Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Dec. 31, 2021
Leases [Abstract]  
The Company determines whether a contract 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 table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2021:
  Classification on Balance Sheet December 31, 2021
Operating lease assets Right-of-use assets $ 17,830 
Total lease assets   $ 17,830 
Operating lease liability Operating lease obligations $ 17,573 
Total lease liability   $ 17,573 
Lease obligations at December 31, 2021, consisted of the following:
Twelve months ending March 31,
2022 $ 2,373 
2023 8,551 
2024 4,437 
2025 2,906 
2026 1,973 
Thereafter 550 
Total payments 20,790 
Less: amounts representing interest (3,217)
Lease liability, net $ 17,573 
Weighted average remaining lease term (in months) 26
Weighted average discount rate 12  %
Lease commitments for short term operating leases as of December 31, 2021, are approximately $606. The Company’s rent expense for office space was $386 and $1,123 for the three and nine months ended December 31, 2021, and $656 and $827 for the three and nine months ended December 31, 2020, respectively.