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Leases | 12 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases The Company’s leasing activities primarily consist of real estate leases acquired during the acquisition of PetCareRx for use in the business operations. The leases had initial terms ranging from 5 years to 10 years. Some of the initial lease terms have already matured and the remaining leases have maturity dates ranging from fiscal year 2024 to 2028. The Company assesses whether each lease is an operating lease or a finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Variable Lease Costs Certain of the Company’s leases require payments for taxes, insurance, and other costs applicable to the property, in addition to the minimum lease payment. These costs are considered variable costs which are based on actual expenses incurred by the lessor. Therefore, these amounts are not included in the calculation of the right-of-use assets and lease liabilities. The Company has lease agreements which provide for fixed and scheduled escalations, which are included in the calculation of the right-of-use assets and lease liabilities. Options to Extend or Terminate Leases The Company’s leases may contain an option to extend the lease term for periods from one to five years The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s leases do not generally contain options to early terminate. Other Lease items The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying Consolidated Balance Sheets. Discount Rate and Lease Term As of March 31, 2024, the weighted average remaining lease term and discount rate for the Company’s operating leases were 3 years and 3.6%, respectively. As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the Company uses its estimated incremental borrowing rate based on the information available at the date of acquisition, April 3, 2023, in determining the present value of future payments. Lease Costs and Activity The Company’s lease costs as recorded in the general and administrative costs and activity for the twelve months ended March 31, 2024 are as follows (in thousands):
Lease cost |  | Twelve months ended March 31, 2024
Operating lease cost - fixed |  | $ | 853 |
Operating lease costs - variable |  | 65 |
Total lease cost |  | $ | 918 |
Supplemental cash flow information for the twelve months ended March 31, 2024 are as follows (in thousands):
|  | Twelve months ended March 31, 2024
Cash paid for the amounts included in the measurement of operating lease liabilities |  | $ | 832 |
Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition |  | $ | 2,220 |
Maturity of Lease Liabilities The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2024 were as follows (in thousands):
|  | March 31, 2024
2025 |  | 501 |
2026 |  | 488 |
2027 |  | 502 |
2028 |  | 42 |
Total lease payments |  | 1,533 |
Less: Imputed Interest |  | (79) |
Present value of lease liabilities |  | $ | 1,454 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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