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LEASES | 3 Months Ended
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Jun. 30, 2022
Leases |
LEASES | NOTE 9 – 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. 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 June 30, 2022 and March 31, 2022, total Right of Use Assets were $2,583,344 and $2,791,850, respectively. As of June 30, 2022 and March 31, 2022, total Operating Lease Liabilities were $2,711,698 and $2,922,780, respectively. The current portion of our Operating Lease Liability on June 30, 2022 and March 31, 2022 is $811,139 and $831,429 respectively and is reported as a current liability. The remaining $1,900,559 of the total $2,711,698 for the quarter ended June 30, 2022 and the $2,091,351 of the total $2,922,780 for the year ended March 31, 2022 of the Operating Lease Liability is presented as a long-term liability net of the current portion. AMMO, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The weighted average remaining lease term and weighted average discount rate for operating leases were 3.4 years and 10.0%, respectively. Future minimum lease payments under non-cancellable leases as of June 30, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, |  |  |  |
2022 (1) |  | $ | 782,069 |
2023 |  |  | 992,620 |
2024 |  |  | 796,066 |
2025 |  |  | 351,962 |
2026 |  |  | 257,508 |
Thereafter |  |  | 43,660 |
Total Lease Payments |  |  | 3,223,885 |
Less: Amount Representing Interest |  |  | (512,187 | )
Present Value Of Lease Liabilities |  | $ | 2,711,698 |
| (1) | This amount represents future lease payments for the remaining nine months of fiscal year 2023. It does not include any lease payments for the three months ended June 30, 2022.
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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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