What changed in this filing

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Item 9A. Controls and Procedures

2025-07-10 compared with 2024-06-27 · 391 added, 316 removed, 420 unchanged (63% of the section changed)

18 unchanged sentences

control over financial reporting was not effective March 31, 2025 due to the following material weaknesses:

did not have sufficient personnel with appropriate levels of accounting knowledge and experience to address complex U.S.

GAAP accounting

issues and to prepare and review financial statements and related disclosures under U.S.

Specifically, our control did not operate

effectively to ensure the appropriate and timely analysis of and accounting for unusual and non-routine transactions and certain financial

statement accounts;

are lacking adequate policies and procedures in internal audit function to ensure that our policies and procedures have been carried

out as planned;

had deficiencies in our IT general controls regarding to the Logical Access Security, Change Management, IT Operations and Cybersecurity

of our financial system and key application system, etc.

A material weakness is a deficiency, or a combination of deficiencies,

within the meaning of PCAOB Auditing Standard AS 2201, in internal control over financial reporting, such that there is a reasonable possibility

that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely

During the year ended March 31, 2024, we are in the progress of improving our system security environment and conducting regular

backup plans to ensure network and information security.

We also kept refining the operational and financial system for our businesses

to warn of risks and support management’s ability to make significant decisions.

We are also developing a comprehensive system which

could combine interactive information between our Automobile Transaction and Related Services and Online Ride-hailing Platform Services.

We plan to address the weaknesses identified above by implementing the following measures:

(i) Continuously

hiring additional accounting staffs with comprehensive knowledge of U.S.

We did not have sufficient

personnel with appropriate levels of accounting knowledge and experience to address complex U.S.

GAAP accounting issues and to prepare

and review financial statements and related disclosures under U.S.

Specifically, our control did not operate effectively to

ensure the appropriate and timely analysis of and accounting for unusual and non-routine transactions and certain financial statement

We are lacking adequate

policies and procedures in internal audit function to ensure that our policies and procedures have been carried out as planned;

We had deficiencies in

our IT general controls regarding to the Logical Access Security, Change Management, IT Operations and Cybersecurity of our financial

material weakness is a deficiency, or a combination of deficiencies, within the meaning of PCAOB Auditing Standard AS 2201, in internal

control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual

or interim financial statements will not be prevented or detected on a timely basis.

During the year ended March 31, 2025, we are in

the progress of improving our system security environment and conducting regular backup plans to ensure network and information security.

We also kept refining the operational and financial system for our businesses to warn of risks and support management’s ability

to make significant decisions.

We are also developing a comprehensive system which could combine interactive information between our

Automobile Transaction and Related Services and Online Ride-hailing Platform Services.

We plan to address the weaknesses identified above

by implementing the following measures:

Continuously hiring additional

accounting staffs with comprehensive knowledge of U.S.

GAAP and SEC reporting requirements;

(ii) Ameliorating

our internal audit to assist with assessment of Sarbanes-Oxley compliance requirements and improvement of internal controls related to

financial reporting;

(iii) improving

our IT environment and daily management.

Ameliorating our internal

audit to assist with assessment of Sarbanes-Oxley compliance requirements and improvement of internal controls related to financial

improving our IT environment

and daily management.

in Internal Control over Financial Reporting

2 unchanged sentences

Other Information

Trading Plans

During the fiscal quarter

ended March 31, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule

10b5-1 trading arrangement”, as those terms are defined in Regulation S-K, Item 408.

the fiscal year ended March 31, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement”

or a “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Regulation S-K, Item 408.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

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persons pursuant to which such person was selected to serve as a director or officer.

Nominating and Corporate Governance Committee does not have a formal policy with respect to diversity.

However, the Board of Directors

and the Nominating and Corporate Governance Committee believe that it is essential that the members of the Board of Directors represent

diverse viewpoints.

In considering candidates for the Board of Directors, the Board of Directors and the Nominating and Corporate Governance

Committee consider the entirety of each candidate’s credentials in the context of the factors mentioned above.

The Company is currently

in compliance with the diversity requirements of Nasdaq Rule 5605(f) and 5606, with three female Asian directors and one male Asian director.

Board Diversity Matrix (As of March 31, 2024)

Total Number of Directors

Gender Identity

Demographic Background

African American or Black

Alaskan Native or Native American

Hispanic or Latinx

Native Hawaiian or Pacific Islander

Two or More Races or Ethnicities

Did Not Disclose Demographic Background

board of directors currently have an Audit Committee, Compensation Committee, and Nomination and Corporate Governance Committee.

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The audit committee is responsible for, among other things:

the independent registered public accounting firm and pre-screening all auditing and non-auditing services permitted to be performed

by the independent registered public accounting firm;

with the independent registered public accounting firm any audit problems or difficulties and management’s response;

and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

the annual audited financial statements with management and the independent registered public accounting firm;

the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;

reviewing and reassessing the adequacy of our audit committee charter;

separately and periodically with management and the independent registered public accounting firm;

to the board of directors.

selecting the independent

registered public accounting firm and pre-screening all auditing and non-auditing services permitted to be performed by the independent

registered public accounting firm;

reviewing with the independent

registered public accounting firm any audit problems or difficulties and management’s response;

reviewing and approving

all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

discussing the annual audited

financial statements with management and the independent registered public accounting firm;

reviewing the adequacy

of our internal controls and any special audit steps adopted in light of material control deficiencies;

annually reviewing and

reassessing the adequacy of our audit committee charter;

meeting separately and

periodically with management and the independent registered public accounting firm;

reporting to the board

of directors.

Our compensation committee consists of Ms.

Davis and is chaired by Ms.

Each of the compensation committee members satisfies the “independence” requirements of the listing rules of Nasdaq.

The compensation committee assists the board of directors in reviewing and approving the compensation structure, including all forms

of compensation, relating to our directors and executive officers.

Our executive officers may not be present at any committee meeting

during which their compensation is deliberated upon.

