(15) COMMITMENTS AND CONTINGENCIES
Lease commitments
The Group entered into non-cancelable operating leases, primarily for office space, for initial terms of three to five years.
Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease, including any periods of free rent.
Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of March 31, 2012 are:
|
|
Minimum
|
|
|
|
Lease Amount
|
|
|
|
RMB
|
|
Year ended:
|
|
|
|
March 31, 2013
|
|
6,081,036
|
|
March 31, 2014
|
|
3,935,597
|
|
March 31, 2015
|
|
226,511
|
|
March 31, 2016
|
|
—
|
|
March 31, 2017
|
|
—
|
|
|
|
10,243,144
|
|
Rental expense for operating leases (except leases with a term of one month or less that are not renewed) for the years ended March 31, 2010, 2011 and 2012 were RMB 5,485,788, RMB 5,446,033 and RMB 5,159,138 respectively.
|