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LEASES | 12 Months Ended
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Mar. 31, 2022
Leases |
LEASES | NOTE 8 – LEASES We lease office, manufacturing, and warehouse space in Scottsdale, 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 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. In January of 2022, we extended the lease of our second Manitowoc, WI location and increased our Right of Use Assets and Operating Lease Liabilities by $308,326. As of March 31, 2022 and 2021, total Right of Use Assets on the Balance Sheet were $2,791,850 and $2,090,162, respectively. As of March 31, 2022 and 2021, total Operating Lease Liabilities on the Balance Sheet were $2,922,780 and $2,141,440, respectively. The current portion of our Operating Lease Liability at March 31, 2022 and 2021 is $831,429 and $663,784 respectively and is reported as a current liability. The remaining $2,091,351 of the total $2,922,780 for the year ended March 31, 2022 and the $1,477,656 of the total $2,141,440 for the year ended March 31, 2021 of the Operating Lease Liability is presented as a long-term liability net of the current portion. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Consolidated lease expense for the year ended March 31, 2022 was $1,221,473 including $1,177,589 of operating lease expense and $43,884 of other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. Consolidated lease expense for the year ended March 31, 2021 was $844,442 including $742,433 of operating lease expense and $102,008 of other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. The weighted average remaining lease term and weighted average discount rate for operating leases were 3.5 years and 10.0%, respectively at March 31, 2022 and were 3.4 years and 10.0%, respectively at March 31, 2021. Future minimum lease payments under non-cancellable leases as of March 31, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, |  |  |
2023 |  | $ | 1,064,127 |
2024 |  |  | 992,620 |
2025 |  |  | 796,066 |
2026 |  |  | 351,962 |
2027 |  |  | 257,508 |
Thereafter |  |  | 43,660 |
Total Lease Payments |  |  | 3,505,943 |
Less: Amount Representing Interest |  |  | (583,163 | )
Present Value Of Lease Liabilities |  | $ | 2,922,780 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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