  |  | $ | - |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |
IPO issuance costs net against additional paid-in capital |  | $ | 6,526 |  |  | $ | - |
IPO expenses paid by the Company’s stockholders |  | $ | 70,687 |  |  | $ | - |
| (a) | Basis of presentation
The unaudited condensed financial information of the Company has been prepared using the same accounting policies as set out in the consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements.
| (b) | Investment in subsidiary and equity of loss in subsidiaries
The investment in subsidiary consists of investments in WFOE and Hunan Ruixi. The equity losses in subsidiaries consist of equity loss in WFOE and Hunan Ruixi.
| (c) | Stockholders’ equity
On September 18, 2017, the Company issued an aggregate of 45,000,000 shares of common stock to the Sichuan Senmiao Shareholders. The Company recorded $4,500 for the issuance of the shares. On January 29, 2018, the Company’s board of directors and stockholders approved a one-for-two reverse stock split of its issued and outstanding shares of common stock. As a result, the number of the Company’s issued and outstanding shares of common stock was reduced to 22,500,000. The discussion and presentation of financial statements herein accounted for the Restructuring retroactively. On March 16, 2018, the Company closed its IPO of 3,000,000 shares of common stock. On March 28, 2018, the Company sold additional 379,400 shares of common stock upon exercise of the underwriter’s over-allotment option. The public offering price of the shares sold in the IPO was $4.00 per share. The total gross proceeds from the offering were approximately $13.5 million. After deducting underwriting discounts and commissions and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled approximately $12.2 million. On July 31, 2018, the board of directors of the Company approved the issuance of 5,000 RSU to each of the five directors as stock compensation for their services for the Company’s fiscal year ending March 31, 2019. Total RSUs granted to the five directors were 25,000 for an aggregate fair value of $117,750. Pursuant to the Award Agreements signed by the Company and each director on August 3, 2018, the RSUs vest in four equal quarterly installments on August 3, 2018, April 1, 2019, July 1, 2019 and October 1, 2019 or in full upon the occurrence of a change in control of the Company, subject to the terms and conditions set forth in the Award Agreements, provided that the director remains in service as a director through the applicable vesting date. Total compensation expense for the three and nine months ended December 31, 2018 was approximately $27,625.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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