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Note 5 - Leases

12 Months Ended

Mar. 31, 2022

Note 5. Leases

We have operating leases for buildings and office equipment. The following table presents the lease balances within the Consolidated Balance Sheets related to our operating leases:

Lease Assets and Liabilities	*Balance Sheet Location*	*March 31, 2022*		*March 31, 2021*
Operating lease ROU asset	Other assets	$	10,201	$	1,801
Current operating lease liabilities	Other accrued expenses		2,768		1,023
Noncurrent operating lease liabilities	Other long-term liabilities		7,436		677

Operating lease right of use assets and liabilities increased significantly during the year ended March 31, 2022 due to the Agena Acquisition. See Note 4. "Significant Transactions" for details. We accounted for the five property leases acquired as part of our acquisition of Agena by measuring the lease liability at the present value of the remaining lease payments as if the acquired lease were a new lease for Mesa. These properties are used for office, laboratory, and manufacturing space.

The components of lease costs, the weighted average remaining lease term and the weighted average discount rate were as follows:

	*Year Ended March 31,*
	*2022*			*2021*
Operating lease expense	$	1,973		$	1,130
Variable lease expense		419			272
Total lease expense	$	2,392		$	1,402
Weighted average remaining lease term in years		4.3			1.8
Weighted average discount rate		1.7	%		3.3	%

The weighted average discount rate on operating leases declined significantly as a result of the new leases acquired in the Agena Acquisition. These new lease ROU assets and liabilities were calculated using lower discount rates than leases commenced prior to fiscal year 2022.

Supplemental cash flow information related to leases was as follows:

	Year Ended March 31,
	2022		2021
Cash paid for amounts included in the measurements of lease liabilities	$	1,896	$	1,192
Operating lease assets obtained in exchange for operating lease obligations		10,577		558

Maturities of lease liabilities are as follows as for the years ending March 31:

2023	$	2,905
2024		2,195
2025		1,999
2026		1,954
2027		1,490
Future value of lease liabilities		10,543
Less: imputed interest		339
Present value of lease liabilities	$	10,204