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LEASES

3 Months Ended

Jun. 30, 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 condensed consolidated balance sheet. The following table lists our right-of-use assets and liabilities on our condensed consolidated balance sheet at:

​

​	​	​	​	​	​	​
​		June 30, 2021			March 31, 2021
Finance lease:	​	​	​	​	​	​
Property, plant and equipment	​	$	45,663	​	$	45,663
Accumulated depreciation	​		(2,283)	​		—
Net property, plant and equipment	​	$	43,380	​	$	45,663
Current portion of long-term debt	​	$	8,624	​	$	8,555
Long-term debt	​	$	34,926	​	$	37,108
Total finance lease liabilities	​	$	43,550	​	$	45,663

​

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:

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​	​	​	​	​	​	​
Components of lease expense for the three months ended:		June 30, 2021			June 30, 2020
Operating lease amortization	​	$	1,234	​	$	949
Finance lease amortization	​	$	2,283	​	$	2,719
Finance lease interest	​	$	362	​	$	2,674

​

​	​	​	​	​	​	​
Weighted average lease term and discount rate at:		June 30, 2021	​		June 30, 2020	​
Lease term (years)		5.00	​		1.75	​
Lease rate		3.2	%		8.0	%

​

​	​	​	​	​	​	​
Supplemental cash flow information related to leases for the three months ended:		June 30, 2021			June 30, 2020
Cash used in operating activities	​	$	1,596	​	$	949
Cash used in financing activities	​	$	2,113	​	$	2,875

​

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- References

No definition available.

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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

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