LEASES

3 Months Ended

Jun. 30, 2021

Accounting Policies and Matters Requiring Management's Judgment

When determining the economic life of a lease the Company adopts a convention of applying an economic life equal to the useful life as specified in its accounting policy. Refer to Note 1, “Property and Equipment,” to the Company's Annual Report on

Form 10-K for the fiscal year ended March 31, 2021 for a description of the Company's accounting policy regarding useful lives.

The Company uses its effective annual interest rate, adjusted for certain assumptions, as the discount rate when evaluating leases under Topic 842. Management applies the adjusted effective annual interest rate to leases entered for the entirety of the subsequent year.

Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company does not believe it is reasonably certain to exercise any options associated with its office equipment leases.

Periodic Disclosures

The Company's leases consist of real estate leases for office space as well as office equipment leases, most of which were classified as operating at June 30, 2021. Both the real estate and office equipment leases range from three years to five years, and generally contain options to extend which mirror the original terms of the lease.

The following table reports information about the Company's lease cost for the three months ended June 30, 2021 and 2020:


	Three months ended June 30,
		2021		2020
Lease Cost
Finance lease cost		$	110,429	$	—
Amortization of right-of-use assets		101,906		—
Interest on lease liabilities		8,523		—
Operating lease cost		$	6,824,446	$	7,069,662
Short-term lease cost		—		1,800
Variable lease cost		932,363		879,650

Total lease cost		$	7,977,667	$	7,951,112

The following table reports other information about the Company's leases for the three months ended June 30, 2021 and 2020:


	Three months ended June 30,
		2021			2020
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities		$	6,974,357		$	6,936,849
Operating cash flows from finance leases		8,523			—
Operating cash flows from operating leases		6,811,215			6,936,849
Financing cash flows from finance leases		154,619			—
Right-of-use assets obtained in exchange for new finance lease liabilities		—			—
Right-of-use assets obtained in exchange for new operating lease liabilities(1)		$	3,455,876		$	4,123,442
Weighted-average remaining lease term — finance leases		0.7 years			0.0 years
Weighted average remaining lease term — operating leases		7.2 years			7.2 years
Weighted-average discount rate (monthly) — finance leases		6.4		%	—		%
Weighted-average discount rate — operating leases		6.2		%	6.6		%

The following table reports information about the maturity of the Company's operating leases as of June 30, 2021:


	June 30, 2021
Operating lease liability maturity analysis
Fiscal 2022	$	19,577,011
Fiscal 2023	22,507,371
Fiscal 2024	18,369,057
Fiscal 2025	13,527,921
Fiscal 2026	9,639,212
Fiscal 2027	5,668,322
Thereafter	26,624,620
Total undiscounted lease liability	115,913,514
Imputed interest	26,041,662
Total discounted lease liability	$	89,871,852

The Company had no leases with related parties at June 30, 2021 or March 31, 2021.