Commitments and Contingencies

3 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

8. COMMITMENTS AND CONTINGENCIES

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe it is party to any other claim or litigation the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. 

We operate from leased properties under non-cancelable operating lease agreements, certain of which contain escalating lease clauses.

The Company leases office space under operating leases. The Company’s portfolio of leases is primarily related to real estate and since most of our leases do not provide a readily determinable implicit rate, the Company estimated its incremental borrowing rate to discount the lease payments based on information available at either the implementation date of Topic 842 or at lease commencement for leases entered into thereafter.

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2021

(In thousands)	Classification on the Balance Sheet	June 30, 2021
Assets
Noncurrent	Operating lease right-of-use asset	$	66
Liabilities
Current	Operating leases - current portion		58
Noncurrent	Operating leases - long-term portion		8
Total operating lease liabilities		$	66

Lease Costs

The table below presents certain information related to lease costs for leases:

	Year Ended
(In thousands)	June 30, 2021
Operating lease cost	$	22
Total lease cost	$	22

Other Information

The table below presents supplemental cash flow information related to leases:

	Year Ended
(In thousands)	June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities		22
Operating cash flows used for operating leases	$	22