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Leases

12 Months Ended

Mar. 31, 2021

11.

LEASES

On March 21, 2020, the Group entered into two lease agreements for executive and administrative offices in Hong Kong, under three-year leases that expire in March 2023.

On March 1, 2020, the Group entered into two lease agreements for factory space and dormitories located in Shenzhen, China that expire in February 2023.

On March 29, 2019, the Group entered into a lease agreement for factory space located in Yangon, Myanmar that expire in March 2069. The lease for the factory space has a term of 50 years, Kayser Myanmar has the option to extend the lease term for two consecutive 10-year terms on the same terms and conditions as in effect for the initial 50-year period. Kayer Myanmar is obligated under the lease to make monthly lease payment equal to 10 million Myanmar Kyat (equivalent to $7.3 per month as of March 31, 2021).

During the year ended March 31, 2019, Kayser Myanmar has paid Konig Company $950 as prepaid rent under the lease, approximately 12 years of rental payments.

	2020			2021
		$			$
Operating lease cost		991	*		731	*
Weighted Average Remaining Lease Term - Operating leases		7.51 years			9.06 years
Weighted Average Discount Rate - Operating leases		7.63	%		8.17	%

Included unconditional government subsidy $289 and $66 for factory space and dormitories located in Shenzhen in 2020 and 2021 respectively.

The following is a schedule, by years, of maturities of lease liabilities as of March 31, 2021

	Operating leases
	$
Year ending March 31,
2022		823
2023		802
2024		-
2025		-
2026		-
Thereafter		3,275
Total undiscounted cash flows		4,900
Less: imputed interest		(2,937	)
Present value of lease liabilities		1,963