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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Mar. 31, 2024
Current assets    
Cash and cash equivalents $ 792,025 $ 737,719
Restricted cash 2,337
Accounts receivable, net 22,184 19,883
Finance lease receivables, current 186,529 144,166
Prepayments, other receivables and other current assets, net 736,146 678,369
Current assets - discontinued operations 420,092
Total current assets 2,022,857 2,651,160
Property and equipment, net 2,182,075 2,675,257
Property and equipment, net - discontinued operations 1,267
Total Property and equipment, net 2,182,075 2,676,524
Other assets    
Operating lease right-of-use assets, net 60,862
Financing lease right-of-use assets, net 243,766 355,383
Intangible assets, net 412,500 450,029
Finance lease receivable, non-current 72,727 92,524
Other non-current assets [1] 658,345 639,863
Other assets - discontinued operations 140,698
Total other assets 4,391,574 4,533,800
Total assets 8,596,506 9,861,484
Current liabilities    
Accounts payable 143,364 96,404
Advances from customers 113,479 122,461
Income tax payable 20,597 20,019
Accrued expenses and other liabilities 3,588,480 2,976,539
Operating lease liabilities, current 14,007
Financing lease liabilities, current 406,102 279,768
Derivative liabilities 304,247 288,833
Current liabilities - discontinued operations 587,749 1,322,452
Total current liabilities 5,409,622 5,343,210
Other liabilities    
Operating lease liabilities, non-current 20,430
Financing lease liabilities, non-current 126,637
Other liabilities - discontinued operations 82,839
Total other liabilities 229,906
Total liabilities 5,409,622 5,573,116
Commitments and contingencies (note 17)
Mezzanine Equity    
Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 991 shares issued and outstanding at September 30, 2024 and March 31, 2024) 234,364 234,364
Stockholders’ (deficit) equity    
Common stock (par value $0.0001 per share, 500,000,000 shares authorized; 10,518,040 shares issued and outstanding at September 30, 2024 and March 31, 2024) 1,051 1,051
Additional paid-in capital 43,950,123 43,950,123
Accumulated deficit (42,769,137) (41,384,268)
Accumulated other comprehensive loss (1,641,269) (1,672,005)
Total Senmiao Technology Limited stockholders’ (deficit) equity (459,232) 894,901
Non-controlling interests 3,411,752 3,159,103
Total equity 2,952,520 4,054,004
Total liabilities, mezzanine equity and equity 8,596,506 9,861,484
Related Party    
Current assets    
Prepayment - a related party 36,223
Due from related parties, net, current 249,750 648,594
Other assets    
Operating lease right-of-use assets, net, a related party 28,118 47,128
Due from a related party, net, non-current 2,976,118 2,747,313
Current liabilities    
Due to related parties 213,811 170,986
Operating lease liabilities - a related party $ 31,793 $ 51,741
[1] In September 2022 and March 2023, the Company entered into two automobile purchase agreements (“Purchase Agreements”) with two third parties to purchase a total of 150 automobiles which amounted to $2,301,261. As of September 30, 2024, 50 automobiles have been delivered to the Company and the Company has made prepayments of $658,345 towards the remaining purchase pertaining to the Purchase Agreements. The Company expects to complete the remaining purchase by March 31, 2025.