The compensation committee is responsible for, among other things:

the total compensation package for our executive officers and making recommendations to the board of directors with respect to it;

and overseeing the total compensation package for our executives other than the three most senior executives;

the compensation of our directors and making recommendations to the board of directors with respect to it;

● periodically

reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee

Each of the compensation committee members satisfies the “independence” requirements of the listing rules of

The compensation committee assists the board of directors in reviewing and approving the compensation structure, including

all forms of compensation, relating to our directors and executive officers.

Our executive officers may not be present at any

committee meeting during which their compensation is deliberated upon.

The compensation committee is responsible for, among other

reviewing the total compensation

package for our executive officers and making recommendations to the board of directors with respect to it;

approving and overseeing

the total compensation package for our executives other than the three most senior executives;

reviewing the compensation

of our directors and making recommendations to the board of directors with respect to it;

periodically reviewing

and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee

pension and welfare benefit plans.

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The nominating and corporate governance committee is responsible for, among other things:

● recommending

nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the

board of directors;

annually with the board of directors the current composition of the board of directors with regards to characteristics such as independence,

age, skills, experience and availability of service to us;

and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee,

as well as of the nominating and corporate governance committee itself;

compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure

proper compliance.

recommending nominees to

the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board

of directors;

reviewing annually with

the board of directors the current composition of the board of directors with regards to characteristics such as independence, age,

skills, experience and availability of service to us;

selecting and recommending

to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well

as of the nominating and corporate governance committee itself;

monitoring compliance with

our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

Committee Interlocks and Insider Participation

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Section 16(a) Reports

Section 16(a) of the Securities Exchange Act of 1934, as

amended, requires our officers, directors and persons who beneficially own more than ten percent of our common stock to file reports of

ownership and changes in ownership with the SEC.

These reporting persons are also required to furnish us with copies of all Section 16(a) forms

Based solely upon a review of such forms, we believe that during the year ended March 31, 2024 there were no delinquent filers.

Section 16(a) of

the Securities Exchange Act of 1934, as amended, requires our officers, directors and persons who beneficially own more than ten percent

of our common stock to file reports of ownership and changes in ownership with the SEC.

These reporting persons are also required to

furnish us with copies of all Section 16(a) forms they file.

Based solely upon a review of such forms, we believe that during

the year ended March 31, 2025 there were no delinquent filers.

have adopted a written code of ethics that applies to all of our directors, officers and employees in accordance with the rules of

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of our directors and executive officers have been involved in any of the following events during the past ten years:

bankruptcy petition filed by or against such person or any business of which such person was a general partner or executive officer either

at the time of the bankruptcy or within two years prior to that time;

conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently

or temporarily enjoining him from or otherwise limiting his involvement in any type of business, securities or banking activities or

to be associated with any person practicing in banking or securities activities;

found by a court of competent jurisdiction in a civil action, the SEC or the Commodity Futures Trading Commission to have violated a

federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

subject of, or a party to, any federal or state judicial or administrative order, judgment decree, or finding, not subsequently reversed,

suspended or vacated, relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or

regulation respecting financial institutions, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any

business entity;

subject of or party to any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization,

any registered entity or any equivalent exchange, association, entity or organization that has disciplinary authority over its members

or persons associated with a member.

any bankruptcy petition

filed by or against such person or any business of which such person was a general partner or executive officer either at the time

of the bankruptcy or within two years prior to that time;

any conviction in a criminal

proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

being subject to any order,

judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily

enjoining him from or otherwise limiting his involvement in any type of business, securities or banking activities or to be associated

with any person practicing in banking or securities activities;

being found by a court

of competent jurisdiction in a civil action, the SEC or the Commodity Futures Trading Commission to have violated a federal or state

securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

being subject of, or a

party to, any federal or state judicial or administrative order, judgment decree, or finding, not subsequently reversed, suspended

or vacated, relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation

respecting financial institutions, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business

being subject of or party

to any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization, any registered entity

or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated

with a member.

Executive Compensation

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Name and principal position

Chief Executive Officer,

Chairman, President and Secretary (1)

Xiaoyuan Zhang, Chief Financial

Officer and Treasurer

Chunhai Li, Chief Technology (2)

Chief Operating Officer

Wen’s salaries paid for his services as Chief Executive Officer of the Company, other executive officers received their salaries

in Renminbi which were translated into U.S.

dollars at the average exchange rate used to translate statement of operations items, which

was RMB7.1671 to US$1.00 for the year ended March 31, 2024 and RMB6.8516 to US$1.00 for the year ended March 31, 2023.

Chunhai Li resigned from his position as the Chief Technology Officer of the Company on March 31, 2023.

The Company shall pay him a compensation

Executive Officer,

President and Secretary*

Zhang, Chief Financial

and Treasurer

Operating Officer

salaries paid for his services as Chief Executive Officer of the Company, other executive officers received their salaries in Renminbi

which were translated into U.S.

dollars at the average exchange rate used to translate statement of operations items, which was RMB7.2163

to US$1.00 for the year ended March 31, 2025 and RMB7.1671 to US$1.00 for the year ended March 31, 2024.

Agreements and Potential Payments Upon Termination

Wen, Chief Executive Officer, Chairman of the Board, President and Secretary

On May 27, 2019, the Company

Wen entered into an employment agreement (the “Wen Agreement”) to memorialize the compensation arrangement and

the other terms of Mr.

May 27, 2019, the Company and Mr.

Wen entered into an employment agreement (the “Wen Agreement”) to memorialize

the compensation arrangement and the other terms of Mr.

Wen’s continuing employment with the Company and Sichuan Senmiao.

Under the Wen Agreement, Mr.

is entitled to the following compensation:

(i) an annual salary of US$100,000 for his service as Chief Executive Officer of the Company,

payable quarterly in arrears, starting upon the Company’s receipt of proceeds from a financing of at least $1,000,000;

annual salary of RMB600,000 (approximately US$87,354) for his service as the Executive Director for Sichuan Senmiao, payable monthly in

arrears starting upon the Company’s receipt of proceeds from a financing of at least $1 million;

and (iii) a cash bonus of

up to US$50,000 for his services as Chief Executive Officer of the Company for each fiscal year upon satisfaction of certain annual performance

targets as reviewed by the Compensation Committee.

Wen is entitled to the following compensation:

(i) an annual salary of US$100,000 for his service

as Chief Executive Officer of the Company, payable quarterly in arrears, starting upon the Company’s receipt of proceeds from a

financing of at least $1,000,000;

(ii) an annual salary of RMB600,000 (approximately US$87,354) for his service as the Executive

Director for Sichuan Senmiao, payable monthly in arrears starting upon the Company’s receipt of proceeds from a financing of at

least $1 million;

and (iii) a cash bonus of up to US$50,000 for his services as Chief Executive Officer of the Company for each

fiscal year upon satisfaction of certain annual performance targets as reviewed by the Compensation Committee.

is also entitled to participate in the Company’s equity incentive plans and other Company benefits (including health insurance,

37 unchanged sentences

a general release of claims in a form reasonably satisfactory to the Board.

During the year ended March 31, 2025, the Compensation Committee

and the Board approved a modified compensation of Mr.

Wen, pursuant to which, Wen was entitled to an annual salary of RMB600,000 (approximately

$84,000) for his service as Chief Executive Officer of the Company and the Executive Director for Sichuan Senmiao since April 1, 2024.

Wen Agreement also contains customary restrictive covenants relating to confidentiality, non-competition and non-solicitation.

3 unchanged sentences

the Zhang Agreement, Ms.

Zhang is entitled to an annual salary of RMB540,000 (approximately US$78,620) for her services as Chief Financial

Officer and Treasurer of the Company.

She is also entitled to participate in the Company’s equity incentive plans and other Company

benefits, each as determined by the Board from time to time.

Her employment has an initial term of one year and is subject to successive,

automatic one-year extensions unless either party gives notice of non-extension to the other party at least 30 days prior to the end

of the applicable term.

Zhang is entitled to an annual salary of RMB540,000 (approximately US$78,620) for her services as Chief

Financial Officer and Treasurer of the Company.

She is also entitled to participate in the Company’s equity incentive plans and

other Company benefits, each as determined by the Board from time to time.

Her employment has an initial term of one year and is subject

to successive, automatic one-year extensions unless either party gives notice of non-extension to the other party at least 30 days prior

to the end of the applicable term.

to the Zhang Agreement, the Company may terminate Ms.

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vesting of 100% of the then-unvested portion of any outstanding equity awards held by Ms.

the year ended March 31, 2025, the Compensation Committee and the Board approved a modified compensation of Ms.

Zhang, pursuant to which,

Zhang was entitled to an annual salary of RMB270,000 (approximately $38,000) for her service as the Chief Financial Officer and

Treasurer of the Company since September 1, 2024.

Zhang Agreement also contains customary restrictive covenants relating to confidentiality, non-competition and non-solicitation.

Li, Former Chief Technology Officer

Li resigned from his position as the Chief Technology Officer of the Company and Chief Technology Officer of Sichuan Senmiao on March

Liu, Chief Operating Officer

25 unchanged sentences

is entitled to an annual salary of RMB540,000 (approximately US$77,000) for his service as Chief Operating Officer of the Company.

also entitled to participate in the Company’s equity incentive plans and other Company benefits, each as determined by the Board

is also entitled to participate in the Company’s equity incentive plans and other Company benefits, each as determined by the Board

from time to time.

1 unchanged sentence

either party gives notice of non-extension to the other party at least 30 days prior to the end of the applicable term.

the year ended March 31, 2025, the Compensation Committee and the Board approved a modified compensation of Mr.

Liu, pursuant to which,

Liu was entitled to an annual salary of RMB270,000 (approximately $38,000) for his service as the Chief Operating Officer of the

Company since September 1, 2024.

Equity Awards at Fiscal Year-End

2 unchanged sentences

ended March 31, 2025, except that the compensation of Xi Wen as a director is included in “– Summary Compensation Table ”:

incentive plan

The Company has accrued payments

to each of the directors an annual retainer of $20,000 except that Mr.

Trent with an annual retainer of $40,000 for the fiscal

years ended March 31, 2024 and 2023.

Company has accrued payments to each of the directors an annual retainer of $20,000 except that Mr.

Trent with an annual

retainer of $40,000 for the fiscal years ended March 31, 2025 and 2024.

The Company expect to settle the payment within December 2025.

They will also be reimbursed for reasonable,

pre-approved expenses in connection with the performance of their services.

As of March 31, 2024, the

Company has issued accumulated 23,720 RSUs (after reverse split) to directors, of which 2,273 was vested but not issued by the Company.

They will also be reimbursed for reasonable, pre-approved expenses in connection with the performance of their services.

of March 31, 2025, the Company has issued accumulated 23,720 RSUs (after reverse split) to directors, of which 2,273 was vested but not

issued by the Company.

During the year ended March 31, 2025, the Company did not issue RSUs to directors.

The Company accounted for the vested RSUs as expenses

and charged to common stock.

The fair value of the vested RSUs is calculated at the grant date market price of the Company’s common

stock multiplying by the number of vested shares.

The Company expects to settle the vested RSUs by issuance of shares of common stock

within December 2024.

The Company accounted for the

vested RSUs as expenses and charged to common stock.

The fair value of the vested RSUs is calculated at the grant date market price of

the Company’s common stock multiplying by the number of vested shares.

The Company expects to settle the vested RSUs by issuance

of shares of common stock within December 2025.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

On June 24, 2024, there were

On July 7, 2025, there were

11,082,746 shares of common stock outstanding, which does not include the shares of common stock underlying the vested RSUs.

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All directors and executive officers as a group (eight individuals)

otherwise indicated, the business address of each of the individuals is 16F, Building A, Shihao Square, Middle Jiannan Avenue, High-Tech

Zone, Chengdu, Sichuan, China.

Hu, through Senmiao International Investment Group Limited, a British Virgin Islands company wholly owned by him, owns 1,057,500 shares

of common stock of the Company.

(3) Represents

1,364 shares of common stock underlying 1,364 RSUs, of which, 341 RSUs have been vested but the underlying shares of common stock of

which have not been issued as of the date of this Report.

(4) Represents

909 shares of common stock underlying 909 RSUs, of which, 227 RSUs have been vested but the underlying shares of common stock of which

have not been issued as of the date of this Report.

(5) Represents

455 shares of common stock underlying 455 RSUs, of which, 114 RSUs have been vested but the underlying shares of common stock of which

have not been issued as of the date of this Report.

112,275 shares of common stock of the Company held in the name of Mr.

Unless otherwise indicated,

the business address of each of the individuals is 16F, Building A, Shihao Square, Middle Jiannan Avenue, High-Tech Zone, Chengdu,

Sichuan, China.

Xiang Hu, through Senmiao

International Investment Group Limited, a British Virgin Islands company wholly owned by him, owns 1,057,500 shares of common stock

of the Company.

Represents 1,364 shares

of common stock underlying 1,364 RSUs, of which, 341 RSUs have been vested but the underlying shares of common stock of which have

not been issued as of the date of this Report.

Represents 909 shares of

common stock underlying 909 RSUs, of which, 227 RSUs have been vested but the underlying shares of common stock of which have not

been issued as of the date of this Report.

Represents 455 shares of

common stock underlying 455 RSUs, of which, 114 RSUs have been vested but the underlying shares of common stock of which have not

been issued as of the date of this Report.

Includes 112,275 shares

of common stock of the Company held in the name of Mr.

Wen’s spouse and 5,349 shares of common stock underlying 5,349

1 unchanged sentence

of this Report.

(7) Represents

5,349 shares of common stock underlying 5,349 RSUs, of which, 455 RSUs have been vested but the underlying shares of common stock of

which have not been issued as of the date of this Report.

(8) Represents

4,849 shares of common stock underlying 4,849 RSUs, of which, 455 RSUs have been vested but the underlying shares of common stock of

which have not been issued as of the date of this Report.

Represents 5,349 shares

of common stock underlying 5,349 RSUs, of which, 455 RSUs have been vested but the underlying shares of common stock of which have

not been issued as of the date of this Report.

Represents 4,849 shares

of common stock underlying 4,849 RSUs, of which, 455 RSUs have been vested but the underlying shares of common stock of which have

not been issued as of the date of this Report.

Equity Compensation Plan Information

In September 2018, our board

of directors adopted and in November 2018, our stockholders approved, the 2018 Equity Incentive Plan, pursuant to which a maximum of 200,000

(2,000,000 pre-reverse stock split) shares of common stock were reserved for issuance to our employees, officers, directors, consultants.

The plan permits the grant of nonqualified stock options, incentive stock options, restricted stock, restricted stock units (“RSUs”),

stock appreciation rights, stock bonus awards, and performance compensation awards.

In March 2023 and April 2024, our annual meetings

of stockholders for the years ended March 31, 2022 and 2023 further approved the amendments to the 2018 Equity Incentive Plan, to increase

the number of shares of common stock reserved under the Plan to 1,500,000 shares and 1,800,000 shares, respectively.

As of the date of

this Report, the Company has granted an aggregate of 30,379 RSUs (after reverse

split) , among which, 26,447 RSUs were issued, 3,182 RSUs were vested but have not been

issued while 750 RSUs were forfeited due to two directors ceased to serve on the board of the Company since November 8,

The following table provides

information as of March 31, 2025 with respect to the shares of our common stock that may be issued under our existing equity incentive

Plan category

securities to

be issued upon

Weighted-average

available for

future issuance

2018 Equity Incentive Plan

Certain Relationships and Related Transactions, and Director Independence

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Parties’ Office Leasing

On March 31, 2023, Senmiao

Consulting entered into two office lease agreements with the supervisor of Sichuan Senmiao, with a leasing term from April 1, 2023 to

March 31, 2026, which was terminated in December 2023.

On March 1, 2021 and April 1, 2021, Senmiao Consulting entered office leases which

was set to expire on February 1, 2026 and April 1, 2024, respectively, which was terminated in October 2022.

In December 2023, Senmiao

Consulting entered into another office lease agreement with the supervisor of Sichuan Senmiao, with a leasing term from January 1, 2024

to June 30, 2024.

For the years ended March 31, 2024 and 2023, we incurred $96,614 and $177,414, respectively, in rental expenses to the

December 2023, Senmiao Consulting entered into an office lease agreement with the supervisor of Sichuan Senmiao, with a leasing term

from January 1, 2024 to June 30, 2024.

For the years ended March 31, 2025 and 2024, we incurred $4,532 and $96,614, respectively, in

rental expenses to the shareholder.

September 2019, Hunan Ruixi entered into an office lease agreement which was set to expire in May 2025 with Hunan Dingchentai Investment

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of $41,691 and $41,668, respectively, in rent to Dingchentai.

We had reached cooperation with Jinkailong, our equity investee company,

that the drivers who leased automobile from Jinkailong completed their online ride-hailing requests and orders through our ride-hailing

platform, and we will pay Jinkailong a certain promotion service fee.

During the years ended March 31, 2024 and 2023, we incurred promotion

fee of $11,115 and $95,804 payable to Jinkailong.

respectively.

The decrease was in accordance with the decrease in the number of rides

completed through XXTX.

the years ended March 31, 2024, Corenel leased automobiles to Jinkailong and generated revenues of $34,742, while Jiekai leased automobiles

from Jinkailong and had a rental cost of $ 472,848 .

During the years ended March 31, 2023,

Corenel leased automobiles to Jinkailong and generated revenues of $344,120, while Jiekai leased automobiles from Jinkailong and had

a rental cost of $509,904.

We had reached cooperation

with Jinkailong, our equity investee company, that the drivers who leased automobile from Jinkailong completed their online ride-hailing

requests and orders through our ride-hailing platform, and we paid Jinkailong a certain promotion service fee.

During the year ended March

31, 2024, we incurred promotion fee of $11,115 payable to Jinkailong while there was no such transaction during the year ended March 31,

the years ended March 31, 2025 and 2024, Corenel leased automobiles to Jinkailong and generated revenue of $14,109 and $34,742, respectively.

During the year ended March 31, 2025, Jiekai leased automobiles to Laobing, and two other related parties, Sichuan Xindaoda Automobile

Sales Service Co., Ltd.

(“Xindaoda”), and Sichuan Rongdu Daoda Automobile Sales Service Co., Ltd.

and generated revenue of

$8,509, $10,937, and $12,906, respectively, while there were no such transactions during the year ended March 31, 2024.

the year ended March 31, 2025, Jiekai leased automobiles from Jinkailong, Laobing and Xindaoda, and had a rental cost of $93,872, $7,854

and $12,642, respectively.

While during the year ended March 31, 2024, Jiekai leased automobiles from Jinkailong and had a rental cost

board of directors has determined that each of Mr.

5 unchanged sentences

have regularly scheduled meetings at which only independent directors are present.

Pay Versus Performance

In August 2022, the SEC adopted

final rules to require companies to disclose information about the relationship between executive compensation actually paid and certain

financial performance of the company.

The information below is provided pursuant to Item 402(v) of SEC Regulation S-K with respect to

“smaller reporting companies” as that term is defined in Item 10(f)(1) of SEC Regulation S-K.

Summary Comp Table Total for PEO ($)(1)

Actually Paid to PEO ($)(2)

Average Summary Comp.

Table for Non-PEO NEOs

Average Comp.

Actually Paid to Non-PEO NEOs

Value of Initial Fixed $100 Investment Based on Total Shareholder Return

(1) The dollar amounts reported in column (b) are the amounts of

total compensation reported for Mr.

Xi Wen for each corresponding year in the “Total” column of the Summary Compensation Table.

Versus Performance

August 2022, the SEC adopted final rules to require companies to disclose information about the relationship between executive compensation

actually paid and certain financial performance of the company.

The information below is provided pursuant to Item 402(v) of SEC Regulation

S-K with respect to “smaller reporting companies” as that term is defined in Item 10(f)(1) of SEC Regulation S-K.

Initial Fixed

The dollar amounts reported

in column (b) are the amounts of total compensation reported for Mr.

Xi Wen for each corresponding year in the “Total”

column of the Summary Compensation Table.

See “Executive Compensation - Summary Compensation Table.

(2) The dollar amounts reported in column (c) represent the amount

of “compensation actually paid” to Mr.

Xi Wen as computed in accordance with Item 402(v)(2)(iii) of SEC Regulation S-K, which

prescribes certain specified additions and subtractions from the amount in column (b).

(3) The Company suffered loss during the years ended March 31, 2024

and 2023, so no substantiality for the calculation of the Total Shareholder Return.

(4) The dollar amounts reported in column (g) represent the amount

of net income reflected in our consolidated audited financial statements for the applicable year.

Analysis of the Information Presented in the Pay Versus Performance

The Nomination and Compensation

Committee of the Board of Directors of the Company does not have a policy or practice regarding evaluating Total Shareholder Return as

part of its determination of compensation decisions for the named executive officers.

The Nomination and Compensation Committee takes

various factors into account in determining the competitiveness of its executive compensation.

Over the past two fiscal years the Nomination

and Compensation Committee has recognized the significant time and effort required by the executive officer to manage the Company’s

liquidity by raising capital while reducing operating expenses and cash used in operations, secure and maintain the Company’s listing

on the Nasdaq Market.

All information provided

above under the “Pay Versus Performance Information” heading will not be deemed to be incorporated by reference in any filing

of our company under the Securities Act of 1933, as amended, whether made before or after the date hereof and irrespective of any general

incorporation language in any such filing.

The dollar amounts reported

in column (c) represent the amount of “compensation actually paid” to Mr.

Xi Wen as computed in accordance with Item

402(v)(2)(iii) of SEC Regulation S-K, which prescribes certain specified additions and subtractions from the amount in column (b).

The Company suffered loss

during the years ended March 31, 2025 and 2024, so no substantiality for the calculation of the Total Shareholder Return.

The dollar amounts reported

in column (g) represent the amount of net income reflected in our consolidated audited financial statements for the applicable year.

of the Information Presented in the Pay Versus Performance Table

Nomination and Compensation Committee of the Board of Directors of the Company does not have a policy or practice regarding evaluating

Total Shareholder Return as part of its determination of compensation decisions for the named executive officers.

The Nomination and

Compensation Committee takes various factors into account in determining the competitiveness of its executive compensation.

past two fiscal years the Nomination and Compensation Committee has recognized the significant time and effort required by the executive

officer to manage the Company’s liquidity by raising capital while reducing operating expenses and cash used in operations, secure

and maintain the Company’s listing on the Nasdaq Market.

information provided above under the “Pay Versus Performance Information” heading will not be deemed to be incorporated by

reference in any filing of our company under the Securities Act of 1933, as amended, whether made before or after the date hereof and

irrespective of any general incorporation language in any such filing.

Principal Accountant Fees and Services.

