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Prepayments, Other Receivables and Other Current Assets, Net

6 Months Ended

Sep. 30, 2024

Prepayments, Other Receivables and Other Current Assets, Net [Abstract]

PREPAYMENTS, OTHER RECEIVABLES AND OTHER CURRENT ASSETS, NET

6. PREPAYMENTS, OTHER RECEIVABLES AND OTHER CURRENT ASSETS, NET

As of September 30, 2024 and March 31, 2024, the prepayments, other receivables and other current assets, net were comprised of the following:

	September 30,			March 31,
	2024			2024
	(Unaudited)
Deposits (i)	$	338,747		$	347,297
Prepaid expenses (ii)		328,775			296,454
Value added tax (“VAT”) recoverable (iii)		73,668			27,443
Due from automobile purchasers, net (iv)		2,709			2,633
Employee advances		1,148			142
Others		12,164			24,874
Less: Allowance for credit losses		(21,065	)		(20,474	)
Total prepayments, other receivables and other current assets, net	$	736,146		$	678,369

Movement of allowance for credit losses for the six months ended September 30, 2024 and for year ended March 31, 2024 are as follows:

	September 30,		March 31,
	2024		2023
	(Unaudited)
Beginning balance	$	20,474	$	—
Addition		—		20,626
Translation adjustment		591		(152	)
Ending balance	$	21,065	$	20,474

(i)

Deposits

The balance of deposits mainly represented the security deposit made by the Company to various automobile leasing companies, financial institutions and Didi Chuxing Technology Co., Ltd., who runs an online ride-hailing platform. As of September 30, 2024 and March 31, 2024, the allowance for credit losses of $18,356 and $17,841 was recorded against the security deposits not returned for more than one year after the end of the cooperation.

(ii)

Prepaid expense

The balance of prepaid expense represented automobile purchase prepayments, automobile liability insurance premium for automobiles for operating lease and other miscellaneous expense such as office lease, office remodel expense, etc. that will expire within one year.

(iii)

Value added tax (“VAT”) recoverable

The balance represented the amount of VAT, which resulted from historical purchasing activities and could be further used for deducting future VAT in PRC.

(iv)

Due from automobile purchasers, net

The balance due from automobile purchasers represented the payments of automobiles and related insurances and taxes made on behalf of the automobile purchasers. The balance is expected to be collected from the automobile purchasers in installments. As of September 30, 2024 and March 31, 2024, the allowance for credit losses recorded against receivables due from automobile purchasers was $2,709 and $2,633.