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LEASES | 12 Months Ended
--- | ---
Mar. 31, 2025
Leases |
LEASES | 8. LEASES
| (a) | Finance leases
The finance lease mainly consists of tipper trucks and machinery and equipment. The total finance lease liability balance as of March 31, 2025 and 2024 amounted to US$3,023,548 and US$3,384,455 respectively. The ROU – finance lease with carrying amount of approximately US$44,247 was disposed during the year ended March 31, 2025 and the disposal loss recognized as USD11,026. The ROU – finance lease with carrying amount of approximately US$115,385 was disposed during the year ended March 31, 2024 and the disposal loss recognized as US$197.
| (b) | Operating leases
The Company leases office spaces for varying periods in Hong Kong. As the majority of the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s lease agreements do not contain any material guarantees or restrictive covenants. Short-term leases, defined as leases with initial term of 12 months or less, are not reflected on the Consolidated Balance Sheets. The most significant assets in the Company’s leasing portfolio relate to office. For purposes of calculating lease liabilities for such leases, the Company have combined lease and non-lease components. The components of lease expenses are as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSES
|  | 2023 |  |  | 2024 |
|  | For the year ended March 31, |
|  | 2024 |  |  | 2025 |
|  | USD |  |  | USD |
Operating lease expense |  |  | 52,432 |  |  |  | 81,966 |
Finance lease expense |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 1,300,302 |  |  |  | 1,546,442 |
Interest on lease liabilities |  |  | 171,339 |  |  |  | 185,166 |
Total finance lease expense |  |  | 1,471,641 |  |  |  | 1,731,608 |
The components of finance lease are as follows: SCHEDULE OF COMPONENTS OF FINANCE LEASE
|  | 2023 |  |  | 2024 |
|  | For the year ended March 31, |
|  | 2024 |  |  | 2025 |
|  | USD |  |  | USD |
Finance lease |  |  |  |  |  |  |  |
Right-of-use assets, costs |  |  | 7,528,894 |  |  |  | 8,428,505 |
Accumulated amortization |  |  | (2,764,648 | ) |  |  | (4,290,586 | )
Right-of-use assets, net |  |  | 4,764,246 |  |  |  | 4,137,919 |
Other information about the Company’s leases is as follows: SCHEDULE OF OTHER INFORMATION ABOUT LEASES
|  | 2023 |  |  | 2024 |
|  | As of March 31, |
|  | 2024 |  |  | 2025 |
|  | USD |  |  | USD |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows used in operating leases |  |  | 30,692 |  |  |  | 107,936 |
Operating cash flows used in finance leases |  |  | 171,339 |  |  |  | 185,166 |
Financing cash flows used in finance leases |  |  | 1,553,954 |  |  |  | 1,292,795 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 90,342 |  |  |  | 67,072 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  |  | 1,767,504 |  |  |  | 964,362 |
Weighted-average remaining lease term-operating |  |  | 1.44 years |  |  |  | 1.14 years |
Weighted-average remaining lease term-finance |  |  | 3.18 years |  |  |  | 2.56 years |
Weighted average discount rate-operating |  |  | 4.0 | % |  |  | 4.0 | %
Weighted average discount rate-finance |  |  | 6.22 | % |  |  | 6.05 | %
The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of March 31, 2025: SCHEDULE OF MATURITY ANALYSIS OF LEASE LIABILITIES
|  | Operating leases |  |  | Finance leases |  |  | Total |
|  | USD |  |  | USD |  |  | USD |
Year ending March 31, |  |  |  |  |  |  |  |  |  |  |  |
2026 |  |  | 42,923 |  |  |  | 1,437,484 |  |  |  | 1,480,407 |
2027 |  |  | 10,578 |  |  |  | 1,076,375 |  |  |  | 1,086,953 |
2028 |  |  | - |  |  |  | 524,120 |  |  |  | 524,120 |
2029 |  |  | - |  |  |  | 264,250 |  |  |  | 264,250 |
2030 and thereafter |  |  | - |  |  |  | - |  |  |  | - |
Total undiscounted lease payments |  |  | 53,501 |  |  |  | 3,302,229 |  |  |  | 3,355,730 |
Less: imputed interest |  |  | (1,227 | ) |  |  | (278,681 | ) |  |  | (279,908 | )
Lease liabilities recognized in the Consolidated Balance Sheet |  |  | 52,274 |  |  |  | 3,023,548 |  |  |  | 3,075,822 |
The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of March 31, 2024:
|  | Operating leases |  |  | Finance leases |  |  | Total |
|  | USD |  |  | USD |  |  | USD |
Year ending March 31, |  |  |  |  |  |  |  |  |  |  |  |
2025 |  |  | 83,553 |  |  |  | 1,387,011 |  |  |  | 1,470,564 |
2026 |  |  | 27,462 |  |  |  | 1,078,815 |  |  |  | 1,106,277 |
2027 |  |  | - |  |  |  | 847,067 |  |  |  | 847,067 |
2028 |  |  | - |  |  |  | 307,453 |  |  |  | 307,453 |
2029 and thereafter |  |  | - |  |  |  | 124,923 |  |  |  | 124,923 |
Total undiscounted lease payments |  |  | 111,015 |  |  |  | 3,745,269 |  |  |  | 3,856,284 |
Less: imputed interest |  |  | (3,958 | ) |  |  | (360,814 | ) |  |  | (364,772 | )
Lease liabilities recognized in the Consolidated Balance Sheet |  |  | 107,057 |  |  |  | 3,384,455 |  |  |  | 3,491,512 |

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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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