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Leases (Tables)

9 Months Ended

Dec. 31, 2023

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%

Lease Cost

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

Supplemental Lease Information

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

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