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Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 16 - Leases

The Company has operating and finance leases for real estate, computer equipment, and furniture and fixtures. Assets acquired under finance leases are recorded in “Property and equipment, net” in the carve-out consolidated balance sheets and were $443 and $542 as of March 31, 2024 and March 31, 2023, respectively. Accumulated depreciation associated with finance lease assets was $1,127 and $971 as of March 31, 2024 and March 31, 2023, respectively.

Lease cost recognized in our carve-out consolidated statements of operations is summarized as follows:

Schedule of lease cost
		Year Ended March 31,
		2024				2023
Finance lease cost:
Amortization of lease assets (Nota a)		$	398				386
Interest on lease liabilities(Nota b)			70				65
Operating lease cost (Nota a)			2,795				2,273
Short-term and variable lease cost (Nota a)			-				8
Total lease cost		$	3,263				2,732

a) Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated carve-out Statement of comprehensive Income.

b) Included in “interest income (expense), net” in the Consolidated carve-out Statement of comprehensive Income.

Cash flows arising from lease transactions were as follows:

Schedule of cash flows arising lease transactions
		Year Ended March 31,
		2024				2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	2,681				2,162
Operating cash flows from finance leases		$	70				65
Financing cash flows from finance leases		$	391				390

Other information about lease amounts recognized in the consolidated financial statements is summarized as follows:

Schedule of other information about lease amounts
		Year Ended March 31,
		2024				2023
Weighted-average remaining lease term (years):
Operating lease			3.71				3.9
Finance lease			1.67				1.85
Weighted-average discount rate:
Operating lease			10.70	%			10.65	%
Finance lease			12.60	%			10.56	%

As of March 31, 2024, the Company’s lease liabilities were as follows:

Schedule of lease liabilities
		Operating				Finance				Total
Gross lease liabilities		$	9,248			$	494			$	9,742
Less: imputed interest			1,553				38				1,591
Present value of lease liabilities			7,695				456				8,151
Less: current portion of lease liabilities			2,080				294				2,374
Total long-term lease liabilities		$	5,615			$	162			$	5,777

Future minimum annual lease payments under the Company’s operating and finance leases as of March 31, 2024 are as follows:

Schedule of annual lease payments
		Operating				Finance
2025		$	2,743			$	324
2026			2,423				155
2027			1,944				15
2028			1,419				-
2029			719				-
Thereafter			-
Total lease payments		$	9,248			$	494
Less: Imputed interest			1,553				38
Total		$	7,695			$	456

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 840
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/840/tableOfContent

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