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LEASES | 3 Months Ended
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Jun. 30, 2021
LEASES |
NOTE 18 - LEASES | NOTE 18 – LEASES The 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 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 June 30, 2021:
|  | Classification on Balance Sheet |  | June 30, 2021 |
Assets |  |  |  |  |
Operating lease assets |  | Right-of-use assets |  | $ | 17,450 |
Total lease assets |  |  |  | $ | 17,450 |
Liabilities |  |  |  |  |  |
Operating lease liability |  | Operating lease obligations |  | $ | 17,345 |
Total lease liability |  |  |  | $ | 17,345 |
Lease obligations at June 30, 2021, consisted of the following:
Twelve months ending March 31, |  |  |
2022 |  | $ | 6,289 |
2023 |  |  | 7,398 |
2024 |  |  | 3,353 |
2025 |  |  | 2,020 |
2026 |  |  | 1,245 |
Thereafter |  |  | 301 |
Total payments |  |  | 20,615 |
Less: amounts representing interest |  |  | (3,270 | )
Lease liability, net |  | $ | 17,345 |
Weighted average remaining lease term (in months) |  |  | 27 |
Weighted average discount rate |  |  | 12 | %
Lease commitments for short term operating leases as of June 30, 2021, are approximately $646. The Company’s rent expense for office space was $116 and $101 for the three months ended June 30, 2021, and June 30, 2020, respectively.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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