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Leases
 6 Months Ended
Sep. 30, 2021
Lease Of Lessee Disclosure [Abstract]  
Leases

Note 13 — Leases

 

The Company leases a space at a location under a non-cancellable operating lease with a remaining lease term of 1 year, expiring in fiscal year 2022. On December 22, 2020, the Company acquired CPS which included the assumption of an operating lease for a 55,120 square foot light manufacturing facility located in Addison Illinois, expiring June 30, 2024.

 

The Company leases several office locations with lease terms that are less than 12 months or are on month to month terms. Rent expense for these leases totaled less than $0.1 million and $0.2 million for the three and six months ended September 30, 2021, respectively. Operating leases with lease terms of greater than 12 months are capitalized in operating lease right-of-use assets and operating lease liabilities in the accompanying condensed consolidated balance sheets. Rent expense for these operating leases totaled $0.3 million and $0.5 million during the three and six months ended September 30, 2021, respectively.

 

Operating lease costs for six months ended September 30, 2021 and 2020 consisted of the following (in thousands):

 

   Six Months Ended
September 30,		 
   2021   2020 
Fixed rent cost  $532    46 
Short term lease cost   168    282 
Total operating lease cost  $700    328 

 

Supplemental balance sheet information related to leases was as follows (in thousands):

 

Operating leases  September 30,
2021		   March 31,
2021		 
Operating lease right-of-use assets  $873    1,057 
           
Operating lease liability, current  $274    319 
Operating lease liability, noncurrent   610    742 
Total operating lease liabilities  $884    1,061 

 

The operating lease right-of-use assets are included in other assets and operating lease liabilities are included in accounts payable and accrued liabilities and lease liabilities non-current in the accompanying condensed consolidated balance sheets.

 

Maturities of operating lease liabilities as of September 30, 2021 were as follows (in thousands):

 

For Years Ending March 31,    
2022 (remaining six months)   176 
2023   358 
2024   320 
2025   93 
Total lease payments   947 
Less: imputed interest   (63)
Present value of operating lease liabilities  $884 

  

Significant judgments

 

Discount rate – the Company’s lease is discounted using the Company’s incremental borrowing rate of 8.5% as the rate implicit in the lease is not readily determinable.

 

Options – the lease term is the minimum noncancelable period of the lease. The Company does not include option periods unless the Company determined it is reasonably certain of exercising the option at inception or when a triggering event occurs.

 

Lease and non-lease components – Non lease components were considered and determined not to be material