9 unchanged sentences

All Other Fees (4)

category consists of fees for professional services rendered by our principal independent registered public accountants for the audit

of our annual financial statements, review of financial statements included in our quarterly reports and services that are normally provided

by the independent registered public accounting firms in connection with statutory and regulatory filings or engagements for those fiscal

category consists of fees for assurance and related services by our independent registered public accountant that are reasonably related

to the performance of the audit or review of our financial statements and are not reported above under “Audit Fees.” The

services for the fees disclosed under this category include consultations concerning financial accounting and reporting standards.

category consists of fees for professional services rendered by our independent registered public accountant for tax compliance, tax

advice, and tax planning.

category consists of fees for services provided by our independent registered public accountants other than the services described above.

This category consists

of fees for professional services rendered by our principal independent registered public accountants for the audit of our annual

financial statements, review of financial statements included in our quarterly reports and services that are normally provided by

the independent registered public accounting firms in connection with statutory and regulatory filings or engagements for those fiscal

This category consists

of fees for assurance and related services by our independent registered public accountant that are reasonably related to the performance

of the audit or review of our financial statements and are not reported above under “Audit Fees.” The services for the

fees disclosed under this category include consultations concerning financial accounting and reporting standards.

This category consists

of fees for professional services rendered by our independent registered public accountant for tax compliance, tax advice, and tax

This category consists

of fees for services provided by our independent registered public accountants other than the services described above.

on Pre-Approval of Audit Services

2 unchanged sentences

Exhibits, Financial Statement Schedules

following documents are filed as part of this Report:

Financial Statements in Item 8 herein;

to the Financial Statements in Item 8 herein.

The following documents

are filed as part of this Report:

The Financial Statements

in Item 8 herein;

Index to the Financial

Statements in Item 8 herein.

financial statement schedules are omitted because they are not applicable or the amounts are immaterial and not required, or the required

7 unchanged sentences

EXHIBIT INDEX

Articles of Incorporation of the Company, incorporated herein by reference to Exhibit 3.1 to the Amendment No.7 to Registration Statement on Form S-1 filed with the SEC on March 14, 2018

Certificate of Amendment to Articles of Incorporation of the Company, incorporated herein by reference to Exhibit 3.2 to the Amendment No.7 to Registration Statement on Form S-1 filed with the SEC on March 14, 2018

Certificate of Change of the Company filed with the State of Nevada on March 30, 2022, incorporated herein by reference to Exhibit 3.1 on the Current Report on Form 8-K filed by the Company with the SEC on April 6, 2022

Certificate of Correction filed with the State of Nevada on April 5, 2022, incorporated herein by reference to Exhibit 3.2 on the Current Report on Form 8-K filed by the Company with the SEC on April 6, 2022

Certificate of Amendment to Articles of Incorporation of the Company, on May 2, 2022, regarding the increase of authorized shares, incorporated by reference to Exhibit 3.5 on the Annual Report on Form 10-K filed by the Company with the SEC on July 13, 2023.

Bylaws of the Company, incorporated herein by reference to Exhibit 3.2 to the Registration Statement on Form S-1 filed by the Company with the SEC on October 30, 2017.

Description of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, incorporated herein by reference to Exhibit 4.4 on the Annual Report on Form 10-K filed by the Company with the SEC on July 9, 2020

Form of Warrant relating to the August 2020 offering, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on August 4, 2020

Form of Placement Agent Warrant relating to the February 2021 offering, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on February 9, 2021

Form of the Investor’s Common Stock Purchase Warrant relating to the May 2021 offering, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on May 11, 2021

Form of the Placement Agent’s Common Stock Purchase Warrant relating to the May 2021 offering, incorporated herein by reference to Exhibit 4.2 to the Current Report on Form 8-K filed with the SEC on May 11, 2021

Employment Agreement between the Company and Chunhai Li, incorporated herein by reference to Exhibit 10.18 to the Amendment No.

of Incorporation of the Company, incorporated herein by reference to Exhibit 3.1 to the Amendment No.7 to Registration Statement

on Form S-1 filed with the SEC on March 14, 2018

of Amendment to Articles of Incorporation of the Company, incorporated herein by reference to Exhibit 3.2 to the Amendment No.7

to Registration Statement on Form S-1 filed with the SEC on March 14, 2018

Form of Director Offer Letter, incorporated herein by reference to Exhibit 10.19 to the Amendment No.

of Change of the Company filed with the State of Nevada on March 30, 2022, incorporated herein by reference to Exhibit 3.1 on the

Current Report on Form 8-K filed by the Company with the SEC on April 6, 2022

of Correction filed with the State of Nevada on April 5, 2022, incorporated herein by reference to Exhibit 3.2 on the Current Report

on Form 8-K filed by the Company with the SEC on April 6, 2022

of Amendment to Articles of Incorporation of the Company, on May 2, 2022, regarding the increase of authorized shares, incorporated

by reference to Exhibit 3.5 on the Annual Report on Form 10-K filed by the Company with the SEC on July 13, 2023.

of the Company, incorporated herein by reference to Exhibit 3.2 to the Registration Statement on Form S-1 filed by the

Company with the SEC on October 30, 2017.

of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, incorporated herein by reference

to Exhibit 4.4 on the Annual Report on Form 10-K filed by the Company with the SEC on July 9, 2020

Warrant relating to the August 2020 offering, incorporated herein by reference to Exhibit 4.1 to the Current Report on

Form 8-K filed with the SEC on August 4, 2020

Placement Agent Warrant relating to the February 2021 offering, incorporated herein by reference to Exhibit 4.1 to the

Current Report on Form 8-K filed with the SEC on February 9, 2021

the Investor’s Common Stock Purchase Warrant relating to the May 2021 offering, incorporated herein by reference to Exhibit 4.1

to the Current Report on Form 8-K filed with the SEC on May 11, 2021

the Placement Agent’s Common Stock Purchase Warrant relating to the May 2021 offering, incorporated herein by reference

to Exhibit 4.2 to the Current Report on Form 8-K filed with the SEC on May 11, 2021

Agreement between the Company and Chunhai Li, incorporated herein by reference to Exhibit 10.18 to the Amendment No.

