Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
LEASES
 3 Months Ended
Dec. 31, 2021
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 consolidated balance sheets as of December 31, 2021:
  Classification on Balance Sheet December 31, 2021
Assets
Operating lease assets Right-of-use assets $ 6,926 
Total lease assets   $ 6,926 
   
Liabilities  
Operating lease liability Operating lease obligations $ 7,031 
Total lease liability   $ 7,031 
Lease obligations at December 31, 2021, consisted of the following:
Twelve months ending March 31,
  
2022 $ 990 
2023 3,578 
2024 1,430 
2025 1,070 
2026 1,006 
Thereafter 182 
Total payments 8,256 
Less: amounts representing interest (1,225)
Lease liability, net $ 7,031 
Weighted average remaining lease term (in months) 22
Weighted average discount rate 12  %
Lease commitments for short term operating leases as of December 31, 2021, are approximately $99. The Company’s rent expense for office space was $194 and $1,123 for the three and nine months ended December 31, 2021, and $80 and $827 for the three and nine months ended December 31, 2020, respectively.