Annual report pursuant to Section 13 and 15(d)

LEASES

v3.23.1
LEASES
 12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES LEASES
The 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 $ 6,747 
Total lease assets $ 6,747 
Liabilities
Operating lease liability Operating lease obligations $ 6,785 
Total lease liability $ 6,785 
Lease obligations at March 31, 2022, consisted of the following:
Twelve months ending March 31,
2023 $ 3,725 
2024 1,683 
2025 1,271 
2026 1,064 
2027 244 
Thereafter
Total payments 7,987 
Less: amounts representing interest (1,202)
Lease liability, net $ 6,785 
Weighted average remaining lease term (in months) 23
Weighted average discount rate 12  %
Lease commitments for short-term operating leases as of March 31, 2022 was approximately $74. The Company's rent expense for office space was $637 for the year ended March 31, 2022, $451 for the year ended March 31, 2021 and $151 for the year ended March 31, 2020 respectively.