Transition report pursuant to Rule 13a-10 or 15d-10

Leases

v3.21.1
Leases
9 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

NOTE 9 — LEASES

 

The Company leases its facilities under a long-term operating lease agreement expiring in October 2022. The tables below show the operating lease right-of-use assets and operating lease liabilities as of initial measurement at April 1, 2020 and the balances as of December 31, 2020, including the changes during the periods:

 

    Operating lease
right-of-use assets
 
Initial measurement at April 1, 2020:   $ 663,110  
Less deferred rent allowance     (77,597 )
Net right-of-use assets at April 1, 2020     585,513  
Less amortization of operating lease right-of-use assets     (154,718 )
Operating lease right-of-use assets at December 31, 2020   $ 430,795  

 

   

Operating lease

liabilities

 
Initial measurement at April 1, 2020:   $ 663,110  
Less principal payments on operating lease liabilities     (171,545 )
Operating lease liabilities at December 31, 2020     491,565  
Less non-current portion     236,826  
Current portion at December 31, 2020   $ 254,739  

 

As of December 31, 2020, the Company’s operating leases have a weighted-average remaining lease term of 1.8 years and a weighted-average discount rate of 8.9%.

 

As of December 31, 2020, the maturities of operating lease liabilities are as follows:

 

Year Ending December 31,   Amount  
2021   $ 288,355  
2022     246,650  
Total     535,005  
Less present value discount     (43,440 )
Operating lease liabilities   $ 491,565  

 

Total lease expense was approximately $259,000 and $343,000, respectively, for the nine months ended December 31, 2020 and year ended March 31, 2020. Lease expense was recorded in cost of product sales, general and administrative expenses, research and development and sales and marketing expenses.