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LEASES | 12 Months Ended
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Mar. 31, 2021
LEASES |
LEASES | NOTE 13 - LEASES Leases that are economically similar to the purchase of an asset are classified as finance leases. The leased, or right-of-use assets in finance lease arrangements are reported in net property, plant and equipment on our consolidated balance sheet. The following table lists our right-of-use assets and liabilities on our consolidated balance at:
|  | March 31, 2021 |  | March 31, 2020
Finance lease: |  |  |  |  |  |
Property, plant and equipment |  | $ | 45,663 |  | $ | 54,376
Accumulated depreciation |  |  | — |  |  | 35,344
Net property, plant and equipment |  | $ | 45,663 |  | $ | 19,032
Current portion of long-term debt |  | $ | 8,555 |  | $ | 11,848
Long-term debt |  | $ | 37,108 |  | $ | 10,612
Total finance lease liabilities |  | $ | 45,663 |  | $ | 22,460
In December 2019, we signed a one-year operating lease for office space which expired in December 2020 and was amortized on a straight line basis. Since the expiration of the one-year term lease, we have continued to lease this office space on a month-to-month basis. Other supplemental information regarding our leases are contained in the following tables:
Components of lease expense for the year ended: |  | March 31, 2021 |  | March 31, 2020
Operating lease amortization |  | $ | 3,788 |  | $ | 2,860
Finance lease amortization |  | $ | 10,875 |  | $ | 10,875
Finance lease interest |  | $ | 1,275 |  | $ | 2,249
Weighted average lease term and discount rate at: |  | March 31, 2021 |  | March 31, 2020 |
Lease term (years) |  | 5.00 |  | 2.00 |
Lease rate |  | 3.2 | % | 7.9 | %
Supplemental cash flow information related to leases for the year ended: |  | March 31, 2021 |  | March 31, 2020
Cash used in operating activities |  | $ | 5,063 |  | $ | 5,109
Cash used in financing activities |  | $ | 22,460 |  | $ | 10,951

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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