The Company has a lease agreement for its office space. The original lease agreement expired on December 2019, and the new agreement was signed to extend the lease until the date of April 30, 2022.

The Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rate for this lease based primarily on its lease term in PRC which is approximately 4.75%.

The Company has elected to not recognized lease assets and liabilities for lease with a term less than twelve months.

Operating lease expenses were $54,066 and $52,948 for the nine months ended December 31, 2020 and 2019, respectively.

The new lease agreement was signed from 1 May 2020 to 30 April 2022, which have 16 months undiscounted future lease payment. The undiscounted future minimum lease payment schedule as follows:

For the years ended March 31,	Amount
2021 (three months from December 31, 2020 to March 31, 2021)		18,961
2022 (twelve months from April1, 2021 to March 31, 2022)		72,088
2023 （one month only April 1, 2022）		6,007
Thereafter		-
Total	$	97,056