v3.26.1
LEASES
 12 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES

NOTE 13 — LEASES

 

(a) Lessee

 

The VIEs, Junzhang Shanghai, Junzhang Beijing and their subsidiaries, entered into various operating lease agreements with different landlords to lease office space and warehouse space in major cities in the PRC. The Management believes that all the leases are operating leases.

 

The table below presents the operating lease related assets and liabilities recorded on the balance sheets.

 

   March 31,   March 31, 
   2026   2025 
Operating lease right-of-use lease assets  $293,973   $434,188 
    　      
Operating lease liabilities – current  $299,198   $275,213 
Operating lease liabilities – non-current   96,308    258,974 
Total operating lease liabilities  $395,506   $534,187 

 

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of March 31, 2026 and 2025:

 

   March 31,   March 31, 
   2026   2025 
Remaining lease term and discount rate:        
Weighted average remaining lease term (years)   1.26    2.74 
Weighted average discount rate   3.60%   3.64%

During the years ended March 31, 2026, 2025 and 2024, the Company incurred total operating lease expenses of $345,360, $250,939 and $274,707, respectively.

 

As of March 31, 2026, future minimum lease payments under non-cancellable operating lease agreement are as follows:

 

2027  $304,749 
2028   83,672 
2029   7,451 
2030   4,784 
2031   1,993 
Total lease payments   402,649 
Less: imputed interest   (7,143)
Total  $395,506 

 

(b) Lessor

 

The components of lease income are as follows:

 

      For the Years Ended 
      March 31, 
   Location in Statements of            
   Income  2026   2025   2024 
Revenue from sales type leases  Sales of equipment  $67,154   $31,516   $45,411 
Financing income on lease receivables  Financing   5,399    7,397    12,019 
Lease income - operating leases  Leasing of equipment   738,041    969,089    911,140 
Variable lease income  Leasing of equipment   295,119    267,428    323,180 
Revenue from maintenance services  Maintenance services   30,787    74,587    106,745 
Total lease income     $1,136,500   $1,350,017   $1,398,495 

 

Profit at lease commencement on sales type leases was estimated to be approximately $16,000, $5,000 and $10,000 for the years ended March 31, 2026, 2025 and 2024, respectively.