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LEASES | 6 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
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 September 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. In August of 2021 we extended the lease of our Atlanta offices through May of 2027, accordingly we increased our Right of Use Assets and Operating Lease Liabilities by $501,125 at September 30, 2021. Consolidated lease expense for the three and six months ended September 30, 2021 were $312,045 and $586,828 including $311,552 and $574,749 of respective operating lease expense and $492 and $12,078 of respective other lease associated expenses such as association dues, taxes. Consolidated lease expense for the three and six months ended September 2020 was $207,340 and $392,109, respectively, including $178,621 and $355,294 of respective operating lease expense and $28,720 and 36,816 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 4.0 years and 10.0%, respectively. Future minimum lease payments under non-cancellable leases as of September 30, 2021 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, |  |  |
2022 (1) |  | $ | 596,588 |
2023 |  |  | 1,018,689 |
2024 |  |  | 873,420 |
2025 |  |  | 675,078 |
2026 |  |  | 250,008 |
Thereafter |  |  | 301,168 |
Total lease payments |  |  | 3,714,951 |
Less: Amount Representing Interest |  |  | (652,723 | )
Present value of lease liabilities |  | $ | 3,062,228 |
| (1) | This amount represents future lease payments for the remaining six months of fiscal year 2022. It does not include any lease payments for the six months ended September 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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