Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
LEASES
 6 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases LEASESThe 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 table below presents the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2022:
  Classification on Balance Sheet September 30, 2022
Assets
Operating lease assets Right-of-use assets $ 13,602 
Total lease assets   $ 13,602 
   
Liabilities  
Operating lease liability Lease liability $ 13,348 
Total lease liability   $ 13,348 
The following table presents as of September 30, 2022, the annual maturities of the lease liabilities:
Twelve months ending March 31,
  
2023 $ 2,505
2024 3,555 
2025 2,922 
2026 2,409 
2027 1,681 
Thereafter 3,607 
Total payments 16,679 
Less: amounts representing interest 3,331 
Lease liability, net $ 13,348 
Weighted average remaining lease term (in months) 23
Weighted average discount rate 12  %
Lease commitments for short term operating leases as of September 30, 2022, was approximately $296. The Company’s lease expense for office space was $573 and $1,116 for the three and six months ended September 30, 2022, and $398 and $550 September 30, 2021, respectively.