Leases

12 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Note 22 — Leases

As of March 31, 2026 and 2025, the Company has engaged in multiple offices and warehouse leases which were classified as operating leases. In addition, the Company engaged in a few automobiles’ leases under finance lease agreements.

The Company occupies various offices under operating lease agreements with a term shorter than twelve months which it elected not to recognize lease assets and lease liabilities under ASC 842. Instead, the Company recognized the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company recognized lease expense on a straight-line basis over the lease term for operating lease. Meanwhile, the Company recognized the finance leases ROU assets and interest on an amortized cost basis.

The amortization of finance ROU assets is recognized on straight-line basis as amortization expense, while the lease liability is increased to reflect interest on the liability and decreased to reflect the lease payments made during the period.

Operating and finance lease expenses consist of the following:

		For the years ended March 31,
	Classification	2026		2025		2024
Operating lease cost
Lease expenses	General and administrative		1,707,020		879,255		866,481
Finance lease cost
Amortization of leased asset	General and administrative		116,166		113,207		43,900
Interest on lease liabilities	Interest expenses on finance leases		12,202		11,663		4,234
Total lease expenses		$	1,835,388	$	1,004,125	$	914,615

Weighted-average remaining term and discount rate related to leases were as follows:

	As of March 31, 2026			As of March 31, 2025			As of March 31, 2024
Weighted-average remaining term
Operating lease		2.41 years			1.1 years			1.6 years
Finance leases		2.10 years			3.5 years			4.4 years
Weighted-average discount rate
Operating lease		6.0	%		4.7	%		4.9	%
Finance leases		2.6	%		4.6	%		4.5	%

The following table sets forth the Company’s minimum lease payments in future periods:

	Operating			Finance
	lease			lease
	payments			payments			Total
Twelve months ending March 31, 2027	$	1,784,151		$	131,992		$	1,916,143
Twelve months ending March 31, 2028		1,080,295			110,212			1,190,507
Twelve months ending March 31, 2029		708,180			106,038			814,218
Twelve months ending March 31, 2030		73,683			60,232			133,915
Twelve months ending March 31, 2031		36,842			47,737			84,579
Total lease payments		3,683,151			456,211			4,139,362
Less: discount		(228,676	)		(48,876	)		(277,552	)
Present value of lease liabilities	$	3,454,475		$	407,335		$	3,861,810
Present value of lease liabilities, current	$	1,663,734		$	112,687		$	1,776,421
Present value of lease liabilities, non-current	$	1,790,741		$	294,648		$	2,085,389