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Leases | 3 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Note 7. Leases The Company leases its corporate headquarter and central business operations hub. The Company’s headquarter is located in Clearwater, Florida. The current lease relating to this space was entered into effective February 1, 2023 and expires on January 31, 2026. The Company’s central business operations hub is located in Rock Hill, South Carolina. The current lease relating to this space was entered into effective March 20, 2023 and expires on March 19, 2026. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time. The Company’s lease liability was $0.2 million and $0.2 million as of June 30, 2023 and March 31, 2023, respectively. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate. These lease liability amounts are included as part of other liabilities on Company's balance sheet. The lease asset was $0.2 million and $0.2 million as of June 30, 2023 and March 31, 2023, respectively. These lease asset amounts are included as part of other assets on Company's balance sheet. Future minimum lease payments under non-cancellable operating leases in effect as of June 30, 2023, are as follows:
in thousands |  |  |
FY2024 (remaining nine months) |  | $ | 49 |
FY2025 |  |  | 67 |
FY2026 |  |  | 60 |
Total future minimum lease payments |  |  | 176 |
Present value adjustment |  |  | (8 | )
Operating lease liability |  | $ | 168 |
The following table reports information about the Company’s lease cost for the three months ended June 30, 2023 (in thousands):
Lease cost: |  |  |  |
Operating lease cost |  | $ | 16 |
Variable lease cost |  |  | 1 |
Total lease cost |  | $ | 17 |
The following table reports information about the Company’s lease cost for the three months ended June 30, 2022 (in thousands):
Lease cost: |  |  |  |
Operating lease cost |  | $ | 458 |
Variable lease cost |  |  | 95 |
Total lease cost |  | $ | 553 |
The following table reports other information about the Company’s leases for the three months ended June 30, 2023 (dollar amounts in thousands):
Other Lease Information |  |  |  |
Operating Lease - Operating Cash Flows (Fixed Payments) |  | $ | 8 |
Operating Lease - Operating Cash Flows (Liability Reduction) |  | $ | 8 |
Weighted Average Lease Term - Operating Leases |  |  | 2.7 years |
Weighted Average Discount Rate - Operating Leases |  |  | 6.5% |
The following table reports other information about the Company’s leases for the three months ended June 30, 2022 (dollar amounts in thousands):
Other Lease Information |  |  |  |
Operating Lease - Operating Cash Flows (Fixed Payments) |  | $ | 445 |
Operating Lease - Operating Cash Flows (Liability Reduction) |  | $ | 379 |
Weighted Average Lease Term - Operating Leases |  |  | 4.0 years |
Weighted Average Discount Rate - Operating Leases |  |  | 6.5% |

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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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