XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.3
Leases
6 Months Ended
Sep. 30, 2023
Leases [Abstract]  
LEASES

NOTE 7 – LEASES

 

The Company has 50 operating leases for manufacturing facilities, offices and staff dormitories. Some leases include one or more options to renew, which is typically at the Company’s sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in measurement of the right of use (“ROU”) assets and lease liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. ROU assets and related lease obligations are recognized at commencement date based on the present value of remaining lease payments over the lease term.

 

All of the Company’s leases are classified as operating leases and primarily include office space and manufacturing facilities.

 

Supplemental balance sheet information related to operating leases was as follows:

 

   September 30,
2023
   March 31,
2023
 
ROU assets  $718,418   $974,761 
           
Operating lease liabilities – current  $345,171   $481,502 
Operating lease liabilities – non-current   246,341    287,247 
Total operating lease liabilities   591,512    768,749 

 

The weighted average remaining lease terms and discount rates for all of operating leases were as follows:

 

Remaining lease term and discount rate:

 

   September 30,
2023
   March 31,
2023
 
Weighted average remaining lease term (years)   1.7    1.6 
           
Weighted average discount rate   6.1%   6.1%

 

During the three months ended September 30, 2023 and 2022, the Company incurred total operating lease expenses of $653,933 and $626,994, respectively. During the six months ended September 30, 2023 and 2022, the Company incurred total operating lease expenses of $1,304,707 and $1,266,713, respectively

 

The following is a schedule, by fiscal years, of maturities of lease liabilities as of September 30, 2023:

 

2024  $315,977 
2025   285,155 
2026   151,180 
2027   5,395 
2028   
-
 
Thereafter   
-
 
Total lease payments   757,707 
Less: imputed interest   (39,289)
Less: prepayments   (126,906)
Present value of lease liabilities  $591,512