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Leases (Tables)

6 Months Ended

Sep. 30, 2023

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%

Lease Cost

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

Supplemental Lease Information

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

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