LEASES (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
|---|
| LEASES |
|
| Schedule of right-of-use assets and liabilities |
| | | | | | | | | June 30, 2023 | | March 31, 2023 | Finance lease: | | | | | | | Right of use asset – operating lease | | $ | 6,629,396 | | $ | 6,629,396 | Right of use asset – finance leases | | | 65,016 | | | 65,016 | Amortization | | | (1,201,908) | | | (1,033,474) | Right of use asset, net | | $ | 5,492,504 | | $ | 5,660,938 | Lease liability – operating lease | | $ | 5,648,643 | | $ | 5,819,365 | Lease liability – finance leases | | | 30,146 | | | 36,336 | Total lease liability | | $ | 5,678,789 | | $ | 5,855,701 |
|
| Schedule of supplemental information of leases |
| | | | | | | Components of lease expense for the three months ended: | | June 30, 2023 | | June 30, 2022 | Operating lease amortization | | $ | 164,101 | | $ | 158,071 | Finance lease amortization | | $ | 4,333 | | $ | 6,300 | Finance lease interest | | $ | 281 | | $ | 544 |
| | | | | | Weighted average lease term and discount rate at: | | June 30, 2023 | | June 30, 2022 | | Lease term (years) – operating lease | | 7.00 | | 8.00 | | Lease term (years) – finance lease | | 2.40 | | 2.70 | | Lease rate – operating lease | | 4.5 | % | 4.5 | % | Lease rate – finance lease | | 4.5 | % | 3.7 | % |
|
| Schedule of supplemental cash flow information |
| | | | | | | Supplemental cash flow information related to leases for the three months ended: | | June 30, 2023 | | June 30, 2022 | Cash used in operating activities | | $ | 234,700 | | $ | 193,393 | Cash used in financing activities | | $ | 6,191 | | $ | 16,860 |
|
| Schedule of maturities of lease liabilities |
| | | | 2024 | | $ | 952,880 | 2025 | | | 948,701 | 2026 | | | 946,226 | 2027 | | | 938,802 | 2028 | | | 938,802 | Thereafter | | | 1,876,899 | Total lease payments | | $ | 6,602,310 | Less: imputed interest | | | 923,521 | Total | | $ | 5,678,789 |
|