Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
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 $ 9,486 
Total lease assets   $ 9,486 
   
Liabilities  
Operating lease liability Operating lease obligations $ 9,544 
Total lease liability   $ 9,544 
Lease obligations at June 30, 2022, consisted of the following:
Twelve months ending March 31,
  
2023 $ 3,909 
2024 2,837 
2025 2,147 
2026 1,636 
2027 763 
Thereafter 45 
Total payments 11,337 
Less: amounts representing interest 1,793 
Lease liability, net $ 9,544 
Weighted average remaining lease term (in months) 23
Weighted average discount rate 12  %
Lease commitments for short term operating leases as of June 30, 2022, was approximately $372. The Company’s rent expense for office space was $543 and $158 for the three months ended June 30, 2022, and June 30, 2021, respectively.