Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.1
LEASES
 12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES LEASESThe 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 table below presents the lease related assets and liabilities recorded on the Company's consolidated balance sheets as of March 31, 2022:
Classification on Balance Sheet March 31, 2022
Assets
Operating lease assets Right-of-use assets $ 15,669 
Total lease assets $ 15,669 
Liabilities
Operating lease liability Operating lease obligations $ 15,315 
Total lease liability $ 15,315 
Lease obligations at March 31, 2022, consisted of the following:
Twelve months ending March 31,
2023 $ 8,160 
2024 4,375 
2025 2,924 
2026 1,944 
2027 435 
Thereafter 271 
Total payments 18,109 
Less: amounts representing interest (2,794)
Lease liability, net $ 15,315 
Weighted average remaining lease term (in months) 27
Weighted average discount rate 12  %
Lease commitments for short-term operating leases as of March 31, 2022 was approximately $422. The Company's rent expense for office space was $1,550 for the year ended March 31, 2022, $951 for the year ended March 31, 2021 and $1,147 for the year ended March 31, 2020 respectively.