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 has been extended through 2029 and does not include a renewal option. This extension resulted in an increase to our right of use assets on the consolidated balance sheet by $738,459.

In August of 2021, we extended the lease of our Atlanta offices through May of 2027, and as a result, we increased our right of use assets and operating lease liabilities on our consolidated balance sheet 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 on the consolidated balance sheet by $308,326.

We terminated our lease agreement in Marietta, GA during the year ended March 31, 2024 and decreased our right of use asset and operating lease liabilities on the consolidated balance sheet by $38,185. We also terminated our lease agreement in our first Manitowoc, WI location during the year ended March 31, 2023 and, accordingly, we decreased our right of use assets and operating lease liabilities on the consolidated balance sheet by $901,076.

Consolidated lease expense for the year ended March 31, 2024 was $663,826 including $642,105 of operating lease expense and $21,722 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, 2023 was $881,171 including $861,777 of operating lease expense and $19,394 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, 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.

The weighted average remaining lease term and weighted average discount rate for operating leases were 4.0 years and 10.0%, respectively at March 31, 2024, were 3.3 years and 10.0%, respectively at March 31, 2023, and were 3.5 years and 10.0%, respectively at March 31, 2022.

Future minimum lease payments under non-cancellable leases as of March 31, 2024 are as follows:


Years Ended March 31,
2025	$	666,233
2026		665,069
2027		581,574
2028		379,067
2029		258,102
Total minimum lease payments		2,550,045
Less: Amount Representing Interest		(460,558	)
Present value of minimum lease payments	$	2,089,487