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LEASES | 6 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
LEASES | LEASES At March 31, 2023, the Group was obligated under a number of noncancellable leases, predominantly operating leases of office space, which expire at various dates through 2033. The Group's primary involvement with leases is in the capacity as a lessee where a Group company leases premises to support its business. The Group 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. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Company’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated Statements of Operations. Certain of these leases also have extension or termination options, and the Company assesses the likelihood of exercising such options. If it is reasonably certain that the Group will exercise the options to extend, then the Company includes the impact in the measurement of its right-of-use assets and lease liabilities. When readily determinable, the Company uses the rate implicit in the lease to discount lease payments to present value; however, the rate implicit on most of the Group's leases are not readily determinable. 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 September 30, 2023:
| Classification on Balance Sheet |  | September 30, 2023
Assets |  |  |
Operating lease assets | Right-of-use assets |  | $ | 34,212 |
Total lease assets |  |  | $ | 34,212 |
Liabilities |  |  |
Operating lease liability | Operating lease obligations |  | $ | 34,186 |
Total lease liability |  |  | $ | 34,186 |
The following table presents as of September 30, 2023, the annual maturities of the lease liabilities:
Leases maturing during twelve months ended March 31, |  |
2024 |  | $ | 6,324
2025 |  | 10,546 |
2026 |  | 9,983 |
2027 |  | 8,188 |
2028 |  | 5,430 |
Thereafter |  | 4,384 |
Total payments |  | 44,855 |
Less: amounts representing interest |  | (10,669) |
Lease liability, net |  | $ | 34,186 |
Weighted average remaining lease term (in months) |  | 33
Weighted average discount rate |  | 14 | %
Lease commitments for short-term operating leases as of September 30, 2023 was approximately $222. The Group's rent expense for office space was $759 and $1,619 for the three and six months ended September 30, 2023, $573 and $1,116 for the three and six months ended September 30, 2022, respectively. The Group has leases that involve variable payments tied to an index, which are considered in the measurement of operating lease right-of-use (ROU) assets and operating lease liabilities.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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