| Schedule of Lease |
Balance sheet information related to
ROU assets and lease liabilities are as follows:
| | |
As of March 31, | |
| | |
2026 | | |
2025 | |
| Operating lease right-of-use assets | |
$ | 1,792,622 | | |
$ | 1,835,921 | |
| Less: accumulated amortization of operating lease right-of-use assets | |
| (924,204 | ) | |
| (729,897 | ) |
| Operating lease right-of-use assets, net | |
$ | 868,418 | | |
$ | 1,106,024 | |
| | |
| | | |
| | |
| Operating lease liabilities, current | |
$ | 573,650 | | |
$ | 473,116 | |
| Operating lease liabilities, non-current | |
| 296,436 | | |
| 633,249 | |
| Total operating lease liabilities | |
$ | 870,086 | | |
$ | 1,106,365 | |
| | |
As of March 31, | |
| | |
2026 | | |
2025 | |
| Finance lease right-of-use assets | |
$ | 214,314 | | |
$ | 203,764 | |
| Less: accumulated amortization of finance lease right-of-use-assets | |
| (67,582 | ) | |
| (9,286 | ) |
| Finance lease right-of-use assets, net | |
$ | 146,732 | | |
$ | 194,478 | |
| | |
| | | |
| | |
| Finance lease liabilities, current | |
$ | 38,816 | | |
$ | 36,277 | |
| Finance lease liabilities, non-current | |
| 88,723 | | |
| 127,834 | |
| Total finance lease liabilities | |
$ | 127,539 | | |
$ | 164,111 | |
The weighted average remaining lease
terms and discount rates for the operating lease and finance lease as of March 31, 2026 and 2025 are as follows:
| | | As of March 31, | | | | | 2026 | | | 2025 | | | Remaining lease term and discount rate: | | | | | | | | Weighted average remaining lease term (years) | | | | | | | | Operating lease | | | 1.52 | | | | 2.34 | | | Finance lease | | | 3.12 | | | | 4.11 | | | Weighted average discount rate (1) | | | | | | | | | | Operating lease | | | 4.33 | % | | | 4.77 | % | | Finance lease | | | 6.02 | % | | | 6.15 | % |
| (1) | The weighted-average discount rate is calculated on the basis of both (i) the discount rate for the lease that was used to calculate the lease liability balance for each lease as of the reporting date; and (ii) the remaining balance of the lease payments for each lease as of the reporting date. The Company’s lease agreements do not have a discount rate that is readily determinable. The incremental borrowing rate is determined at lease commencement or lease modification and represents the rate of interest the Group would have to pay to borrow on a collateralized basis over a similar term and an amount equal to the lease payments in a similar economic environment. |
The components of lease expenses for
the years ended March 31, 2026, 2025 and 2024 are as follows:
| | |
For the years ended March 31, | |
| | |
2026 | | |
2025 | | |
2024 | |
| Operating lease: | |
| | |
| | |
| |
| Operating lease expense | |
$ | 581,553 | | |
$ | 567,188 | | |
$ | 589,105 | |
| Short-term lease expense | |
| 49,024 | | |
| 45,086 | | |
| 86,084 | |
| Total operating lease expenses | |
| 630,577 | | |
| 612,274 | | |
| 675,189 | |
| Finance leases: | |
| | | |
| | | |
| | |
| Amortization expense | |
| 47,323 | | |
| 15,301 | | |
| 4,675 | |
| Interest expense | |
| 9,272 | | |
| 3,251 | | |
| 888 | |
| Total finance lease expenses | |
| 56,595 | | |
| 18,552 | | |
| 5,563 | |
| Total lease expenses | |
$ | 687,172 | | |
$ | 630,826 | | |
$ | 680,752 | |
|
| Schedule of Maturity of Lease Liabilities and Future Minimum Payments of Leases |
The following table summarizes the
maturity of lease liabilities and future minimum payments of leases as of March 31, 2026:
| | |
Operating
lease | | |
Finance
lease | |
| Year ending March 31, | |
| | |
| |
| 2027 | |
$ | 597,686 | | |
$ | 45,549 | |
| 2028 | |
| 295,205 | | |
| 44,650 | |
| 2029 | |
| 4,049 | | |
| 40,160 | |
| 2030 | |
| - | | |
| 10,040 | |
| Total lease payments | |
| 896,940 | | |
| 140,399 | |
| Less: imputed interest | |
| (26,854 | ) | |
| (12,860 | ) |
| Total lease liabilities | |
$ | 870,086 | | |
$ | 127,539 | |
|