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Leases

9 Months Ended

Dec. 31, 2021

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 nine months ended December 31, 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 $0.1 million and $0.7 million during the three and nine months ended December 31, 2021, respectively.

Operating lease costs for nine months ended December 31, 2021 and 2020 consisted of the following (in thousands):

	Nine Months Ended December 31,
	2021		2020
Fixed rent cost	$	679		123
Short term lease cost		217		341
Total operating lease cost	$	896		464

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

Operating leases	December 31, 2021		March 31, 2021
Operating lease right-of-use assets	$	802		1,057

Operating lease liability, current	$	273		319
Operating lease liability, noncurrent		540		742
Total operating lease liabilities	$	813		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 December 31, 2021 were as follows (in thousands):

For Years Ending March 31,
2022 (remaining three months)		88
2023		358
2024		320
2025		93
Total lease payments		859
Less: imputed interest		(46	)
Present value of operating lease liabilities	$	813

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