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Leases | 6 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Note 8. Leases The Company's operating leases for its equipment and specialized spaces for company equipment have terms expiring at various dates through June 2033. Certain lease arrangements include renewal options and escalation clauses. Operating lease assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on information available at the commencement date in determining the present value of future payments. Lease expense related to the net present value of payments is recognized on a straight-line basis over the lease term. The key components of the Company's operating leases were as follows:
|  | Three Months Ended September 30, |  |  | Six Months Ended September 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 25 |  |  | $ | 16 |  |  |  | 33 |  |  |  | 32 |
Short-term lease expense |  |  | - |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |
Total lease cost |  | $ | 25 |  |  | $ | 17 |  |  | $ | 36 |  |  | $ | 34 |
Right-of-use assets and lease liabilities for operating leases were recorded in the condensed consolidated balance sheets as follows:
|  | (In thousands) |
|  | September 30, 2024 |  |  | March 31, 2024 |
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 480 |  |  | $ | 65 |
Current portion of operating lease liabilities |  |  | 117 |  |  |  | - |
Operating lease liabilities |  |  | 419 |  |  |  | 65 |
The weighted-average remaining lease term for operating leases was 6.2 years and 2.7 years for the six months ended September 30, 2024 and 2023, respectively. The weighted-average discount rate was 6.11% and 6.50% for the six months ended September 30, 2024 and 2023, respectively. Future minimum lease payments under non-cancelable operating leases as of September 30, 2024, are as follows:
(In thousands) |  |  |
Remainder of FY 2025 |  | $ | 97 |
FY 2026 |  | 131 |
FY 2027 |  | 101 |
FY 2028 |  | 85 |
FY 2029 |  | 83 |
Thereafter |  | 147 |
Total minimum lease payments |  |  | 644 |
Less: effects of discounting |  |  | (108 | )
Present value of future minimum lease payments |  | $ | 536 |
The amounts recorded for operating lease expenses include short-term leases, which are immaterial. The Company has recorded $56 thousand in impairment charges related to operating lease right-of-use assets during the three and six months ended September 30, 2024 as the Company expects to close their Clearwater office location in December 2024.

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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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