XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.19.2

Note 14 - Leases | 3 Months Ended
--- | ---
Jun. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 14. Leases On April 1, 2019, the Company adopted ASU 2016 - 02, Leases (Topic 842 ) ("ASC 842" ), using the modified retrospective approach. The Company elected the package of practical expedients available in the standard and as a result, did not reassess the lease classification of existing contracts or leases or the initial direct costs associated with existing leases. The Company did not elect the hindsight practical expedient, and evaluated lease terms for existing leases. The Company has also elected the practical expedient to not separate lease components and non-lease components and will account for the leases as a single lease component for all classes of leases. As a result of the adoption of ASC 842, the Company recognized lease right-of-use assets of $3.8 million, and operating lease liabilities of $3.8 million. There was no impact to the condensed consolidated statements of operations or stockholders' equity for the adoption of ASC 842. No impairment was recognized on the right-of-use asset upon adoption. These adjustments are detailed as follows:
|  | March 31, 2019 |  |  | ASC 842 Adjustment |  |  | April 1, 2019 |
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |
Right of use asset |  | $ | - |  |  | $ | 3,795 |  |  | $ | 3,795 |
Total operating lease right-of-use asset |  |  | 0 |  |  |  | 3,795 |  |  |  | 3,795 |
Operating lease liabilities – ST |  | $ | - |  |  | $ | 309 |  |  | $ | 309 |
Operating lease liabilities – LT |  |  | 0 |  |  |  | 3,512 |  |  |  | 3,512 |
Total operating lease liabilities |  |  | 0 |  |  |  | 3,821 |  |  |  | 3,821 |
Weighted-average remaining lease term |  |  |  |  |  |  |  |  |  | 7.69 years |
Weighted-average discount rate |  |  |  |  |  |  |  |  |  |  | 7.06 | %
All significant lease arrangements are recognized at lease commencement. Operating lease right–of-use assets and lease liabilities are recognized at commencement. The operating lease right-of-use asset includes any lease payments related to initial direct cost and prepayments and excludes any lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company enters into a variety of operating lease agreements through the normal course of its business, but primarily real estate leases to support its operations. The agreements generally provide for fixed minimum rental payments and the payment of real estate taxes and insurance. Many of these leases have one or more renewal options that allow the Company, at its discretion, to renew the lease for varying periods up to five years or to terminate the lease. Only renewal options or termination rights that the Company believed were likely to be exercised were included in the lease calculations. The Company also enters into leases for vehicles, IT equipment and service agreements, and other leases related to its manufacturing operations that are also included in the right-of-use asset and lease liability accounts if they are for a term of longer than twelve months. However, many of these leases are either short-term in nature or immaterial. The Company has made the policy election to exclude short term leases from the balance sheet. The discount rate was calculated using an incremental borrowing rate based on an assessment prepared by the Company through the use of Company credit ratings, consideration of its lease populations potential risk to its total capital structure, and a market rate for a collateralized loan for its risk profile, calculated by a third party. The Company elected to apply the discount rate using the remaining lease term at the date of adoption. The Company did not identify any leases that are classified as financing leases. Supplemental balance sheet information related to leases at June 30, 2019 are as follows:
|  | June 30, 2019 |
Operating Leases: |  |  |  |
Right-of-use assets |  | $ | 3,733 |
Total right-of-use assets |  |  | 3,733 |
Lease liabilities - ST |  | $ | 416 |
Lease liabilities - LT |  |  | 3,357 |
Total operating lease liabilities |  |  | 3,773 |
Weighted-average remaining lease term |  | 7.55 years |
Weighted-average discount rate |  |  | 7.06 | %
The costs related to the Company's leases for the three months ended June 30, 2019 are as follows:
|  | June 30, 2019 |
Operating Lease: |  |  |  |
Operating lease costs - fixed |  | $ | 178 |
Operating lease costs - variable |  |  | 21 |
Short-term lease costs |  |  | 233 |
Total lease costs |  |  | 432 |
The Company’s estimated minimum future lease obligations under the Company's leases are as follows:
|  | Operating Leases |
Year ended March 31, |  |  |  |
2020 |  | $ | 496 |
2021 |  |  | 673 |
2022 |  |  | 653 |
2023 |  |  | 627 |
2024 |  |  | 564 |
Thereafter |  |  | 1,896 |
Total minimum lease payments |  |  | 4,909 |
Less: interest |  |  | (1,136 | )
Present value of lease liabilities |  |  | 3,773 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration