Leases

3 Months Ended

Jun. 30, 2021

Leases [Abstract]

LEASES

NOTE 7 – LEASES

The Company has 47 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 measurement 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, 2021
Right-of-use assets	$	1,784,817
Operating lease liabilities - current	$	519,599
Operating lease liabilities - non-current		1,055,972
Total operating lease liabilities	$	1,575,571

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2021:

Remaining lease term and discount rate:
Weighted average remaining lease term (years)	2.9
Weighted average discount rate	4.06	%

During the three months ended June 30, 2021 and 2020, the Company incurred total operating lease expenses of $584,737 and $511,773, respectively.

The following is a schedule, by fiscal years, of maturities of lease liabilities as of June 30, 2021:

2022	$	562,979
2023		628,798
2024		404,303
2025		135,398
2026		97,095
Thereafter		-
Total lease payments		1,828,573
Less: imputed interest		(43,758	)
Less: prepayments		(209,244	)
Present value of lease liabilities	$	1,575,571