COMMITMENTS AND CONTINGENCIES

6 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Vehicle

On July 12, 2022, the Company executed a non-cancellable operating lease for a vehicle with the lease commencing on July 12, 2022 for a three-year term. The Company paid $10,000 at the execution of the lease which included $1,793 as first month payment, and $8,207 as vehicle registration, capitalized cost reduction and other handling fees. The lease expires on July 11, 2025.

Supplemental balance sheet information related to the lease is as follows as of September 30, 2022:

Operating Lease
Right-of-use asset, net	$	57,713
Current lease liabilities	$	16,376
Non-current lease liabilities		33,814
Total operating lease liabilities	$	50,190
Weighted average remaining lease term (years)		2.75
Weighted average discount rate per annum		12	%

As the lease do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payment, which is reflective of the specific term of the lease.

Anticipated future costs are as follows:

For the years ending	Vehicle Lease
March 31, 2023 (remaining)	$	10,759
March 31, 2024		21,518
March 31, 2025		21,518
March 31, 2026		5,379
Total lease payments		59,174
Less: imputed interest		(8,984	)
Present value of lease liabilities	$	50,190

Office Leases

On August 27, 2020, the Company formally executed a month-to-month cancellable operating lease for leasing office space in an executive suite, commencing on September 1, 2020 for $259 per month. The Company paid a security deposit of $259 on September 7, 2020. The monthly rent increased to $279 effective January 1, 2021. The Company has recorded rent expense of $837 and $1,674 for the three months and six months ended September 30, 2022 and $837 and $1,674 for the same comparable periods of 2021.

On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $5,500, with the lease commencing on November 1, 2020 for a period of 12 months. The Company paid a security deposit of $5,500 on October 28, 2020. On November 25, 2021, the Company executed a month-to-month lease for this office facility at a monthly rental of $6,500. The Company has recorded rent expense of $19,500 and $39,000 for the three months and six months ended September 30, 2022, as compared to $16,500 and $33,000 for the same comparable periods in 2021.

The Company has recorded total rent expense of $26,400 and $46,737 for the three months and six months ended June 30, 2022 as compared to $17,337 and $34,674 for the same comparable periods in 2021.

Legal Costs and Contingencies

In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received.

If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of September 30, 2022 and March 31, 2022, respectively.