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Operating lease liability

12 Months Ended

Mar. 31, 2023

16.Operating lease liability

Operating lease liabilities consisted of the following:


	As of
	March 31,		March 31,
	2023		2022
Shenzhen Wan	$	138,492	$	—
Longcheng Car		86,330		—
Total		224,822		—

Analyzed for reporting purposes as:


	As of
	March 31,		March 31,
	2023		2022
Operating Lease Liability-noncurrent	$	—	$	—
Operating Lease Liability-current		224,822		—
Total		224,822		—

The operating lease liabilities is the net present value of the remaining lease payments as of March 31,2023 and March 31, 2022, and the Company paid $136,256 and nil for the year ended March 31, 2023 and March 31, 2022.

The discount rates used for Shenzhen Wan was 3.6500%. The weighted average remaining lease terms for operating leases was 1 year. The incremental borrowing rate for the Company ranged from 3.6500%. The discount rates used for Longcheng Car was 3.6500%. The weighted average remaining lease terms for operating leases was 9 months. The incremental borrowing rate for the Company ranged from 3.6500%.

For the year ended March 31, 2023 and 2022, the amortized expense were $138,272 and nil, respectively. For the year ended March 31, 2023 and 2022, the total operating lease expenses were $235,069 and $ 90,748.

Maturity analysis of operating lease liabilities as of March 31, 2023 is as follows:


Discount rate at commencement	$	3.6500	%
One year		228,022
Two years		—
Total undiscounted cash flows		228,022
Total operating lease liabilities		224,822
Difference between undiscounted cash flows and discounted cash flows	$	3,200