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LEASES

6 Months Ended

Sep. 30, 2021

LEASES

LEASES

NOTE 13 – LEASES

After we settled certain default amounts, Stadco became party to an amended building and property operating lease and recorded a right of use asset and liability of $6.6 million. Monthly base rent for the property will be $78,233 per month, with a 20% discount through November 30, 2022. The term of the lease will expire on June 30, 2030. The lease contains customary default provisions allowing the Landlord to terminate the lease if the lessee fails to remedy a breach of its obligations under the lease within the time period specified in the lease, or upon certain events of bankruptcy or seizure or attachment of the lessee’s assets or interest in the lease. The lease also contains other customary provisions for real property leases of this type.

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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 date, we have continued to lease this office space on a month-to-month basis.

The following table lists our right-of-use assets and lease liabilities in our condensed consolidated balance sheet at:

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​	​	​	​	​	​	​
​		September 30, 2021			March 31, 2021
Right of use asset – operating lease	​	$	6,655,724	​	$	—
Right of use asset – finance leases	​	​	98,704	​	​	45,663
Amortization	​		(73,268)	​		—
Right of use asset, net	​	$	6,681,160	​	$	45,663
Lease liability – operating lease	​	$	6,590,614	​	$	—
Lease liability – finance leases	​	$	108,205	​	$	45,663
Total lease liability	​	$	6,698,819	​	$	45,663

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Other supplemental information regarding our leases are contained in the following tables:

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​	​	​	​	​	​	​
Components of lease expense for the six months ended:		September 30, 2021			September 30, 2020
Operating lease amortization	​	$	68,702	​	$	1,883
Finance lease amortization	​	$	4,566	​	$	5,438
Finance lease interest	​	$	1,212	​	$	793

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​	​	​	​	​	​	​
Weighted average lease term and discount rate at:		September 30, 2021	​		September 30, 2020	​
Lease term (years) – operating lease	​	8.75	​	​	—	​
Lease term (years) – finance leases		2.82	​		1.75	​
Lease rate – operating lease	​	4.5	%	​	—	​
Lease rate – finance leases		3.9	%		8.0	%

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​	​	​	​	​	​	​
Supplemental cash flow information related to leases for the six months ended:		September 30, 2021			September 30, 2020
Cash used in operating activities	​	$	66,023	​	$	1,883
Cash used in financing activities	​	$	475,440	​	$	5,807

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Maturities of lease liabilities at September 30, 2021 for the next five years and thereafter:

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​	​	​	​
2022		$	818,817
2023	​	​	925,766
2024	​	​	951,171
2025	​	​	948,701
2026	​	​	943,752
Thereafter	​	​	3,520,506
Total lease payments	​	$	8,108,713
Less: imputed interest	​	​	1,409,894
Total	​	$	6,698,819

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X

- 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.

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