LEASES

6 Months Ended

Sep. 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 September 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 and six months ended September 30, 2021 and 2020:


	Three months ended September 30,				Six months ended September 30,
	2021		2020		2021		2020
Lease Cost
Finance lease cost	$	107,812	$	117,764	$	218,241	$	237,895
Amortization of right-of-use assets	101,906		101,906		203,812		203,812
Interest on lease liabilities	5,906		15,858		14,429		34,083
Operating lease cost	$	6,873,545	$	7,018,273	$	13,697,991	$	14,087,935
Short-term lease cost	—		—		—		1,800
Variable lease cost	854,470		897,723		1,786,833		1,777,373

Total lease cost	$	7,943,639	$	8,151,524	$	15,921,306	$	16,342,898

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


	Three months ended September 30,						Six months ended September 30,
	2021			2020			2021			2020
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	6,996,542		$	7,075,461		$	13,970,899		$	14,175,452
Operating cash flows from finance leases	5,906			15,858			14,429			34,083
Operating cash flows from operating leases	6,843,534			6,912,319			13,654,749			13,849,168
Financing cash flows from finance leases	147,102			147,284			301,721			292,201
Right-of-use assets obtained in exchange for new finance lease liabilities	—			—			—			—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,620,818		$	3,509,052		$	9,076,694		$	7,632,494
Weighted-average remaining lease term — finance leases	0.6 years			1.2 years			0.6 years			1.2 years
Weighted average remaining lease term — operating leases	7.1 years			7.2 years			7.1 years			7.2 years
Weighted-average discount rate (monthly) — finance leases	6.3		%	6.4		%	6.3		%	6.4		%
Weighted-average discount rate — operating leases	6.2		%	6.5		%	6.2		%	6.5		%

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


	Operating Lease		Finance Lease
Fiscal 2022	$	13,122,453	$	203,565
Fiscal 2023	23,020,199		80,067
Fiscal 2024	18,818,997		—
Fiscal 2025	14,192,214		—
Fiscal 2026	10,213,933		—
Fiscal 2027	6,121,179		—
Thereafter	27,238,079		—
Total undiscounted lease liability	112,727,054		283,632
Imputed interest	22,972,648		—
Total discounted lease liability	$	89,754,406	$	283,632

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