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LEASES | 9 Months Ended
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Dec. 31, 2020
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE 9 – LEASES The Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to 12 months. The total short-term lease expense and cash paid for the nine months ended December 31, 2020 and 2019 are approximately $197 thousand and $154 thousand, respectively. The Company also has an operating lease as of December 31, 2020. In November 2019, the Company entered into an office lease agreement with a lease term of less than 12 months. This lease was amended in March 2020, with a new lease term from March 1, 2020 to November 30, 2025. The annual lease expense is approximately $128 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating lease is 4.9 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.
|  | (in thousands) Three months ended December 31, 2020 ($) |  |  | (in thousands) Nine months ended December 31, 2020 ($) |
Operating lease costs |  |  | 31 |  |  |  | 93 |
Short term lease costs |  |  | 68 |  |  |  | 197 |
Variable lease costs |  |  | - |  |  |  | - |
Total lease costs |  |  | 99 |  |  |  | 290 |
Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
|  | (in thousands) |
|  | As of December 31, 2020 ($) |
Assets |  |  |  |
Operating lease asset |  |  | 510 |
Total lease assets |  |  | 510 |
Liabilities |  |  |  |
Current liabilities: |  |  |  |
Accrued liabilities and others (current portion – operating lease liability) |  |  | 88 |
Noncurrent liabilities: |  |  |  |
Operating lease liability (non-current portion – operating lease liability) |  |  | 428 |
Total lease liability |  |  | 516 |
|  | (in thousands) As of December 31, 2020 ($) |
Supplemental cash flow and non-cash information related to leases is as follows: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
– Operating cash flows from operating leases |  |  | 20 |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | 510 |
As of December 31, 2020, the following table summarizes the maturity of our lease liabilities: |
Dec-21 |  |  | 118 |
Dec-22 |  |  | 121 |
Dec-23 |  |  | 124 |
Dec-24 |  |  | 127 |
Dec-25 |  |  | 119 |
Dec-26 |  |  | - |
Less: Present value discount |  |  | (93 | )
Total Lease liabilities |  |  | 516 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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