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LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12 Months Ended
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Mar. 31, 2022
Lease Right-of-use Asset And Lease Liabilities |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 14. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company implemented new accounting policy according to the ASC 842, Leases, on April 1, 2019 on a modified retrospective basis and did not restate comparative periods. Under the new policy, the Company recognized approximately $0.06 million lease liability as well as right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. Lease liabilities are measured at present value of the sum of remaining rental payments as of March 31, 2022, with discounted rate of 4.75%. A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. The Company leases its head office. The lease period is 5 years with an option to extend the lease. The Company leases its plant and dormitory for 4.5 years with an option to extend the lease. The Company leased three floors of a commercial building for 3 years with an option to extend the lease in Humen Town of Dongguan City from the landlord and provides shops subleasing and property management services for garment wholesalers and retailers in the leased property. The following table summarizes the components of lease expense: SCHEDULE OF LEASE COST
|  | 2022 |  |  | 2021 |
Operating lease cost |  |  | 3,862,342 |  |  |  | 1,021,267 |
Short-term lease cost |  |  | 84,089 |  |  |  | 35,727 |
Lease cost |  |  | 3,946,431 |  |  |  | 1,056,994 |
The following table summarizes supplemental information related to leases: SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES
|  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flow used in operating leases |  | $ | 3,946,431 |  |  | $ | 1,650,847 |
Right-of-use assets obtained in exchange for new operating leases liabilities |  |  | 470,763 |  |  |  | 9,380,402 |
Weighted average remaining lease term - Operating leases (years) |  |  | 1.8 |  |  |  | 2.8 |
Weighted average discount rate - Operating leases |  |  | 4.75 | % |  |  | 4.35 | %
The following table summarizes the maturity of operating lease liabilities: SCHEDULE OF OPERATING LEASE LIABILITY
Years ending March 31 |  | Lease cost |
2023 |  | $ | 3,942,718 |
2024 |  |  | 2,977,548 |
2025 |  |  | 60,291 |
Total lease payments |  |  | 6,980,557 |
Less: Interest |  |  | (450,540 | )
Total |  | $ | 6,530,017 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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