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LEASES | 6 Months Ended
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Sep. 30, 2021
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 six months ended September 30, 2021, and 2020 are approximately $82 thousand and $129 thousand, respectively. The Company also has four operating leases as of September 30, 2021. America: In November 2019, the Company entered into an 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 $120 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 4.17 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. Asia: The Company renewed three lease agreements for terms between three to four years expiring between 2023 and 2024. The total annual lease expense is approximately $26 thousand. The lease contracts do not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating leases is between 2.50-3.25 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.
|  | (in thousands) Three months ended September 30, 2021 ($) |  |  | (in thousands) Six months ended September 30, 2021 ($) |
Operating lease costs |  |  | 38 |  |  |  | 75 |
Short term lease costs |  |  | 52 |  |  |  | 82 |
Variable lease costs |  |  | - |  |  |  | - |
Total lease costs |  |  | 90 |  |  |  | 157 |
Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
|  | (in thousands) |  |  | (in thousands) |
|  | As of September 30, 2021 ($) |  |  | As of March 31, 2021 ($) |
Assets |  |  |  |  |  |  |  |
Operating lease asset |  |  | 510 |  |  |  | 488 |
Total lease assets |  |  | 510 |  |  |  | 488 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accrued liabilities and others (current portion – operating lease liability) |  |  | 117 |  |  |  | 90 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease liability (non-current portion – operating lease liability) |  |  | 404 |  |  |  | 405 |
Total lease liability |  |  | 521 |  |  |  | 495 |
|  | (in thousands) As of September 30, 2021 ($) |
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 |  |  | 53 |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | 510 |
As of September 30, 2021, the following table summarizes the maturity of our lease liabilities: |  |  |  |
Sep-22 |  |  | 146 |
Sep-23 |  |  | 151 |
Sep-24 |  |  | 146 |
Sep-25 |  |  | 131 |
Sep-26 |  |  | 22 |
Less: Present value discount |  |  | (76 | )
Total lease liabilities |  |  | 520 |

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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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