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LEASES | 3 Months Ended
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Jun. 30, 2021
Leases |
LEASES | NOTE 8 – LEASES We lease office, manufacturing, and warehouse space in Scottsdale and Payson, AZ, Atlanta and Marietta, GA, and Manitowoc and Two Rivers, WI under contracts we classify as operating leases. None of our leases are financing leases. The Payson lease has an option to renew for five years. As of June 30, 2021, we are fairly certain we will not exercise the renewal option. The Scottsdale lease does not include a renewal option. As of June 26, 2020, the Company entered into an amended agreement that modified the Manitowoc lease to monthly payments of $34,071 and decrease the term to March 2025. The agreement does not contain a renewal option. Accordingly, we modified our Right of Use Assets and Operating Lease Liabilities by $737,680 at June 30, 2020. Consolidated lease expense for the three months ended June 30, 2021 and 2020 was $273,296 and $184,769, respectively, including $263,197 and $176,673 of respective operating lease expense and $10,099 and $8,096 of respective other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. AMMO, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The weighted average remaining lease term and weighted average discount rate for operating leases were 3.0 years and 10.0%, respectively. Futures minimum lease payments under non-cancellable leases as of June 30, 2021 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, |  |  |
2022 (1) |  | $ | 905,641 |
2023 |  |  | 1,018,689 |
2024 |  |  | 873,420 |
2025 |  |  | 472,306 |
2026 |  |  | - |
Thereafter |  |  | - |
Total lease payments |  |  | 3,270,056 |
Less: Amount Representing Interest |  |  | (463,465 | )
Present value of lease liabilities |  | $ | 2,806,591 |
| (1) | This amount represents future lease payments for the remaining nine months of fiscal year 2022. It does not include any lease payments for the three months ended June 30, 2021.
AMMO, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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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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