Perfect Moment Ltd. Leases Disclosure
6. LEASES
The Company has obligations under operating leases for its offices. The majority of the Company’s leases include renewal options at the sole discretion of the Company. In general, it is not reasonably certain that lease renewals will be exercised at lease commencement and therefore lease renewals are not included in the lease term.
In January 2026, the Company entered into a long-term non-cancellable lease agreement for its new office facility. The lease terminates in 2030. The Company classified the lease as an operating lease and determined that the present value of the right of use asset and lease liability at the adoption date was $1,077, using a discount rate of 8.00%.
The following table details the Company’s net lease expense. The lease expenses include contingent rent payments and other non-fixed lease related costs, including common area maintenance, property taxes, and landlord’s insurance.
| Lease expense | Year Ended March 31, 2026 | Year Ended March 31, 2025 | ||||||
| Net lease expense: | ||||||||
| Operating lease expense | $ | 76 | $ | 110 | ||||
| Total lease expense | $ | 76 | $ | 110 | ||||
| Weighted-average remaining lease term (in years) | 4.72 | 0.53 | ||||||
| Weighted-average discount rate | 8.0 | % | 5.0 | % | ||||
Rent expense for the fiscal years ended March 31, 2026 and 2025 was $534 and $894, respectively (including short term and other rentals).
| Maturity of lease liabilities | March 31, 2026 | |||
| Within one year | $ | 59 | ||
| Within one to two years | 232 | |||
| Within two to three years | 339 | |||
| Within three to four years | 382 | |||
| Within four to five years | 316 | |||
| Total lease payments | 1,328 | |||
| Discount rate | (259 | ) | ||
| Present value of lease liabilities | 1,069 | |||
| Less current portion | (37 | ) | ||
Operating lease liability, non-current | $ | 1,032 | ||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 29, 2026 | Showing above |
| 2025 | Jun 30, 2025 | |
| 2024 | Jul 1, 2024 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.