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LEASES | 3 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
LEASES | LEASESAccounting Policies and Matters Requiring Management's Judgment The Company uses its effective annual interest rate, adjusted for certain assumptions, as the discount rate when evaluating leases under Topic 842. Management applies the adjusted effective annual interest rate to leases entered for the entirety of the subsequent year. Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company generally does not believe it is reasonably certain to exercise any options associated with its office equipment leases. Periodic Disclosures The Company's operating leases consist of real estate leases for office space as well as office equipment. Both the branch real estate and office equipment lease terms generally range from three years to five years, and generally contain options to extend which mirror the original terms of the lease. The Company's finance leases consist of IT equipment which have a three year lease term and do not contain an option to extend the lease term. The following table reports information about the Company's lease cost for the three months ended June 30, 2022 and 2021:
|  |  |  | Three months ended June 30,
|  |  |  |  |  | 2022 |  | 2021
Lease Cost |  |  |  |  |  |  |  |
Finance lease cost |  |  |  |  |  | $ | 103,302 |  |  | $ | 110,429 |
Amortization of right-of-use assets |  |  |  |  |  | 102,278 |  |  | 101,906 |
Interest on lease liabilities |  |  |  |  |  | 1,024 |  |  | 8,523 |
Operating lease cost |  |  |  |  |  | $ | 6,662,311 |  |  | $ | 6,824,446 |
Variable lease cost |  |  |  |  |  | 931,084 |  |  | 932,363 |
Total lease cost |  |  |  |  |  | $ | 7,696,697 |  |  | $ | 7,867,238 |
The following table reports other information about the Company's leases for the three months ended June 30, 2022 and 2021:
|  | Three months ended June 30, |  |
|  | 2022 |  | 2021 |  |  |  |
Other Lease Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 6,724,592 |  |  | $ | 6,974,357 |  |  |  |  |
Operating cash flows from finance leases |  | 1,024 |  |  | 8,523 |  |  |  |  |
Operating cash flows from operating leases |  | 6,689,425 |  |  | 6,811,215 |  |  |  |  |
Financing cash flows from finance leases |  | 34,143 |  |  | 154,619 |  |  |  |  |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | — |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 5,352,690 |  |  | $ | 3,455,876 |  |  |  |  |
Weighted-average remaining lease term — finance leases |  | 0.4 years |  | 0.7 years |  |  |  |
Weighted average remaining lease term — operating leases |  | 7.2 years |  | 7.2 years |  |  |  |
Weighted-average discount rate (monthly) — finance leases |  | 6.0 | % |  | 6.4 | % |  |  |  |
Weighted-average discount rate — operating leases |  | 6.1 | % |  | 6.2 | % |  |  |  |
The aggregate annual lease obligations as of June 30, 2022, are as follows:
|  |  | Operating | Finance |  |
Remainder of 2023 |  |  | $ | 18,465,836 |  | $ | 45,924 |  |  |
2024 |  |  | 21,227,434 |  | — |  |  |
2025 |  |  | 16,594,152 |  | — |  |  |
2026 |  |  | 13,076,778 |  | — |  |  |
2027 |  |  | 8,719,947 |  | — |  |  |
Thereafter |  |  | 32,314,165 |  | — |  |  |
Total undiscounted lease liability |  |  | $ | 110,398,312 |  | $ | 45,924 |  |  |
Imputed interest |  |  | 22,094,574 |  | — |  |  |
Total discounted lease liability |  |  | $ | 88,303,738 |  | $ | 45,924 |  |  |
The Company had no leases with related parties at June 30, 2022 or March 31, 2022.

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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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