Leases

3 Months Ended

Jun. 30, 2020

Leases, Operating [Abstract]

LEASES

NOTE 7 – LEASES

The Company has 34 operating leases for manufacturing facilities and offices. Some leases include one or more options to renew, which is typically at the Company's sole discretion. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. New lease modifications result in remeasurement of the right of use ("ROU") assets and lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. ROU assets and related lease obligations are recognized at commencement date based on the present value of remaining lease payments over the lease term.

All of the Company's leases are classified as operating leases and primarily include office space and manufacturing facilities.

Supplemental balance sheet information related to operating leases was as follows:

	June 30, 2020
Right-of-use assets	$	1,083,809
Operating lease liabilities - current	$	187,909
Operating lease liabilities - non-current		655,598
Total operating lease liabilities	$	843,507

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2020:

Remaining lease term and discount rate:
Weighted average remaining lease term (years)	3.5
Weighted average discount rate	4.06	%

During the three months ended June 30, 2020 and 2019, the Company incurred total operation lease expenses of $511,773 and $542,785 respectively.

The following is a schedule, by fiscal years, of maturities of lease liabilities as of June 30, 2020:

2021	$	432,305
2022		317,480
2023		223,043
2024		117,837
2025		12,660
Thereafter		62,503
Total lease payments		1,165,828
Less: imputed interest		(82,019	)
Less: prepayments		(240,302	)
Present value of lease liabilities	$	843,507