|9 Months Ended|
Dec. 31, 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 readily determinable, 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 following table presents as of December 31, 2022, the annual maturities of the lease liabilities:
Lease commitments for short term operating leases as of December 31, 2022, was approximately $258. The Company’s lease expense for office space was $1,414 and $2,530 for the three and nine months ended December 31, 2022, and $286 and $777 December 31, 2021, respectively.
No definition available.
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