XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.22.2

LEASES | 3 Months Ended
--- | ---
Jun. 30, 2022
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 three months ended June 30, 2022, and 2021 are approximately $45 thousand and $31 thousand, respectively. The Company also has four operating leases as of June 30, 2022. America: In November 2019, the Company entered into a 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 $122 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 3.4 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 $6 thousand. The lease contracts do not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating leases is between 1.75-2.5 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.
|  | (in thousands) Three months ended June 30, 2022 ($) |  |  | (in thousands) Three months ended June 30, 2021 ($) |
Operating lease costs |  |  | 37 |  |  |  | 37 |
Short term lease costs |  |  | 45 |  |  |  | 31 |
Variable lease costs |  |  | - |  |  |  | - |
Total lease costs |  |  | 82 |  |  |  | 68 |
Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
|  | (in thousands) |  |  | (in thousands) |
|  | As of June 30, 2022 ($) |  |  | As of March 31, 2022 ($) |
Assets |  |  |  |  |  |  |  |
Operating lease asset |  |  | 419 |  |  |  | 450 |
Total lease assets |  |  | 419 |  |  |  | 450 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accrued liabilities and others (current portion – operating lease liability) |  |  | 126 |  |  |  | 123 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease liability (non-current portion – operating lease liability) |  |  | 308 |  |  |  | 341 |
Total lease liability |  |  | 434 |  |  |  | 464 |
|  | (in thousands) As of June 30, 2022 ($) |
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 |  |  | 26 |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | 419 |
As of June 30, 2022, the following table summarizes the maturity of our lease liabilities: |  |  |  |
June-23 |  |  | 149 |
June-24 |  |  | 149 |
June-25 |  |  | 133 |
June-26 |  |  | 87 |
June-27 |  |  | - |
Less: Present value discount |  |  | (84 | )
Total lease liabilities |  |  | 434 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration