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LEASES | 3 Months Ended
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Jun. 30, 2023
Leases |
LEASES | NOTE 8 – LEASES We lease office, manufacturing, and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify as operating leases. None of our leases are financing leases. The Scottsdale lease does not include a renewal option. We terminated our lease agreement in our first Manitowoc, WI location during the year ended March 31, 2023. Accordingly, we decreased our Right of Use Assets and Operating Lease Liabilities by $901,076. As of June 30, 2023 and March 31, 2023, total Right of Use Assets were $1,141,418 and $1,261,634, respectively. As of June 30, 2023 and March 31, 2023, total Operating Lease Liabilities were $1,246,520 and $1,374,224, respectively. The current portion of our Operating Lease Liability on June 30, 2023 and March 31, 2023 is $421,477 and $470,734, respectively, and is reported as a current liability. The remaining $825,043 of the total $1,246,520 as of June 30, 2023 and the $903,490 of the total $1,374,224 as of March 31, 2023 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 Consolidated lease expense for the three months ended June 30, 2023 was $167,609 including $160,758 of operating lease expense and $6,851 of other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. Consolidated lease expense for the three months ended June 30, 2022 was $283,233 including $282,058 of operating lease expense and $1,175 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 3.1 years and 10.0%, respectively. Future minimum lease payments under non-cancellable leases as of June 30, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, |  |  |
2024 (1) |  | $ | 423,011 |
2025 |  |  | 387,214 |
2026 |  |  | 351,962 |
2027 |  |  | 257,508 |
2028 |  |  | 43,660 |
Thereafter |  |  | - |
Total Lease Payments |  |  | 1,463,355 |
Less: Amount Representing Interest |  |  | (216,835 | )
Present value of lease liabilities |  | $ | 1,246,520 |
| (1) | This amount represents future lease payments for the remaining nine months of fiscal year 2024. It does not include any lease payments for the three months ended June 30, 2023.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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