Leases

12 Months Ended

Mar. 31, 2024

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, 2024 through January 31, 2029, 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 April 30, 2024 to March 21, 2031.

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 Sheets 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:


	2024		2023
Weighted average term - operating lease liabilities	3.59 years		2.87 years
Weighted average incremental borrowing rate - operating lease liabilities	9	%	12	%

Total lease cost amounted to approximately $1.9 million and $1.8 million, respectively, for the years ended March 31, 2024 and 2023. Total lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations.

For the years ended March 31, 2024 and 2023, the following table presents total lease cost (in thousands):


	2024		2023
Lease cost
Operating lease cost	$	1,945	$	1,817
Short term lease cost	—		7

Total lease cost	$	1,945	$	1,824

The following table presents supplemental balance sheet information as of March 31, 2024 and 2023 (in thousands):


	2024		2023
Non-current assets - right of use assets, net	$	4,432	$	3,371
Current liabilities - operating lease liabilities	$	1,850	$	1,725
Non-current liabilities - operating lease liabilities	$	3,446	$	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 year ended March 31, 2024 are as follows (in thousands):


Fiscal Year	Operating Leases
2025	$	2,230
2026	1,492
2027	1,079
2028	734
2029	471
After 2029	54
Total future minimum lease payments	6,060
Amount representing interest	(764)
Present value of net future minimum lease payments	$	5,296