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Leases (Tables) | 9 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of lease cost | The key components of the Company's operating leases expenses were as follows:
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 108 |  |  | $ | 16 |  |  |  | 251 |  |  |  | 48 |
Short-term lease expense |  |  | 6 |  |  |  | 1 |  |  |  | 9 |  |  |  | 3 |
Total lease cost |  | $ | 114 |  |  | $ | 17 |  |  | $ | 260 |  |  | $ | 51 |
Schedule of right-of-use assets and lease liabilities for operating leases | Right-of-use assets and lease liabilities for operating leases were recorded in the condensed consolidated balance sheets as follows:
|  | (In thousands) |
|  | December 31, 2024 |  |  | March 31, 2024 |
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 2,925 |  |  | $ | 65 |
Current portion of operating lease liabilities |  |  | 267 |  |  |  | - |
Operating lease liabilities |  |  | 2,688 |  |  |  | 65 |
Summary of future minimum lease payments under non-cancellable operating leases | Future minimum lease payments under non-cancelable operating leases as of December 31, 2024, are as follows:
(In thousands) |  |  |
Remainder of FY 2025 |  | $ | 131 |
FY 2026 |  |  | 430 |
FY 2027 |  |  | 431 |
FY 2028 |  |  | 421 |
FY 2029 |  |  | 413 |
Thereafter |  |  | 2,246 |
Total minimum lease payments |  |  | 4,072 |
Less: effects of discounting |  |  | (1,117 | )
Present value of future minimum lease payments |  | $ | 2,955 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessor's underlying asset for which right to use has been conveyed to lessee under operating lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481501/840-20-50-4 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-13 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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