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Leases | 6 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Leases Substantially all the leases in which the Company is the lessee are comprised of corporate office space and tower space. The Company is obligated under certain lease agreements for office space with lease terms expiring on various dates from October 31, 2023 through June 30, 2027, which includes lease extensions for its corporate headquarters ranging from three to ten years. The Company entered into multiple lease agreements for tower space. The lease expiration dates range from October 31, 2023 to July 31, 2030. Substantially all of the Company’s leases are classified as operating leases. Operating lease agreements are required to be recognized on the Company’s Consolidated Balance Sheet as right of use (“ROU”) assets and corresponding lease liabilities. ROU assets include any prepaid lease payments and exclude any lease incentives and initial direct costs incurred. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option. Weighted-average remaining lease term and incremental borrowing rate for the Company’s operating leases are as follows:
| Six months ended September 30,
| 2023 |  | 2022
Weighted average term - operating lease liabilities | 2.65 years |  | 3.17 years
Weighted average incremental borrowing rate - operating lease liabilities | 12% |  | 13%
Rent expense amounted to approximately $0.5 million and $1.0 million, respectively, for the three and six months ended September 30, 2023 and approximately $0.4 million and $0.9 million, respectively, for the three and six months ended September 30, 2022. Rent expense is included in general and administrative expenses on the Company’s Consolidated Statements of Operations. The following table presents net lease cost for the three and six months ended September 30, 2023 and 2022 (in thousands):
| Three months ended September 30, |  | Six months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Lease cost |  |  |  |  |  |  |
Operating lease cost (cost resulting from lease payments) | $ | 471 |  | $ | 445 |  | $ | 978 |  | $ | 894
Short term lease cost | — |  | 3 |  | — |  | 7
Net lease cost | $ | 471 |  | $ | 448 |  | $ | 978 |  | $ | 901
The following table presents supplemental cash flow and non-cash activity information for the six months ended September 30, 2023 and 2022 (in thousands):
| Six months ended September 30,
| 2023 |  | 2022
Cash paid activity: |  |  |
Operating lease - operating cash flows (fixed payments) | $ | 1,152 |  | $ | 1,080
Operating lease - operating cash flows (liability reduction) | $ | 759 |  | $ | 699
Non-cash activity: |  |  |
Right of use assets obtained in exchange for new operating lease liabilities | $ | 106 |  | $ | 50
The following table presents supplemental balance sheet information as of September 30, 2023 and March 31, 2023 (in thousands):
| September 30, 2023 |  | March 31, 2023
Non-current assets - right of use assets, net | $ | 2,826 |  | $ | 3,371
Current liabilities - operating lease liabilities | $ | 1,610 |  | $ | 1,725
Non-current liabilities - operating lease liabilities | $ | 2,278 |  | $ | 2,922
Future minimum payments under existing non-cancelable leases for office and tower spaces (exclusive of real estate tax, utilities, maintenance and other costs borne by the Company) for the remaining terms of the leases following the six months ended September 30, 2023, are as follows (in thousands):
Fiscal Year | Operating Leases
2024 (excluding the six months ended September 30, 2023) | $ | 1,053
2025 | 1,733
2026 | 972
2027 | 543
2028 | 179
After 2028 | 53
Total future minimum lease payments | 4,533
Amount representing interest | (645) |
Present value of net future minimum lease payments | $ | 3,888

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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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