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Leases
 12 Months Ended
Mar. 31, 2020
Leases [Abstract]  
LEASES

NOTE 9 – LEASES

 

On April 1, 2019, the Company adopted ASU 2016-02, Leases (ASC Topic 842). For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the package of practical expedients. The Company leases office space under non-cancelable operating leases, with terms typically ranging from one to four years. The Company determines whether an arrangement is or includes an embedded lease at contract inception.

 

Operating lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term.

 

The components of lease expense were as follows:

 

  

March 31,

2020

 
Operating lease cost  $293,379 
      
Weighted Average Remaining Lease Term (Months)     
Operating leases   29 
      
Weighted Average Discount Rate     
Operating leases   4.75%

 

Maturities of lease liabilities were as follows:

 

Twelve months ending March 31,    
2021  $276,564 
2022   273,497 
2023   99,841 
Total Lease Payments   649,902 
Less Imputed Interest   (33,975)
Total  $615,927