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8. LEASES | 12 Months Ended
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Mar. 31, 2025
LEASES |
NOTE 8 - LEASES | NOTE 8—LEASES The Company has operating leases for corporate offices, and research and development facilities. The Company’s leases have remaining lease terms of 8 months to 110 months, some of which include options to extend for up to 10 years. On April 2, 2024, the Company entered into a purchase and sale agreement with an unrelated party, as purchaser, to sell the Company’s 1213 Elko Drive property in Sunnyvale, California (the “Sunnyvale Property”) for $11.9 million in cash. On May 21, 2024 the purchase price was revised to $11.7 million. On June 6, 2024, the Company completed the sale and leaseback transaction for a purchase price, net of closing and other expenses payable by the Company, of $11.2 million in cash. Concurrent with the sale, the Company entered into a lease agreement (the “Lease”) to lease all of the Sunnyvale Property that it occupied from the purchaser for an initial term of ten years from the closing of the sale of the Sunnyvale Property. The Company has the option to renew the term of the Lease for two additional five-year periods. Pursuant to the Lease, the Company is responsible for base rent initially at a rate of approximately $90,768 per month and the monthly operational expenses, such as maintenance, insurance, property taxes and utilities. The rental rate will increase three percent (3%) per year beginning on the first anniversary of the closing. The transaction was accounted for as a sale and leaseback and operating lease accounting classification. The Company recorded a gain of $5.7 million which was recorded in the gain from sale of assets in the Consolidated Statements of Operations in the quarter ended June 30, 2024. In connection with the transaction, the Company presented the net book value of the real property of $5.6 million as assets held for sale in the Consolidated Balance Sheets as of March 31, 2024. Supplemental balance sheet information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ | ​ | March 31, 2025 | ​ | March 31, 2024
​ | ​ | (In thousands)
Operating Leases | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use assets | ​ | $ | 9,547 | ​ | $ | 1,553
​ | ​ | ​ | ​ | ​ | ​ | ​
Lease liabilities-current | ​ | $ | 1,642 | ​ | $ | 567
Lease liabilities-non-current | ​ | ​ | 8,001 | ​ | ​ | 955
Total operating lease liabilities | ​ | $ | 9,643 | ​ | $ | 1,522
​ The following table provides the details of lease costs: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31,
​ | ​ | 2025 |  | 2024
​ | ​ | (In thousands)
Operating lease cost | ​ | $ | 1,607 | ​ | $ | 572
Short-term lease cost | ​ | ​ | 33 | ​ | ​ | 32
​ | ​ | $ | 1,640 | ​ | $ | 604
​ The following table provides other information related to leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended March 31,
​ | ​ | 2025 |  | 2024
​ | ​ | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 1,471 | ​ | $ | 570
​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease obligations | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 9,092 | ​ | $ | 1,445
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term (years): | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 8.58 | ​ | ​ | 2.78
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.24% | ​ | ​ | 4.22%
​ The following table provides the maturities of the Company’s operating lease liabilities as of March 31, 2025: ​
​ | ​ | ​ | ​
​ | ​ | Operating Lease
​ | ​ | Liabilities
Fiscal Year | ​ | (In thousands)
2026 | ​ | $ | 1,685
2027 | ​ | ​ | 1,582
2028 | ​ | ​ | 1,192
2029 | ​ | ​ | 1,220
2030 | ​ | ​ | 1,257
Thereafter | ​ | ​ | 5,651
Total undiscounted future cash flows | ​ | ​ | 12,587
Less: Imputed interest | ​ | ​ | (2,944)
Present value of undiscounted future cash flows | ​ | $ | 9,643
​ | ​ | ​ | ​
Presentation on statement of financial position | ​ | ​ | ​
Current | ​ | $ | 1,642
Non-current | ​ | $ | 8,001
​

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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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