to Registration Statement on Form S-1 filed with the SEC on March 14, 2018

Investment and Equity Transfer Agreement, dated as of November 21, 2018, by and among Senmiao Technology Limited, Hunan Ruixi Financial Leasing Co., Ltd., Hunan Ruipin Cultural Industry Co., Ltd., Luziyun International Group (Southeast Asia) Shares Limited and Chengdu Little Monkey Information and Technology Co., Ltd.

incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the SEC on November 28, 2018

Business Cooperation Agreement and Valuation Adjustment Mechanism and Indemnification Agreement, dated August 26, 2018, by and among Sichuan Jinkailong Automobile Leasing Co., Ltd., Hunan Ruixi Financial Leasing Co., Ltd., Xiaoliang Chen, Xi Yang, Yiqiang He and Xiaohui Luo, incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed by the Company with the SEC on February 19, 2019

Amendment to Business Cooperation Agreement and Valuation Adjustment Mechanism and Indemnification Agreement, dated October 16, 2018, by and among Sichuan Jinkailong Automobile Leasing Co., Ltd., Hunan Ruixi Financial Leasing Co., Ltd., Xiaoliang Chen, Xi Yang, Yiqiang He and Xiaohui Luo, incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed by the Company with the SEC on February 19, 2019

Collaboration Agreement, dated August 13, 2019, by and between Didi Chuxing Technology Co., Ltd.

and Sichuan Jinkailong Automobile Leasing Co., Ltd., incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed with the SEC on February 14, 2020

Collaboration Agreement, dated December 6, 2019, by and between Didi Chuxing Technology Co., Ltd.

and Hunan Ruixi Financial Leasing Co., Ltd., incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed with the SEC on February 14, 2020

Employment Agreement, dated as of May 27, 2019, by and between Senmiao Technology Limited and Xi Wen, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 30, 2019

Employment Agreement, dated as of September 17, 2018, by and between the Company and Xiaoyuan Zhang, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on September 20, 2018

Form of Hunan Ruixi Financial Leasing Contract, incorporated herein by reference to Exhibit 10.30 to the Annual Report on Form 10-K filed with the SEC on July 5, 2019

Form of Hunan Ruixi Service Agreement, incorporated herein by reference to Exhibit 10.31 to the Annual Report on Form 10-K filed with the SEC on July 5, 2019

English Translation to Investment Agreement, dated July 4, 2020, by and among Hongyi Industrial Group Co., Ltd., Hunan Ruixi Financial Leasing Co., Ltd., Sichuan Jinkailong Automobile Leasing Co., Ltd.

and other shareholders of Jinkailong, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on July 8, 2020

Employment Agreement, dated as of September 11, 2020, by and between the Company and Haitao Liu, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on September 14, 2020

Form of Securities Purchase Agreement relating to the May 2021 offering, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 11, 2021

Placement Agency Agreement dated May 11,2021 (including Form of Lock-Up Agreement in the exhibit) relating to the May 2021 offering, incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on May 11, 2021

English Translation of the Investment Agreement, dated September 11, 2020, by and among Sichuan Senmiao Zecheng Business Consulting Co., Ltd., Hunan Xixingtianxia Technology Co., Ltd.

and its shareholders, incorporated herein by reference to Exhibit 10.40 to the Annual Report on Form 10-K filed with the SEC on July 8, 2021

English Translation of the Supplementary Agreement to the Investment Agreement, dated February 5, 2021, by and among Sichuan Senmiao Zecheng Business Consulting Co., Ltd., Hunan Xixingtianxia Technology Co., Ltd.

and its shareholders, incorporated herein by reference to Exhibit 10.41 to the Annual Report on Form 10-K filed with the SEC on July 8, 2021

Share Swap Agreement, dated October 22, 2021, by and among Senmiao Technology Limited, Sichuan Senmiao Zecheng Business Consulting Co., Ltd., Hunan Xixingtianxia Technology Co., Ltd.

and the shareholders of Hunan Xixingtianxia Technology Co., Ltd., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on October 28, 2021.

Loan Agreement, effective

July 28, 2021, by and between Xi Wen and Senmiao Technology Limited, incorporated by reference to Exhibit 10.44 to the Annual Report

on Form 10-K filed with the SEC on July 15, 2022

Loan Agreement, effective August 17, 2021, by and between Xi Wen and Senmiao Technology Limited, incorporated by reference to Exhibit 10.45 to the Annual Report on Form 10-K filed with the SEC on July 15, 2022

English Translation of the Loan Agreement by and between Senmiao Technology Limited and Xiang Hu* (1)

Share Swap Agreement by and between Senmiao Technology Limited, and two minority shareholders of Hunan Ruixi Financial Leasing Co., Ltd.*

English Translation of Current Lease Agreement of Senmiao Technology Limited’s Principal Executive Office (1)

Code of Ethics, incorporated

herein by reference to Exhibit 14.1 to the Amendment No.

7 to Registration Statement on Form S-1 filed with the SEC

on March 14, 2018

List of Subsidiaries*

Director Offer Letter, incorporated herein by reference to Exhibit 10.19 to the Amendment No.

