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LEASES | 9 Months Ended
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Dec. 31, 2022
LEASES |
LEASES | NOTE 14 – LEASES On August 25, 2021, 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 is $78,571 per month, with a 20% discount through November 30, 2022. The term of the lease will expire on June 30, 2030, and the lessee has no right of renewal beyond the expiration date. 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 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. The following table lists our right-of-use assets and liabilities on our condensed consolidated balance sheets at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |  | March 31, 2022
Right of use asset – operating lease | ​ | $ | 6,831,768 | ​ | $ | 6,649,744
Right of use asset – finance leases | ​ | ​ | 86,206 | ​ | ​ | 125,032
Accumulated amortization | ​ |  | (874,918) | ​ |  | (391,161)
Right of use asset, net | ​ | $ | 6,043,056 | ​ | $ | 6,383,615
Lease liability – operating lease | ​ | $ | 6,167,849 | ​ | $ | 6,374,691
Lease liability – finance leases | ​ | ​ | 41,849 | ​ | ​ | 72,908
Total lease liability | ​ | $ | 6,209,698 | ​ | $ | 6,447,599
​ Other supplemental information regarding our leases are contained in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Components of lease expense for the nine months ended: |  | December 31, 2022 |  | December 31, 2021
Operating lease amortization | ​ | $ | 480,817 | ​ | $ | 206,432
Finance lease amortization | ​ | $ | 16,334 | ​ | $ | 21,134
Finance lease interest | ​ | $ | 1,171 | ​ | $ | 2,415
​
​ | ​ | ​ | ​ | ​ | ​
Weighted average lease term and discount rate at: |  | December 31, 2022 |  | December 31, 2021 | ​
Lease term (years) – finance | ​ | 1.00 | ​ | 2.85 | ​
Lease term (years) – operating |  | 7.58 | ​ | 8.50 | ​
Lease rate - finance | ​ | 4.5 | % | 3.9 | %
Lease rate - operating |  | 4.5 | % | 4.5 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental cash flow information related to leases for the nine months ended: |  | December 31, 2022 |  | December 31, 2021
Cash used in operating activities | ​ | $ | 612,411 | ​ | $ | 181,525
Cash used in financing activities | ​ | $ | 31,058 | ​ | $ | 493,015
​ Maturities of lease liabilities as of December 31 for each of the next five years and thereafter: ​
​ | ​ | ​ | ​
2023 |  | $ | 985,224
2024 | ​ |  | 980,048
2025 | ​ |  | 976,865
2026 | ​ |  | 969,440
2027 | ​ |  | 966,966
Thereafter | ​ |  | 2,336,833
Total lease payments | ​ | $ | 7,215,376
Less: imputed interest | ​ |  | 1,005,678
Total | ​ | $ | 6,209,698
​

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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 No definition available. + Details
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Period Type: | duration

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration