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| LEASE | NOTE 13 – LEASE
The Company leases office space from third parties under non—cancellable operating lease agreements. The Company determines if an arrangement is, or contains, a lease at the inception of the contract based on the terms of the agreement and whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right—of—use (ROU) assets and corresponding lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. The Company elected the short—term lease exemption under ASC 842 for certain lease arrangements that have a lease term of 12 months or less and do not contain purchase options. The Company expenses these short—term leases on a straight—line basis over the lease term and does not recognize ROU assets or lease liabilities on the consolidated balance sheet for these leases.
The Company’s lease agreements do not contain any material guarantees or restrictive covenants, and the Company has no finance leases or sublease activities as of March 31, 2026.
The following table summarizes the supplemental consolidated balance sheet information related to operating leases as of March 31, 2026 and 2025, respectively:
Information related to operating lease activities for the years ended March 31, 2026 and 2025 are as follows:
Maturities of operating lease liabilities were as follows:
The Company entered into two leases for office space and warehouses located in Tianjin, China, and one lease for office in Hong Kong.:
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