|9 Months Ended|
Dec. 31, 2020
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:
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:
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.
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef