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Leases

3 Months Ended

Jun. 30, 2019

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 Company leases its corporate office space and certain facilities under long-term operating leases expiring through fiscal year 2024. Effective April 1, 2019, the Company adopted the provision of ASC 842 Leases.

The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of June 30, 2019:

		Classification on Balance Sheet		June 30, 2019
Assets
Operating lease assets		Right-of-use assets		$	14,281
Total lease assets				$	14,281

Liabilities
Operating lease liability		Operating lease obligations		$	15,856
Total lease liability				$	15,856

Lease obligations at March 31, 2019, consisted of the following:

Twelve months ending March 31,
2020 – remainder		$	4,353
2021			5,727
2022			5,236
2023			3,592
2024			200
Total payments			19,108
Less: amounts representing interest			(3,252	)
Lease obligation, net		$	15,856
Weighted average remaining lease term (in months)			34
Weighted average discount rate			12	%

Lease commitments for short term operating lease as of June 30, 2019 is approximately $509. The Company’s rent expense for office space was $122 and $1,086 for the three months ended June 30, 2019 and 2018, respectively.