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8. LEASES

6 Months Ended

Sep. 30, 2023

LEASES

NOTE 8 - LEASES

NOTE 8—LEASES

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The Company has operating leases for corporate offices and research and development facilities. The Company’s leases have remaining lease terms of 5 months to 43 months, some of which include options to extend for up to 5 years.

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On June 29, 2023, the Company entered into a lease agreement in Taiwan, wherein the lease for the Company’s existing office and warehouse space was extended through August 31, 2026. The lease has been extended for a three-year period under substantially the same terms and conditions of the original lease agreement. The Company identified this extension as a lease modification and reassessed the discount rate at the remeasurement date, at 3.9% based on local rates in Taiwan, and the Company has remeasured its ROU asset and lease liability on the condensed consolidated balance sheet using the discount rate that applies as of the date of the modification.

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Supplemental balance sheet information related to leases was as follows:

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​	​	​	​	​	​	​
​	​	As of		​	As of
​	​	September 30, 2023		​	March 31, 2023
​	​	(In thousands)
Operating Leases	​	​	​	​	​	​
Operating lease right-of-use assets	​	$	1,031	​	$	684
​	​	​	​	​	​	​
Lease liabilities-current	​	$	396	​	$	413
Lease liabilities-non-current	​	​	592	​	​	238
Total operating lease liabilities	​	$	988	​	$	651

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The following table provides the details of lease costs:

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Three Months Ended September 30,

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Six Months Ended September 30,

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​

2023

2022

​

2023

2022

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(In thousands)

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(In thousands)

Operating lease cost

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$

141

​

$

149

​

$

284

​

$

299

Short-term lease cost

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​

8

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​

8

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​

16

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​

16

​

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$

149

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$

157

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$

300

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$

315

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The following table provides other information related to leases:

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​	​	​	​	​	​	​
​	​	Six Months Ended September 30,
​	​	2023			2022
​	​	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	283	​	$	298
​	​	​	​	​	​	​
Right-of-use assets obtained in exchange for lease obligations	​	​	​	​	​	​
Operating leases	​	$	637	​	$	376
​	​	​	​	​	​	​
Weighted-average remaining lease term (years):	​	​	​	​	​	​
Operating leases	​	​	2.85	​	​	2.57
​	​	​	​	​	​	​
Weighted-average discount rate:	​	​	​	​	​	​
Operating leases	​	​	4.11%	​	​	4.35%

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The following table provides the maturities of the Company’s operating lease liabilities as of September 30, 2023:

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​	​	​	​
​	​	Operating Lease
​	​	Liabilities
Fiscal Year	​	(In thousands)
2024 (remaining six months)	​	$	251
2025	​	​	303
2026	​	​	305
2027	​	​	180
2028	​	​	7
Total undiscounted future cash flows	​	​	1,046
Less: Imputed interest	​	​	(58)
Present value of undiscounted future cash flows	​	$	988
​	​	​	​
Presentation on statement of financial position	​	​	​
Current	​	$	396
Non-current	​	$	592

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X

- References

No definition available.

+ Details

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Data Type:	xbrli:stringItemType
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X

- 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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Namespace Prefix:	us-gaap_
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