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ROU Assets and Operating Lease Liabilities
 12 Months Ended
Mar. 31, 2024
ROU Assets and Operating Lease Liabilities [Abstract]  
ROU Assets and Operating Lease Liabilities

6. ROU Assets and Operating Lease Liabilities

 

As of March 31, 2024 and 2023, the Group subsisted of the following non-cancellable lease contract.

 

Description of lease   Lease term
Office at China Insurance Group Building, Hong Kong   2 years from March 1, 2022 to February 29, 2024
Office at China Insurance Group Building, Hong Kong   3 years from March 1, 2024 to February 28, 2027

 

(a)Amounts recognized in the consolidated balance sheet:

 

   As of March 31, 
   2024   2023 
Right-of-use assets  $280,903   $62,868 
           
Operating lease liabilities          
Current   91,990    69,584 
Non-current   197,932    
-
 
   $289,922   $69,584 
           
Weighted average remaining lease terms (in years)   2.92    0.92 

 

(b)Information related to operating lease activities during the years ended March 31, 2024, 2023 and 2022 are as follows:

 

  

For the Years Ended

March 31,

 
   2024   2023   2022 
ROU assets obtained in exchange for operating lease liabilities  $288,928   $-   $137,473 
                
Amortization of ROU assets   71,094    68,678    5,764 
Interest on operating lease liabilities   1,722    2,446    288 
Total operating lease expenses, included within Occupancy Costs  $72,816   $71,124   $6,052 

 

(c)The following table summarizes the remaining contractual maturities of lease liabilities under operating lease as of March 31, 2024:

 

During the year ended March 31,    
2025  $102,225 
2026   122,670 
2027   81,780 
Total future lease payments   306,675 
Less: imputed interest   (16,753)
Present value of lease obligations  $289,922 

 

The weighted-average discount rates used to determine the operating lease liabilities as of March 31, 2024 and 2023 were 4.1% and 2.5%, respectively.