|3 Months Ended|
Jun. 30, 2022
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:
Lease obligations at June 30, 2022, consisted of the following:
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.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef