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LEASES | 3 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Mar. 31, 2021
Leases [Abstract] |  |
LEASES | NOTE 2 – LEASES Effective April 1, 2019, the Company adopted ASU No. 2016-02, Leases (ASC 842), and related ASUs, as amended, using the alternative transition method, which allowed the Company to initially apply the new lease standard at the adoption date (the “effective date method”). In January 2020, the Company executed a lease for a new, larger corporate facility in San Diego, California and paid a $100,000 security deposit. The 39-month lease term commenced April 1, 2020, and the lease provides for an initial monthly rent of approximately $12,400 with annual rent increases of approximately 3%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. The right-to-use asset and corresponding liability for the facility lease have been measured at the present value of the future minimum lease payments. A discount rate of 11%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. Lease expense is recognized on a straight line basis over the lease term. The Company obtained a right-of-use asset of $270,950 in exchange for its obligations under the operating lease. The landlord also provided a lease incentive of approximately $139,000, which was paid to the Company in June 2020, for the Company to make improvements to the leased space. Future minimum payments under the facility operating lease, as of June 30, 2021, are listed in the table below.
|  | Operating |
Annual Fiscal Years |  | lease |
2022 |  | $ | 115,074 |
2023 |  |  | 158,028 |
2024 |  |  | 40,692 |
Less: |  |  |  |
Imputed interest |  |  | (34,038 | )
Present value of lease liabilities |  | $ | 279,756 |
Cash paid for amounts included in the measurement of lease liabilities was $48,085. Rent expense was $26,884 and $26,885 for the three months ended June 30, 2021 and 2020, respectively. | NOTE 4 – LEASES Effective April 1, 2019, the Company adopted ASC No. 842, as amended, using the alternative transition method, which allowed the Company to initially apply the new lease standard at the adoption date (the “effective date method”). In January 2020, the Company executed a lease for a new, larger corporate facility in San Diego, California and paid a $100,000 security deposit. The 39-month lease term commenced April 1, 2020, and the lease provides for an initial monthly rent of approximately $12,400 with annual rent increases of approximately 3%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. The right-to-use asset and corresponding liability for the facility lease have been measured at the present value of the future minimum lease payments. A discount rate of 11%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. Lease expense is recognized on a straight line basis over the lease term. The Company obtained a right-of-use asset of $270,950 in exchange for its obligations under the operating lease. The landlord also provided a lease incentive of approximately $139,000, which was paid to the Company in June 2020, for the Company to make improvements to the leased space. Future minimum payments under the facility operating lease, net of the lease incentive, as of March 31, 2021, are listed in the table below.
|  | Operating |
Annual Fiscal Years |  | lease |
2022 |  | $ | 153,432 |
2023 |  |  | 158,028 |
2024 |  |  | 40,692 |
Less: |  |  |  |
Imputed interest |  |  | (42,297 | )
Present value of lease liabilities |  | $ | 309,855 |
Rent expense was $107,540 and $35,766 for the years ended March 31, 2021 and 2020, respectively.

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- References No definition available. + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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