SHARE-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| SHARE-BASED COMPENSATION |
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| Summary of the share options activities |
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Weighted
|
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Weighted
|
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Aggregate
|
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|
average
|
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remaining
|
|
intrinsic
|
|
|
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Number of
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exercise
|
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contractual
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value
|
|
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shares
|
|
USD
|
|
years
|
|
USD
|
|
Outstanding as of March 31, 2016
|
|
1,904,067
|
|
2.61
|
|
|
|
|
|
Granted
|
|
900,000
|
|
1.71
|
|
|
|
|
|
Exercised
|
|
—
|
|
—
|
|
|
|
|
|
Forfeited
|
|
(100,000)
|
|
1.71
|
|
|
|
|
|
Expired
|
|
(253,000)
|
|
3.60
|
|
|
|
|
|
Outstanding as of March 31, 2017
|
|
2,451,067
|
|
2.21
|
|
|
|
|
|
Granted
|
|
50,000
|
|
2.35
|
|
|
|
|
|
Exercised
|
|
—
|
|
—
|
|
|
|
|
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Forfeited
|
|
(50,000)
|
|
1.71
|
|
|
|
|
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Expired
|
|
(74,000)
|
|
3.60
|
|
|
|
|
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Outstanding as of December 31, 2017
|
|
2,377,067
|
|
2.18
|
|
|
|
|
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Granted
|
|
1,053,150
|
|
0.58
|
|
|
|
|
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Exercised
|
|
(119,792)
|
|
1.77
|
|
|
|
|
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Forfeited
|
|
(123,438)
|
|
1.71
|
|
|
|
|
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Cancelled
|
|
(1,901,752)
|
|
2.13
|
|
|
|
|
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Expired
|
|
(143,023)
|
|
3.89
|
|
|
|
|
|
Outstanding as of December 31, 2018
|
|
1,142,212
|
|
0.67
|
|
|
|
|
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Vested and expected to vest as of December 31, 2018
|
|
1,142,212
|
|
0.67
|
|
9.71
|
|
—
|
|
Exercisable as of December 31, 2018
|
|
36,978
|
|
1.71
|
|
8.05
|
|
—
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|
| Schedule of information relating to options outstanding and exercisable |
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Options outstanding as of December 31, 2018
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Options exercisable as of December 31, 2018
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Exercise
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|
Remaining
|
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|
|
Exercise
|
|
Remaining
|
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Number of
|
|
Price
|
|
Contractual
|
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Number
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|
Price
|
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Contractual
|
|
Shares
|
|
per Share
|
|
Life
|
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of Shares
|
|
per Share
|
|
Life
|
|
|
|
USD
|
|
Years
|
|
|
|
USD
|
|
Years
|
|
89,062
|
|
1.71
|
|
8.05
|
|
36,978
|
|
1.71
|
|
8.05
|
|
1,053,150
|
|
0.58
|
|
9.85
|
|
—
|
|
—
|
|
—
|
|
1,142,212
|
|
0.67
|
|
9.71
|
|
36,978
|
|
1.71
|
|
8.05
|
|
| Summary of assumptions used in the valuation model |
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Twelve months ended
|
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Nine months ended
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Twelve months ended
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March 31
|
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December 31
|
|
December 31
|
|
|
|
|
2017
|
|
2017
|
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2018
|
|
|
|
|
|
|
|
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|
|
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Expected dividend yield
|
|
0
|
%
|
8.7
|
%
|
0
|
%
|
|
Expected volatility
|
|
63
|
%
|
60
|
%
|
57
|
%
|
|
Expected term
|
|
6.08
|
|
6.08
|
|
5.11/6.11
|
|
|
Risk-free interest rate (per annum)
|
|
1.98
|
%
|
1.96
|
%
|
3.05%/3.10
|
%
|
|
| Options |
|
| SHARE-BASED COMPENSATION |
|
| Schedule of compensation expense recognized for non-vested shares |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
|
|
Nine months ended
|
|
Twelve months ended
|
|
|
|
March 31
|
|
December 31
|
|
December 31
|
|
|
|
2017
|
|
2017
|
|
2018
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
Cost of revenues
|
|
—
|
|
—
|
|
—
|
|
Research and development
|
|
113,499
|
|
476,994
|
|
157,355
|
|
Sales and marketing
|
|
64,856
|
|
272,568
|
|
70,915
|
|
General and administrative
|
|
3,771,016
|
|
2,353,681
|
|
2,024,940
|
|
Total share-based compensation expense
|
|
3,949,371
|
|
3,103,243
|
|
2,253,210
|
|
| Non-vested shares |
|
| SHARE-BASED COMPENSATION |
|
| Summary of the non-vested shares activities |
|
|
|
|
|
|
|
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|
|
|
Weighted average
|
|
|
|
Number
|
|
grant date
|
|
|
|
of shares
|
|
fair value
|
|
|
|
|
|
USD
|
|
Outstanding at March 31, 2016
|
|
120,000
|
|
2.145
|
|
Granted
|
|
2,700,000
|
|
1.650
|
|
Vested
|
|
(60,000)
|
|
2.145
|
|
Forfeited
|
|
(60,000)
|
|
1.650
|
|
Outstanding at March 31, 2017
|
|
2,700,000
|
|
1.661
|
|
Granted
|
|
—
|
|
—
|
|
Vested
|
|
(60,000)
|
|
2.145
|
|
Forfeited
|
|
(15,000)
|
|
1.650
|
|
Outstanding at December 31, 2017
|
|
2,625,000
|
|
1.650
|
|
Granted
|
|
2,572,584
|
|
0.537
|
|
Vested
|
|
(2,068,586)
|
|
0.872
|
|
Forfeited
|
|
(71,250)
|
|
1.650
|
|
Cancelled
|
|
(1,262,250)
|
|
1.650
|
|
Outstanding at December 31, 2018
|
|
1,795,498
|
|
0.951
|
|
| Schedule of compensation expense recognized for non-vested shares |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
|
|
Nine months ended
|
|
Twelve months ended
|
|
|
|
March 31
|
|
December 31
|
|
December 31
|
|
|
|
2017
|
|
2017
|
|
2018
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
Cost of revenues
|
|
—
|
|
—
|
|
—
|
|
Research and development
|
|
118,906
|
|
516,339
|
|
240,441
|
|
Sales and marketing
|
|
59,453
|
|
258,170
|
|
96,058
|
|
General and administrative
|
|
786,594
|
|
2,908,303
|
|
7,119,658
|
|
Total share-based compensation expense
|
|
964,953
|
|
3,682,812
|
|
7,456,157
|
|