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Leases | 9 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Leases 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 February 29, 2024 to December 18, 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:
| Nine months ended December 31,
| 2023 |  | 2022
Weighted average term - operating lease liabilities | 3.50 years |  | 3.01 years
Weighted average incremental borrowing rate - operating lease liabilities | 9% |  | 12%
Total lease cost amounted to approximately $0.5 million and $1.5 million, respectively, for the three and nine months ended December 31, 2023 and approximately $0.5 million and $1.4 million, respectively, for the three and nine months ended December 31, 2022. Total lease cost is included in general and administrative expenses on the Company’s Consolidated Statements of Operations. The following table presents total lease cost for the three and nine months ended December 31, 2023 and 2022 (in thousands):
| Three months ended December 31, |  | Nine months ended December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Lease cost |  |  |  |  |  |  |
Operating lease cost (cost resulting from lease payments) | $ | 479 |  | $ | 461 |  | $ | 1,457 |  | $ | 1,355
Short term lease cost | — |  | — |  | — |  | 7
Total lease cost | $ | 479 |  | $ | 461 |  | $ | 1,457 |  | $ | 1,362
The following table presents supplemental cash flow and non-cash activity information for the nine months ended December 31, 2023 and 2022 (in thousands):
| Nine months ended December 31,
| 2023 |  | 2022
Cash paid activity: |  |  |
Operating lease - operating cash flows (fixed payments) | $ | 1,732 |  | $ | 1,634
Operating lease - operating cash flows (liability reduction) | $ | 1,373 |  | $ | 747
Non-cash activity: |  |  |
Right of use assets obtained in exchange for new operating lease liabilities | $ | 439 |  | $ | 165
The following table presents supplemental balance sheet information as of December 31, 2023 and March 31, 2023 (in thousands):
| December 31, 2023 |  | March 31, 2023
Non-current assets - right of use assets, net | $ | 4,629 |  | $ | 3,371
Current liabilities - operating lease liabilities | $ | 1,888 |  | $ | 1,725
Non-current liabilities - operating lease liabilities | $ | 3,700 |  | $ | 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 nine months ended December 31, 2023, are as follows (in thousands):
Fiscal Year | Operating Leases
2024 (excluding the nine months ended December 31, 2023) | $ | 655
2025 | 2,156
2026 | 1,409
2027 | 994
2028 | 645
After 2028 | 522
Total future minimum lease payments | 6,381
Amount representing interest | (793) |
Present value of net future minimum lease payments | $ | 5,588

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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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