Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.22.2
LEASES
 3 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases LEASES
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 Condensed Consolidated Balance Sheets as of June 30, 2022:
  Classification on Balance Sheet June 30, 2022
Assets
Operating lease assets Right-of-use assets $ 24,394 
Total lease assets   $ 24,394 
   
Liabilities  
Operating lease liability Operating lease obligations $ 23,642 
Total lease liability   $ 23,642 
Lease obligations at June 30, 2022, consisted of the following:
Twelve months ending March 31,
  
2023 $ 9,834 
2024 7,907 
2025 5,478 
2026 3,192 
2027 1,129 
Thereafter 506 
Total payments 28,046 
Less: amounts representing interest 4,404 
Lease liability, net $ 23,642 
Weighted average remaining lease term (in months) 26
Weighted average discount rate 12  %
Lease commitments for short term operating leases as of June 30, 2022, was approximately $1,178. The Company’s rent expense for office space was $1,058 and $218 for the three months ended June 30, 2022, and June 30, 2021, respectively.