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Leases | 9 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | 11 — LEASES The Company adopted Topic 842 for all periods presented. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. The leases of the Company mainly consisted of offices, retail stores, and warehouses. The Company’s operating right-of-use (“ROU”) assets and lease liabilities were as follows:
|  | December 31, 2024 |  |  | March 31, 2024 |
Operating ROU: |  |  |  |  |  |
ROU assets |  | $ | 14,318,422 |  |  | $ | 16,000,742 |
Total operating ROU assets |  | $ | 14,318,422 |  |  | $ | 16,000,742 |
|  | December 31, 2024 |  |  | March 31, 2024 |
Operating lease obligations: |  |  |  |  |  |
Current operating lease liabilities |  | $ | 3,151,171 |  |  | $ | 2,852,744 |
Non-current operating lease liabilities |  |  | 12,153,196 |  |  |  | 13,986,879 |
Total lease liabilities |  | $ | 15,304,367 |  |  | $ | 16,839,623 |
The Company had 34 and 38 leases as of December 31, 2024 and March 31, 2024, respectively. The weighted average lease term, discount rates, and remaining lease terms for the operating leases as of December 31, 2024 were as follows: Remaining lease term and discount rate:
Weighted average discount rate |  |  | 6.8 | %
Weighted average remaining lease term (years) |  |  | 4.79 years |
The weighted average lease term, discount rates, and remaining lease terms for the operating leases as of March 31, 2024 were as follows: Remaining lease term and discount rate:
Weighted average discount rate |  |  | 6.4 | %
Weighted average remaining lease term (years) |  |  | 5.51 years |
The Company leases its offices, warehouse, and retail stores under non-cancellable operating lease agreements. During the three months ended December 31, 2024, lease expenses were $1.02 million, including $0.36 million in cost of goods-occupancy cost, $0.67 million in rent expense included in selling expense, and nil in rent expense in general and administrative expense. During the three months ended December 31, 2023, lease expenses were $0.84 million, including $0.14 million in cost of goods-occupancy cost, $0.65 million in rent expense in selling expense, and $0.04 million in rent expense in general and administrative expense. Lease expenses were $3.26 million for the nine months ended December 31, 2024, including $1.00 million in cost of goods-occupancy cost, $2.16 million in rent expense in selling expense, and $0.09 million rent expense in general and administrative expense. Lease expenses for the nine months ended December 31, 2023 were $2.33 million, including $0.39 million in goods-occupancy cost, $1.73 million in rent expense in selling expense, and $0.21 million in rent expense in general and administrative expense. For the nine months ended December 31, 2024, the Company terminated six leases. As of December 31, 2024, future minimum lease liabilities, all under office and facilities non-cancellable operating lease agreements, were as follows:
As of December 31, 2024 |  | Operating Lease Liabilities |
2025 |  | $ | 4,065,892 |
2026 |  |  | 3,957,134 |
2027 |  |  | 3,629,042 |
2028 |  |  | 3,001,292 |
2029 |  |  | 1,500,384 |
Thereafter |  |  | 1,821,813 |
Total lease payments |  |  | 17,975,557 |
Less: interest |  |  | (2,671,190 | )
Present value of lease liabilities |  | $ | 15,304,367 |

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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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