7 to Registration Statement

on Form S-1 filed with the SEC on March 14, 2018

and Equity Transfer Agreement, dated as of November 21, 2018, by and among Senmiao Technology Limited, Hunan Ruixi Financial

Leasing Co., Ltd., Hunan Ruipin Cultural Industry Co., Ltd., Luziyun International Group (Southeast Asia) Shares Limited

and Chengdu Little Monkey Information and Technology Co., Ltd.

incorporated herein by reference to Exhibit 10.1 to the

Current Report on Form 8-K filed by the Company with the SEC on November 28, 2018

Cooperation Agreement and Valuation Adjustment Mechanism and Indemnification Agreement, dated August 26, 2018, by and among

Sichuan Jinkailong Automobile Leasing Co., Ltd., Hunan Ruixi Financial Leasing Co., Ltd., Xiaoliang Chen, Xi Yang, Yiqiang

He and Xiaohui Luo, incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed by the

Company with the SEC on February 19, 2019

to Business Cooperation Agreement and Valuation Adjustment Mechanism and Indemnification Agreement, dated October 16, 2018,

by and among Sichuan Jinkailong Automobile Leasing Co., Ltd., Hunan Ruixi Financial Leasing Co., Ltd., Xiaoliang Chen,

Xi Yang, Yiqiang He and Xiaohui Luo, incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q

filed by the Company with the SEC on February 19, 2019

Collaboration

Agreement, dated August 13, 2019, by and between Didi Chuxing Technology Co., Ltd.

and Sichuan Jinkailong Automobile Leasing

Co., Ltd., incorporated herein by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q filed with the SEC

on February 14, 2020

Collaboration

Agreement, dated December 6, 2019, by and between Didi Chuxing Technology Co., Ltd.

and Hunan Ruixi Financial Leasing Co., Ltd.,

incorporated herein by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q filed with the SEC on February 14,

Agreement, dated as of May 27, 2019, by and between Senmiao Technology Limited and Xi Wen, incorporated herein by reference

to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 30, 2019

Agreement, dated as of September 17, 2018, by and between the Company and Xiaoyuan Zhang, incorporated herein by reference to

Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on September 20, 2018

Hunan Ruixi Financial Leasing Contract, incorporated herein by reference to Exhibit 10.30 to the Annual Report on Form 10-K

filed with the SEC on July 5, 2019

Hunan Ruixi Service Agreement, incorporated herein by reference to Exhibit 10.31 to the Annual Report on Form 10-K filed

with the SEC on July 5, 2019

Translation to Investment Agreement, dated July 4, 2020, by and among Hongyi Industrial Group Co., Ltd., Hunan Ruixi Financial

Leasing Co., Ltd., Sichuan Jinkailong Automobile Leasing Co., Ltd.

and other shareholders of Jinkailong, incorporated herein

by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on July 8, 2020

Agreement, dated as of September 11, 2020, by and between the Company and Haitao Liu, incorporated herein by reference to Exhibit 10.1

to the Current Report on Form 8-K filed with the SEC on September 14, 2020

Securities Purchase Agreement relating to the May 2021 offering, incorporated herein by reference to Exhibit 10.1 to the

Current Report on Form 8-K filed with the SEC on May 11, 2021

Agency Agreement dated May 11,2021 (including Form of Lock-Up Agreement in the exhibit) relating to the May 2021 offering,

incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on May 11, 2021

Translation of the Investment Agreement, dated September 11, 2020, by and among Sichuan Senmiao Zecheng Business Consulting Co.,

Ltd., Hunan Xixingtianxia Technology Co., Ltd.

and its shareholders, incorporated herein by reference to Exhibit 10.40 to the Annual

Report on Form 10-K filed with the SEC on July 8, 2021

Translation of the Supplementary Agreement to the Investment Agreement, dated February 5, 2021, by and among Sichuan Senmiao Zecheng

Business Consulting Co., Ltd., Hunan Xixingtianxia Technology Co., Ltd.

and its shareholders, incorporated herein by reference to

Exhibit 10.41 to the Annual Report on Form 10-K filed with the SEC on July 8, 2021

Swap Agreement, dated October 22, 2021, by and among Senmiao Technology Limited, Sichuan Senmiao Zecheng Business Consulting Co.,

Ltd., Hunan Xixingtianxia Technology Co., Ltd.

and the shareholders of Hunan Xixingtianxia Technology Co., Ltd., incorporated by

reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on October 28, 2021.

Agreement, effective July 28, 2021, by and between Xi Wen and Senmiao Technology Limited, incorporated by reference to Exhibit 10.44

to the Annual Report on Form 10-K filed with the SEC on July 15, 2022

Agreement, effective August 17, 2021, by and between Xi Wen and Senmiao Technology Limited, incorporated by reference to Exhibit

10.45 to the Annual Report on Form 10-K filed with the SEC on July 15, 2022

Translation of the Loan Agreement by and between Senmiao Technology Limited and Xiang Hu, incorporated by reference to Exhibit 10.21

to the Annual Report on Form 10-K filed with the SEC on June 27, 2024 (1)

Share Swap Agreement by and between Senmiao Technology Limited, and two minority shareholders of Hunan Ruixi Financial Leasing Co., Ltd., incorporated by reference to Exhibit 10.22 to the Annual Report on Form 10-K filed with the SEC on June 27, 2024.

Translation of Current Lease Agreement of Senmiao Technology Limited’s Principal Executive Office, incorporated by reference

to Exhibit 10.23 to the Annual Report on Form 10-K filed with the SEC on June 27, 2024.

of Ethics, incorporated herein by reference to Exhibit 14.1 to the Amendment No.

7 to Registration Statement on Form S-1

filed with the SEC on March 14, 2018

Insider Trading Policy*

of Subsidiaries*

Independent registered public accounting firm’s consent*

Certification of Principal Executive Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Certification of Principal Financial Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

Certification of Principal Executive Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Certification of Principal Financial Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Compensation Recovery Policy of the Company.*

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Inline XBRL Taxonomy Extension Schema Document*

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

Inline XBRL Taxonomy Extension Definition Linkbase Document*

Inline XBRL Taxonomy Extension Label Linkbase Document*

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

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of the exhibit, including certain private and confidential information has been omitted pursuant to Item 601(a)(6) and Item 601(b)(10)(iv)

of Regulation S-K.

Certification

of Principal Executive Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley

Certification

of Principal Financial Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley

Certification

of Principal Executive Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley

Act of 2002**

Certification

of Principal Financial Officer, pursuant to 18 U.S.C.

Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley

Act of 2002**

Compensation Recovery Policy of the Company, incorporated by reference to Exhibit 97.1 to the Annual Report on Form 10-K filed with the SEC on June 27, 2024.

XBRL Instance Document

- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document*