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Leases | 3 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | NOTE 7 – LEASES The Company has 52 operating leases for manufacturing facilities, offices and staff dormitories. Some leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in measurement of the right of use (“ROU”) assets and lease liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. ROU assets and related lease obligations are recognized at commencement date based on the present value of remaining lease payments over the lease term. All of the Company’s leases are classified as operating leases and primarily include office space and manufacturing facilities. Supplemental balance sheet information related to operating leases was as follows:
|  | June 30, 2023 |  |  | March 31, 2023 |
ROU assets |  | $ | 940,800 |  |  | $ | 974,761 |
Operating lease liabilities – current |  | $ | 413,412 |  |  | $ | 481,502 |
Operating lease liabilities – non-current |  |  | 319,786 |  |  |  | 287,247 |
Total operating lease liabilities |  |  | 733,198 |  |  |  | 768,749 |
The weighted average remaining lease terms and discount rates for all of operating leases were as follows: Remaining lease term and discount rate:
|  | 30 June, 2023 |  |  | 31 March, 2023 |
Weighted average remaining lease term (years) |  |  | 1.7 |  |  |  | 1.6 |
Weighted average discount rate |  |  | 6.1 | % |  |  | 6.1 | %
During the three months ended June 30, 2023 and 2022, the Company incurred total operating lease expenses of $650,774 and $639,719, respectively. The following is a schedule, by fiscal years, of maturities of lease liabilities as of June 30, 2023:
2024 |  | $ | 544,239 |
2025 |  |  | 289,711 |
2026 |  |  | 154,723 |
2027 |  |  | 5,395 |
2028 |  |  | - |
Thereafter |  |  | - |
Total lease payments |  |  | 994,068 |
Less: imputed interest |  |  | (53,268 | )
Less: prepayments |  |  | (207,602 | )
Present value of lease liabilities |  | $ | 733,198 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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