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Leases
 3 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES

NOTE 7 – LEASES

 

The Company has 44 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 operating lease right of use assets and lease liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease right of use 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:

 

   As of
June 30,
2024
(Unaudited)		   As of
March 31,
2024		 
Operating lease right of use assets  $1,177,242   $1,259,395 
           
Operating lease liabilities – current  $288,768   $370,802 
Operating lease liabilities – non-current   592,122    618,302 
Total operating lease liabilities  $880,890   $989,104 

 

The weighted average remaining lease terms and discount rates for all of operating leases were as follows:

 

Remaining lease term and discount rate:

 

   For the period ended 
   June 30,
2024
(Unaudited)		   March 31,
2024		 
Weighted average remaining lease term (years)   2.3    2.4 
           
Weighted average discount rate   6.10%   6.10%

 

During the three months ended June 30, 2024 and 2023, the Company incurred total operating lease expenses of $648,241 and $650,774, respectively.

 

The following is a schedule, by fiscal years, of maturities of lease liabilities as of June 30, 2024:

 

2025  $461,972 
2026   510,407 
2027   281,433 
2028   9,282 
2029   — 
Thereafter   — 
Total lease payments   1,263,094 
Less: imputed interest   (85,852)
Less: prepayments   (296,352)
Present value of lease liabilities  $880,890