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Leases | 12 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
LEASES | NOTE 3 – LEASES W. Bernardo Drive, San Diego, CA The 39-month lease term commenced April 1, 2020, and the lease provides for an initial monthly rent of approximately $12,400 annual rent increases of approximately 3%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. A discount rate of 11%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. The Company obtained a right-of-use asset of $270,950 in exchange for its obligations under the operating lease. The landlord also provided a lease incentive of approximately $139,000, which was paid to the Company in June 2020, for the Company to make improvements to the leased space. In addition, the Company paid a $100,000 security deposit. Thornmint Road, San Diego, CA The 48-month lease term commenced February 1, 2023, and the lease provides for an initial base monthly rent of $36,000 with annual rent increases of approximately 4%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and other certain operating costs. A discount rate of 8%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. The Company obtained a right-of-use asset of $1,560,101 in exchange for its obligations under the operating lease. Future minimum payments under the facility operating leases, as of March 31, 2023, are listed in the table below.
Fiscal year ending March 31, |  |  |
2024 |  | $ | 462,008 |
2025 |  |  | 452,275 |
2026 |  |  | 470,366 |
2027 |  |  | 404,951 |
Total future lease payments |  |  | 1,789,600 |
Less: Imputed interest |  |  | (244,409 | )
Present value of lease liabilities |  | $ | 1,545,191 |
Cash paid for amounts included in the measurement of lease liabilities was $230,028 and $153,432 for the years ended March 31, 2023 and 2022, respectively. Rent expense was $237,425 and $107,820 for the years ended March 31, 2023 and 2022, respectively.

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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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