v3.21.2
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