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LEASES | 12 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
LEASES | LEASESThe 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, 2022:
| Classification on Balance Sheet |  | March 31, 2022
Assets |  |  |
Operating lease assets | Right-of-use assets |  | $ | 15,669 |
Total lease assets |  |  | $ | 15,669 |
Liabilities |  |  |
Operating lease liability | Operating lease obligations |  | $ | 15,315 |
Total lease liability |  |  | $ | 15,315 |
Lease obligations at March 31, 2022, consisted of the following:
Twelve months ending March 31, |
2023 | $ | 8,160 |
2024 | 4,375 |
2025 | 2,924 |
2026 | 1,944 |
2027 | 435 |
Thereafter | 271 |
Total payments | 18,109 |
Less: amounts representing interest | (2,794) |
Lease liability, net | $ | 15,315 |
Weighted average remaining lease term (in months) | 27
Weighted average discount rate | 12 | %
Lease commitments for short-term operating leases as of March 31, 2022 was approximately $422. The Company's rent expense for office space was $1,550 for the year ended March 31, 2022, $951 for the year ended March 31, 2021 and $1,147 for the year ended March 31, 2020 respectively.

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- References No definition available. + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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