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Note 5 - Leases | 6 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 5 . Leases Under the new lease standard, a contract is a lease or contains one when ( 1 ) the contract contains an explicitly or implicitly identified asset and ( 2 ) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration. We assess whether an arrangement is a lease, or contains a lease, upon inception of the contract. As of September 30, 2019, we have operating leases for buildings, warehouses, and office equipment. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments. Adjustments would also be made for accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets, none of which are present in any of our current lease contracts. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. When readily determinable, the discount rate used to calculate the lease liability is the rate implicit in the lease. Otherwise we use our incremental borrowing rate based on the information available at lease commencement. Our short-term leases are not material. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Many of our leases include one or more renewal or termination options at our discretion, which are included in the determination of the lease term if we are reasonably certain to exercise the option. We have also entered into lease agreements that have variable payments related to certain indexes. Variable lease payments are recognized in the period in which those payments are incurred. All nonlease components are readily identifiable in our lease contract. The following table presents the lease balances within the Condensed Consolidated Balance Sheets related to our operating leases as of September 30, 2019 :
Lease Assets and Liabilities | Balance Sheet Location |  | September 30, 2019 |
Operating lease ROU asset | Other assets |  | $ | 1,205 |
Current operating lease liabilities | Other accrued expenses |  |  | 686 |
Noncurrent operating lease liabilities | Other long-term liabilities |  |  | 441 |
Lease term and discount rates were as follows as of September 30, 2019 :
|  | September 30, 2019 |
Weighted average remaining lease term in years |  |  | 1.9 |
Weighted average discount rate |  |  | 3.94 | %
The components of lease costs were as follows for the three month period ended September 30, 2019 :
|  | Three Months Ended September 30, 2019 |  |  | Six Months Ended September 30, 2019 |
Operating lease expense |  | $ | 178 |  |  | $ | 358 |
Variable lease expense |  |  | 22 |  |  |  | 49 |
Total lease expense |  | $ | 200 |  |  | $ | 407 |
Supplemental cash flow information related to leases were as follows for the three month period ended September 30, 2019 :
|  | Three Months Ended September 30, 2019 |  |  | Six Months Ended September 30, 2019 |
Cash paid for amounts included in the measurements of lease liabilities |  | $ | 191 |  |  | $ | 385 |
Operating lease assets obtained in exchange for operating lease obligations |  |  | -- |  |  |  | 73 |
Maturities of lease liabilities were as follows as of September 30, 2019 :
Remainder of fiscal year 2020 |  | $ | 372 |
2021 |  |  | 540 |
2022 |  |  | 215 |
2023 |  |  | 24 |
Future value of lease liabilities |  |  | 1,151 |
Less: imputed interest |  |  | 24 |
Present value of lease liabilities |  | $ | 1,127 |
As of September 30, 2019 , we had no additional significant operating leases that had not yet commenced. Total noncancellable operating leases in effect at March 31, 2019, as reported under previous lease accounting guidance, require rental payments of the following amounts in each of the following periods:
Fiscal year ending March 31, |  |  |  |
2020 |  | $ | 653 |
2021 |  |  | 443 |
2022 |  |  | 230 |
2023 |  |  | 48 |
Total future lease payments |  | $ | 1,374 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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