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BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT

9 Months Ended

Dec. 31, 2018

BORROWINGS FROM FINANCIAL INSTITUTIONS CURRENT AND NONCURRENT [Abstract]

Debt Disclosure [Text Block]

7. BORROWINGS FROM FINANCIAL INSTITUTIONS, CURRENT AND NONCURRENT

As of December 31, 2018, and March 31, 2018, the balances of borrowings from certain financial institutions are comprised of the following.

		December 31, 2018				March 31, 2018
		(unaudited)
Borrowings from financial institutions, current		$	213,877			$	-
Borrowings from financial institutions, noncurrent		$	227,985			$	-

The borrowings from certain financial institutions represented the difference between the actual proceeds disbursed by the financial institutions to the VIE of Hunan Ruixi and the total principal to be responsible for and repaid by the automobile purchasers. The difference of $441,862 was the remaining balance of over-advanced payments by the financial institutions at December 31, 2018, of which $227,985 to be repaid over a period of 13 to 27 months with interest rates ranging between 6.2% and 8.1% per year. The current portion of $213,877 was classified as current liabilities.  

The interest expense for the three months and nine months ended December 31, 2018 was $2,993.

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- References

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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