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Commitments and Contingencies | 12 Months Ended
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Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES We operate from leased properties under non-cancelable operating lease agreements, certain of which contain escalating lease clauses. The Company leases office space under an operating lease. The Company’s portfolio of leases is primarily related to real estate and since most of our leases do not provide a readily determinable implicit rate, the Company estimated its incremental borrowing rate to discount the lease payments based on information available at either the implementation date of Topic 842 or at lease commencement for leases entered into thereafter. The table below presents the lease-related assets and liabilities recorded on the balance sheet as of March 31, 2022 and March 31, 2021:
(In thousands) |  | Classification on the Balance Sheet |  | March 31, 2022 |  |  | March 31, 2021 |
Assets |  |  |  |  |  |  |  |
Noncurrent |  | Operating lease right-of-use asset |  | $ | 749 |  |  | $ | 100 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  | Operating leases – current portion |  |  | 258 |  |  |  | 87 |
Noncurrent |  | Operating leases – long-term portion |  |  | 491 |  |  |  | 13 |
Total operating lease liabilities |  |  |  | $ | 749 |  |  | $ | 100 |
The weighted average life remaining is 35 months and the weighted average interest rate 3.38%. Lease Costs The table below presents certain information related to lease costs for leases:
|  | Year Ended |  |  | Year Ended |
(In thousands) |  | March 31, 2022 |  |  | March 31, 2021 |
Operating lease cost |  | $ | 125 |  |  | $ | 195 |
Total lease cost |  | $ | 125 |  |  | $ | 195 |
Other Information The table below presents supplemental cash flow information related to leases:
|  | Year Ended |  |  | Year Ended |
(In thousands) |  | March 31, 2022 |  |  | March 31, 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  | 83 |  |  |  | 197 |
Operating cash flows used for operating leases |  | $ | 83 |  |  | $ | 197 |
Distribution arrangement minimum guaranty On September 1, 2021 the Company extended a video works distribution arrangement providing a non-refundable and fully-recoupable advance minimum participation guaranty for a total amount of $3.5 million, where $1.5 million is payable no later than November 1, 2021, $1.0 million at the first year anniversary of the arrangement and $0.9 million on the second-year anniversary of the arrangement. These payments are subject to the selection of video works released by the Company whose initial commercial date occurs during the arrangement year. The Company paid the first advance on October 22, 2021. Hyde Park Agreement On January 5, 2022, the Company entered into a letter agreement with Hyde Park Entertainment, Inc. (“Hyde Park”), pursuant to which the Company and Hyde Park are collaborating on the development, production and/or distribution of a project based on the novel Audition by Ryu Murakami (the “Audition Project”). Each of the Company and Hyde Park owns 50% of the rights in connection with the Audition Project. The Company paid $100 thousand to Hyde Park plus $26 thousand in legal fees to counsel for the Audition project. Ashok Amritraj, a director of the Company, is the Chairman and CEO of Hyde Park and has an interest in 100% of the revenues of Hyde Park. Ashok Amritraj is a current board member and related party to the Company.

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