Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Dec. 31, 2019
Leases [Abstract]  

The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate.


The Company leases its corporate office space and certain facilities under long-term operating leases expiring through fiscal year 2024. Effective April 1, 2019, the Company adopted the provision of ASC 842 Leases.


The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2019:



  Classification on Balance Sheet   December 31, 2019  
Operating lease assets Right-of-use assets   $ 15,748  
Total lease assets     $ 15,748  
Operating lease liability Operating lease obligations   $ 17,270  
Total lease liability   $ 17,270  


Lease obligations at March 31, 2019, consisted of the following:


Twelve months ending March 31,      
2020 – remainder   $ 1,554  
2021     6,828  
2022     6,317  
2023     4,645  
2024     1,102  
2025     238  
Total payments     20,684  
Less: amounts representing interest     (3,414 )
Lease obligation, net   $ 17,270  
Weighted average remaining lease term (in months)     31  
Weighted average discount rate     12 %


Lease commitments for short-term operating lease as of December 31, 2019 are approximately $413. The Company’s rent expense for office space was $688 and $977 for the three and nine months ended December 31, 2019 and $1,474 and $3,692 for the three and nine months ended December 31, 2018, respectively.