XML 37 R26.htm IDEA: XBRL DOCUMENT v3.24.3

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2024

Significant Accounting Policies [Line Items]

Schedule of Translation of Amounts from RMB into US

Translation of amounts from RMB into US$ has been made at the following exchange rates for the respective periods:

		September 30,				March 31,
		2024				2024
Balance sheet items, except for equity accounts – RMB: US$1:			7.0176				7.2203

		For the three months ended September 30,
		2024				2023
Items in the statements of operations and comprehensive loss, and cash flows – RMB: US$1:			7.1641				7.2445

		For the six months ended September 30,
		2024				2023
Items in the statements of operations and comprehensive loss, and cash flows – RMB: US$1:			7.2023				7.1287

Schedule of Fair Value on a Recurring Basis

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2024 and March 31, 2024:

		Carrying  Value as of				Fair Value Measurement as of
		September 30,				September 30, 2024
		2024				Level 1				Level 2				Level 3
		(Unaudited)
Derivative liabilities		$	304,247			$	—			$	—			$	304,247

		Carrying  Value as of				Fair Value Measurement as of
		March 31,				March 31, 2024
		2024				Level 1				Level 2				Level 3
Derivative liabilities		$	288,833			$	—			$	—			$	288,833

Schedule of Assets and Liabilities Measured at Fair Value

The following is a reconciliation of the beginning and ending balance of the assets and liabilities measured at fair value on a recurring basis for six months ended September 30, 2024 and for the year ended March 31, 2024:

		2019 Registered Direct Offering								August 2020 Underwritten Public				February 2021 Registered Direct				May 2021 Registered Direct Offering								November 2021 Private Placement
		Series A Warrants				Placement Warrants				Offering Warrants				Offering Warrants				Investors Warrants				Placement Warrants				Investors Warrants				Placement Warrants				Total
BALANCE as of March 31, 2023		$	1			$	5			$	8,450			$	11,491			$	161,961			$	12,147			$	284,762			$	22,965			$	501,782
Change in fair value of derivative liabilities			—				—				(5,231	)			(7,158	)			(81,325	)			(6,099	)			(105,242	)			(7,888	)			(212,943	)
Warrant forfeited due to expiration			(1	)			(5	)			—				—				—				—				—				—				(6	)
BALANCE as of March 31, 2024			—				—				3,219				4,333				80,636				6,048				179,520				15,077				288,833
Change in fair value of derivative liabilities			—				—				(1,024	)			(1,048	)			(4,113	)			(309	)			19,843				2,065				15,414
BALANCE as of September 30, 2024 (unaudited)		$	—			$	—			$	2,195			$	3,285			$	76,523			$	5,739			$	199,363			$	17,142			$	304,247

​Schedule of Estimates the Fair Value to those Warrants Using the Black-Scholes Valuation Model

the Company estimates the fair value to those warrants using the Black-Scholes valuation model as of September 30, 2024 and March 31, 2024.

		As of September 30, 2024
		August 4, 2020				February 10, 2021								May 13, 2021								November 10, 2021
						Placement												Placement								Placement
		Underwriters’				Agent				ROFR				Investor				Agent				Investor				Agent
Granted Date		Warrants				Warrants				Warrants				Warrants				Warrants				Warrants				Warrants
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
# of shares exercisable			31,808				38,044				15,218				553,192				41,490				5,310,763				55,148
Valuation date			9/30/2024				9/30/2024				9/30/2024				9/30/2024				9/30/2024				9/30/2024				9/30/2024
Exercise price		$	6.25			$	13.80			$	17.25			$	10.50			$	10.50			$	1.13			$	6.80
Stock price		$	1.20			$	1.20			$	1.20			$	1.20			$	1.20			$	1.20			$	1.20
Expected term (years)			0.84				1.36				1.36				1.62				1.62				2.11				2.11
Risk-free interest rate			3.36	%			3.86	%			3.86	%			3.86	%			3.86	%			3.65	%			3.65	%
Expected volatility			115	%			115	%			115	%			115	%			115	%			115	%			115	%

