Leases

12 Months Ended

Mar. 31, 2025

Note 22 — Leases

As of March 31, 2025 and 2024, the Company has engaged in multiple offices and warehouse leases which were classified as operating leases. In addition, the Company engaged in a few automobiles’ leases under finance lease agreements.

The Company occupies various offices under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognized the finance leases ROU assets and interest on an amortized cost basis.

The amortization of finance ROU assets is recognized on straight-line basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period.

Operating and finance lease expenses consist of the following:

		For the Years Ended March 31,
	Classification	2025		2024		2023

Operating lease cost
Lease expenses	General and administrative		879,255		866,481		675,655
Finance lease cost
Amortization of leased asset	General and administrative		113,207		43,900		26,556
Interest on lease liabilities	Interest expenses on finance leases		11,663		4,234		3,389
Total lease expenses		$	1,004,125	$	914,615	$	705,600

Weighted-average remaining term and discount rate related to leases were as follows:

	As of			As of			As of
	March 31, 2025			March 31, 2024			March 31, 2023

Weighted-average remaining term
Operating lease		1.1 years			1.6 years			1.9 years
Finance leases		3.5 years			4.4 years			4.0 years
Weighted-average discount rate
Operating lease		4.7	%		4.9	%		3.3	%
Finance leases		4.6	%		4.5	%		4.5	%

The following table sets forth the Company’s minimum lease payments in future periods:

	Operating lease			Finance lease
	payments			payments			Total
Twelve months ending March 31, 2026	$	401,187		$	93,865		$	495,052
Twelve months ending March 31, 2027		111,999			67,675			179,674
Twelve months ending March 31, 2028		-			61,764			61,764
Twelve months ending March 31, 2029		-			45,806			45,806
Twelve months ending March 31, 2030		-			-			-
Total lease payments		513,186			269,110			782,296
Less: discount		(26,067	)		(19,976	)		(46,043	)
Present value of lease liabilities	$	487,119		$	249,134		$	736,253
Present value of lease liabilities, current	$	376,751		$	84,528		$	461,279
Present value of lease liabilities, non-current	$	110,368		$	164,606		$	274,974