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Operating Lease | 12 Months Ended
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Mar. 31, 2023
Operating lease [Abstract] |
Operating lease | 8. Operating lease As of March 31, 2023, the Company had two non-cancelable office operating lease agreements with two third-party lessors, with lease term of two years and three years, respectively. Both lease agreements matured in September 2024. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discount lease payments based on an estimate of its incremental borrowing rate. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The table below presents the operating lease related assets and liabilities recorded on the balance sheets.
|  | As of March 31, |
|  | 2023 |  |  | 2022 |
Rights of use lease assets |  | $ | 156,656 |  |  | $ | 242,665 |
Operating lease liabilities |  | $ | 150,139 |  |  | $ | 244,861 |
The weighted average remaining lease terms and discount rates for the above operating lease were as follows as of March 31, 2023 and 2022:
|  | As of March 31, |
|  | 2023 |  |  | 2022 |
Remaining lease term and discount rate |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  | 1.46 |  |  |  | 2.46 |
Weighted average discount rate |  |  | 5 | % |  |  | 5 | %
During the years ended March 31, 2023, 2022, and 2021, the Company incurred total operating lease expenses of $104,557, $115,176, and $119,759, respectively. The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2023:
Twelve months ended March 31, 2024 |  | $ | 110,982 |
Twelve months ended March 31, 2025 and thereafter |  |  | 44,141 |
Total lease payments |  |  | 155,123 |
Less: imputed interest |  |  | (4,984 | )
Present value of lease liabilities |  | $ | 150,139 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481440/840-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Subparagraph (Note 3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481418/840-10-55-40 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481501/840-20-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481501/840-20-50-2 + Details
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