Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Mar. 31, 2020
Leases [Abstract]  

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, 2020:



Classification on Balance Sheet


March 31,


Operating lease assets Right-of-use assets   $ 14,543  
Total lease assets     $ 14,543  
Operating lease liability Operating lease obligations   $ 14,384  
Total lease liability   $ 14,384  


Lease obligations at March 31, 2020, consisted of the following:


Twelve months ending March 31,      
2021   $ 5,966  
2022     5,562  
2023     4,371  
2024     949  
2025     219  
Total payments     17,067  
Less: amounts representing interest     (2,683 )
Lease obligation, net     14,384  
Weighted average remaining lease term (in months)     29  
Weighted average discount rate     12 %


Lease commitments for short-term operating leases as of March 31, 2020 was approximately $354. The Company’s rent expense for office space was $1,147 for the year ended March 31, 2020 and $4,819 for the year ended March 31, 2019, respectively.