v3.26.1
OPERATING LEASES
 12 Months Ended
Mar. 31, 2026
Operating Leases  
OPERATING LEASES

12. OPERATING LEASES

 

Lessee accounting

 

The Group entered into leases for use of office and landfill area in Hong Kong. For the years ended March 31, 2026, 2025 and 2024, there are 4, 4 and 3 leases, respectively. During the years ended March 31, 2026, 2025 and 2024, the operating lease expense was amounted to $1,230,601, $1,081,597 and $1,049,047, respectively. During the years ended March 31, 2026 and 2025, the cash paid for operating lease was amounted to $1,238,291, $1,163,963 and $903,703, respectively.

 

The Group’s operating lease assets and lease liabilities recognized in the consolidated balances sheets consisted of the following:

 

   2026   2025 
   As of March 31, 
   2026   2025 
Operating leases:          
Operating lease right-of-use assets – third parties  $2,243,963   $473,170 
Operating lease right-of-use assets – related party   82,015    167,631 
Operating lease right-of-use assets  $2,325,978   $640,801 

 

   2026   2025 
   As of March 31, 
   2026   2025 
Operating lease liabilities:          
Current operating lease obligation – third parties  $1,081,643   $473,170 
Current operating lease obligation – related party   82,015    92,694 
Current operating lease obligation  $1,163,658   $565,864 
           
Non-current operating lease obligation – third parties  $1,162,320   $- 
Non-current operating lease obligation – related party   -    82,649 
Non-current operating lease obligation  $1,162,320   $82,649 
           
Total  $2,325,978   $648,513 

 

 

GREENVECTOR HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

12. OPERATING LEASES (Cont.)

 

   As of March 31, 
   2026   2025 
Operating leases:          
Weighted average remaining lease term (years)   2.64    1.00 
Weighted average discount rate   5.43%   5.69%

 

The maturity analysis of the Group’s operating lease obligations as of March 31, 2026 was as follows:

   Operating leases 
Year ending March 31, 2027  $856,684 
Year ending March 31, 2028   287,735 
Year ending March 31, 2029   1,343,112 
Future minimum operating lease payment   2,487,531 
Less: imputed interest   (161,553)
Operating lease liabilities recognized in the consolidated balance sheet  $2,325,978 

 

The maturity analysis of the Group’s operating lease obligations as of March 31, 2025 was as follows:

 

   Operating leases 
Year ending March 31, 2026  $583,973 
Year ending March 31, 2027   84,834 
Future minimum operating lease payment   668,807 
Less: imputed interest   (20,294)
Operating lease liabilities recognized in the consolidated balance sheet  $648,513 

 

Lessor accounting

 

The Group leased factory to third parties and related parties under operating leases. Initial lease terms range from 24 to 48 months. Revenues from subleases are reported as “Rental income” and are represented by the fixed lease payments. There are no non-lease components.

 

Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of its respective lease.

 

 

GREENVECTOR HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS