Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.20.2
LEASES
6 Months Ended
Sep. 30, 2020
LEASES  
NOTE 18 - LEASES

NOTE 18 - LEASES

 

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 (Topic 842).”

 

The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of September 30, 2020:

 

 

 

 

 

Classification on Balance Sheet

 

September 30, 2020

 

Assets

 

 

 

 

 

Operating lease assets

 

Right-of-use assets

 

$ 13,648

 

Total lease assets

 

 

 

$ 13,648

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Operating lease liability

 

Operating lease obligations

 

$ 13,565

 

Total lease liability

 

 

 

$ 13,565

 

Lease obligations at September 30, 2020, consisted of the following:

 

 

Twelve months ending March 31,

 

 

 

2021 - remaining after September 30

 

$ 3,231

 

2022

 

 

5,984

 

2023

 

 

4,931

 

2024

 

 

1,190

 

2025

 

 

439

 

2026

 

 

30

 

Total payments

 

 

15,805

 

Less: amounts representing interest

 

 

(2,240 )

Lease obligation, net

 

$ 13,565

 

Weighted average remaining lease term (in months)

 

 

26

 

Weighted average discount rate

 

 

12 %

Lease commitments for short term operating leases as of September 30, 2020, are approximately $337. The Company’s rent expense for office space was $70 and $171 for the three and six months ended September 30, 2020 and $155 and $277 for the three and six months ended September 30, 2019, respectively.