		As of March 31, 2024
		August 4, 2020				February 10, 2021								May 13, 2021								November 10, 2021
						Placement												Placement								Placement
		Underwriters’				Agent				ROFR				Investor				Agent				Investor				Agent
Granted Date		Warrants				Warrants				Warrants				Warrants				Warrants				Warrants				Warrants
# of shares exercisable			31,808				38,044				15,218				553,192				41,490				5,310,763				55,148
Valuation date			3/31/2024				3/31/2024				3/31/2024				3/31/2024				3/31/2024				3/31/2024				3/31/2024
Exercise price		$	6.25			$	13.80			$	17.25			$	10.50			$	10.50			$	1.13			$	6.80
Stock price		$	0.90			$	0.90			$	0.90			$	0.90			$	0.90			$	0.90			$	0.90
Expected term (years)			1.35				1.87				1.87				2.12				2.12				2.61				2.61
Risk-free interest rate			4.88	%			4.65	%			4.65	%			4.57	%			4.57	%			4.47	%			4.47	%
Expected volatility			117	%			117	%			117	%			117	%			117	%			117	%			117	%

* Giving retroactive effect to the 1-for-10 reverse stock split effected on April 6, 2022.

​​Schedule of Finance Lease Receivables

As of September 30, 2024 and March 31, 2024, finance lease receivables consisted of the following:

		September 30,				March 31,
		2024				2024
		(Unaudited)
Minimum lease payments receivable		$	395,343			$	354,617
Less: Unearned interest			(136,087	)			(117,927	)
Financing lease receivables		$	259,256			$	236,690
Finance lease receivables, current		$	186,529			$	144,166
Finance lease receivables, non-current		$	72,727			$	92,524

Schedule of Future Scheduled Minimum Lease Payments for Investments in Sales-Type Leases

Future scheduled minimum lease payments for investments in sales-type leases as of September 30, 2024 are as follows:

			Minimum  future payments  receivable
Twelve months ending September 30, 2025			$	274,021
Twelve months ending September 30, 2026				112,524
Twelve months ending September 30, 2027				8,798
Total			$	395,343

Schedule of Useful Life of Property and Equipment

The useful life of property and equipment is summarized as follows:

Categories		Useful life
Leasehold improvements		Shorter of the remaining lease terms or estimated useful lives
Computer equipment		2 - 5 years
Office equipment, fixture and furniture		3 - 5 years
Automobiles		3 - 5 years

Schedule of Disaggregated Information of Revenues

Disaggregated information of revenues by business lines are as follows:

		For the Three Months Ended								For the Six Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Automobile Transaction and Related Services
- Operating lease revenues from automobile rentals		$	584,418			$	1,020,993			$	1,340,733			$	2,077,387
- Monthly services commissions			30,681				66,221				56,935				116,811
- Financing revenues			26,853				11,340				49,029				24,940
- Service fees from NEVs leasing			51,694				4,626				73,788				24,897
- Service fees from automobile purchase services			5,165				—				26,903				12,232
- Revenues from sales of automobiles			—				3,778				—				8,822
- Other service fees			47,069				76,180				77,501				107,157
Total Revenues		$	745,880			$	1,183,138			$	1,624,889			$	2,372,246

X

- Definition

Tabular disclosure of finance lease receivables net.

+ References

No definition available.

+ Details

Name:	aihs_FinanceLeaseReceivablesTableTextBlock
Namespace Prefix:	aihs_
Data Type:	dtr:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of property plant and equipment useful life.

+ References

No definition available.

+ Details

Name:	aihs_ScheduleOfUsefulLifeOfPropertyAndEquipmentTableTextBlock
Namespace Prefix:	aihs_
Data Type:	dtr:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	aihs_SummaryofSignificantAccountingPoliciesTablesLineItems
Namespace Prefix:	aihs_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-10

+ Details

Name:	us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the U.S. dollar denominated balances, balances reported for financial reporting purposes and the differences between the two balances by each relevant line item on the financial statements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479424/830-30-S99-1

+ Details

Name:	us-gaap_ScheduleOfDifferencesBetweenReportedAmountAndReportingCurrencyDenominatedAmountTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration