$VAI
Senmiao Technology Ltd
CIK:0001711012|SEC Filings
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) |
3 Months Ended | |
|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Cash Flows from Operating Activities: | ||
| Net loss | $ (32,786,087) | $ (276,438) |
| Net income from discontinued operations | 36,255 | |
| Net loss from continuing operations | (32,786,087) | (312,693) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation of property and equipment | 158,604 | 219,397 |
| Amortization of right-of-use assets | 10,045 | 10,228 |
| Amortization of intangible assets | 18,750 | 18,750 |
| Gain on disposal of equipment | (14,663) | |
| Excess of warrant fair value over offering proceeds | 34,149,713 | |
| Offering costs allocated to derivative liabilities | 770,000 | |
| Change in fair value of derivative liabilities | (2,732,106) | (77,182) |
| Change in operating assets and liabilities | ||
| Accounts receivable | 1,217 | |
| Finance lease receivables | 21,038 | 36,982 |
| Prepayments, other receivables and other assets | (337,758) | (81,164) |
| Due from a related party | 14,696 | |
| Accounts payable | (2,848) | (4,550) |
| Advances from customers | (10,797) | (765) |
| Accrued expenses and other liabilities | 25,943 | 3,050 |
| Due to a related party | (168,696) | |
| Operating lease liabilities – a related party | 2,519 | 6,932 |
| Net Cash Used in Operating Activities from Continuing Operations | (881,647) | (179,798) |
| Net Cash Used in Operating Activities from Discontinued Operations | (141,357) | |
| Net Cash Used in Operating Activities | (881,647) | (321,155) |
| Cash Flows from Investing Activities: | ||
| Purchases of property and equipment | (61,875) | |
| Cash received from disposal of property and equipment | 22,337 | |
| Net Cash Used in Investing Activities from Continuing Operations | (39,538) | |
| Net Cash Used in Investing Activities from Discontinued Operations | (385) | |
| Net Cash Used in Investing Activities | (39,538) | (385) |
| Cash Flows from Financing Activities: | ||
| Net proceeds from exercise of November 2021 Private Placement Warrants | 226,000 | |
| Gross proceeds from issuance of common stock and warrant in Units Private Placement | 11,000,000 | |
| Common stock and warrant issuance costs in Units Private Placement | (770,000) | |
| Borrowings from a related party | 99,347 | |
| Net Cash Provided by Financing Activities from Continuing Operations | 10,230,000 | 325,347 |
| Net Cash Provided by Financing Activities from Discontinued Operations | 52,124 | |
| Net Cash Provided by Financing Activities | 10,230,000 | 377,471 |
| Effect of exchange rate changes on cash and cash equivalents | 831 | (21,741) |
| Net increase in cash and cash equivalents | 9,309,646 | 34,190 |
| Cash and cash equivalents, beginning of the period | 3,562,219 | 833,577 |
| Cash and cash equivalents, end of the period | 12,871,865 | 867,767 |
| Less: Cash and cash equivalents from discontinued operations | (77,532) | |
| Cash and cash equivalents from continuing operations, end of the period | 12,871,865 | 790,235 |
| Non-cash Transaction in Investing and Financing Activities | ||
| Recognition of right-of-use assets and lease liabilities, a related party | 79,098 | |
| Cash and cash equivalents from continuing operations, end of the period | 12,871,865 | 790,235 |
| Cash and cash equivalents from discontinued operations, end of the period | 77,532 | |
| Cash and cash equivalents from continuing operations, beginning of the period | 3,562,219 | 701,302 |
| Cash and cash equivalents from discontinued operations, beginning of the period | $ 132,275 | |
Unaudited Condensed Consolidated Balance Sheets - USD ($) |
Jun. 30, 2026 |
Mar. 31, 2026 |
||
|---|---|---|---|---|
| Current assets | ||||
| Cash and cash equivalents | $ 12,871,865 | $ 3,562,219 | ||
| Finance lease receivables, current | 26,296 | 44,454 | ||
| Prepayments, other receivables and other current assets | 813,267 | 471,001 | ||
| Total current assets | 13,711,428 | 4,092,171 | ||
| Property and equipment, net | 724,331 | 812,934 | ||
| Other assets | ||||
| Intangible assets, net | 281,250 | 300,000 | ||
| Finance lease receivables, non-current | 2,935 | 5,052 | ||
| Total other assets | 322,421 | 352,572 | ||
| Total assets | 14,758,180 | 5,257,677 | ||
| Current liabilities | ||||
| Accounts payable | 102,429 | 103,563 | ||
| Advances from customers | 77,383 | 86,768 | ||
| Accrued expenses and other liabilities | 1,206,953 | 1,166,464 | ||
| Derivative liabilities | 48,032,895 | 5,615,288 | ||
| Total current liabilities | 50,059,573 | 7,777,200 | ||
| Total liabilities | 50,059,573 | 7,777,200 | ||
| Commitments and contingencies (note 16) | ||||
| Stockholders’ deficit | ||||
| Common stock (par value $0.0001 per share, 50,000,000 shares authorized; 14,557,489 and 4,557,489 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively) * | [1] | 1,456 | 456 | |
| Additional paid-in capital | 45,396,481 | 45,397,481 | ||
| Accumulated deficit | (83,138,642) | (50,379,773) | ||
| Accumulated other comprehensive loss | (838,887) | (851,569) | ||
| Total Senmiao Technology Limited stockholders’ deficit | (38,579,592) | (5,833,405) | ||
| Non-controlling interests | 3,235,256 | 3,270,939 | ||
| Total deficit | (35,344,336) | (2,562,466) | ||
| Total liabilities, mezzanine equity and deficit | 14,758,180 | 5,257,677 | ||
| Series A Convertible Preferred Stock | ||||
| Mezzanine Equity | ||||
| Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 262 and 262 shares issued and outstanding at June 30, 2026 and March 31, 2026, respectively) | 42,943 | 42,943 | ||
| Related Party | ||||
| Current assets | ||||
| Due from a related party, net, current | 14,497 | |||
| Other assets | ||||
| Operating lease right-of-use assets, net, a related party | 38,236 | 47,520 | ||
| Current liabilities | ||||
| Due to a related party | 578,398 | 747,094 | ||
| Operating lease liabilities, current, a related party | $ 61,515 | $ 58,023 | ||
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