Schedule of Lease Cost |
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 | % |
|
Schedule of Minimum Lease Payments |
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 | |
|