12. Leases (Tables)
|
12 Months Ended |
Mar. 31, 2021 |
| Leases [Abstract] |
|
| Summary of right-of-use asset |
Right-of-use asset is summarized below:
| | |
March 31, 2021 | |
| | |
Kokomo
Lease | | |
Valparaiso Lease | | |
Merrill
Lease | | |
Tuscaloosa Lease | | |
Total | |
| Office lease | |
$ | 375,483 | | |
$ | 374,360 | | |
$ | 705,966 | | |
$ | 222,087 | | |
$ | 1,677,896 | |
| Less: accumulated amortization | |
| (29,967 | ) | |
| (50,010 | ) | |
| (9,424 | ) | |
| (12,703 | ) | |
| (102,104 | ) |
| Right-of-use asset, net | |
$ | 345,516 | | |
$ | 324,350 | | |
$ | 696,542 | | |
$ | 209,384 | | |
$ | 1,575,792 | |
|
| Summary of operating lease liability |
Operating lease liability is summarized below:
| | |
March 31, 2021 | |
| | |
Kokomo
Lease | | |
Valparaiso Lease | | |
Merrill
Lease | | |
Tuscaloosa Lease | | |
Total | |
| Office lease | |
$ | 349,609 | | |
$ | 324,350 | | |
$ | 700,279 | | |
$ | 209,384 | | |
$ | 1,583,622 | |
| Less: current portion | |
| (58,031 | ) | |
| (107,810 | ) | |
| (44,228 | ) | |
| (54,096 | ) | |
| (264,165 | ) |
| Long term portion | |
$ | 291,578 | | |
$ | 216,540 | | |
$ | 656,051 | | |
$ | 155,288 | | |
$ | 1,319,457 | |
|
| Summary of maturity of lease liability |
Maturity of the lease liability is as follows:
| | |
March 31, 2021 | |
| | |
Kokomo
Lease | | |
Valparaiso Lease | | |
Merrill
Lease | | |
Tuscaloosa Lease | | |
Total | |
| Fiscal year ending March 31, 2022 | |
$ | 89,687 | | |
$ | 134,274 | | |
$ | 112,200 | | |
$ | 72,000 | | |
$ | 408,161 | |
| Fiscal year ending March 31, 2023 | |
| 94,172 | | |
| 134,274 | | |
| 201,450 | | |
| 72,000 | | |
| 501,896 | |
| Fiscal year ending March 31, 2024 | |
| 98,880 | | |
| 100,706 | | |
| 201,450 | | |
| 72,000 | | |
| 473,036 | |
| Fiscal year ending March 31, 2025 | |
| 101,292 | | |
| – | | |
| 201,450 | | |
| 30,000 | | |
| 332,742 | |
| Fiscal year ending March 31, 2026 | |
| 50,646 | | |
| – | | |
| 184,663 | | |
| – | | |
| 235,309 | |
| Present value discount | |
| (85,070 | ) | |
| (44,904 | ) | |
| (200,933 | ) | |
| (36,615 | ) | |
| (367,523 | ) |
| Lease liability | |
$ | 349,607 | | |
$ | 324,350 | | |
$ | 700,280 | | |
$ | 209,385 | | |
$ | 1,583,622 | |
|