XML 52 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
PARENT-ONLY FINANCIALS (Tables)
 9 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet [Table Text Block]
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
 
Condensed Income Statement [Table Text Block]
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
)
 
$
-
 
Condensed Cash Flow Statement [Table Text Block]
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
 
 
$
-