Leases

9 Months Ended

Dec. 31, 2019

NOTE 9 — LEASES

The Company leases office space in the U.S. and in Hong Kong as well as a copier in the U.S. These leases have remaining non-cancellable lease terms of three to five years. The Company has elected not to separate lease and non-lease components for all leased assets. The Company did not identify any events or conditions during the quarter ended December 31, 2019 to indicate that a reassessment or re-measurement of our existing leases was required. There were also no impairment indicators identified during the quarter ended December 31, 2019 that required an impairment test for the Company’s right-of-use assets or other long-lived assets in accordance with ASC 360-10.

As of December 31, 2019, the Company’s current operating and finance lease liabilities were $236,000 and $1,000, respectively and its non-current operating and finance lease liabilities were $296,000 and $4,000, respectively. The Company’s operating and finance lease right-of-use asset balances are presented in non-current assets. The net balance of the Company’s operating and finance lease right-of-use assets as of December 31, 2019 was $496,000 and $5,000, respectively.

The components of lease costs, which were included in operating expenses in the Company’s condensed consolidated statements of operations, were as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(in thousands)				(in thousands)
Lease cost
Operating lease cost	$	63	$	—	$	190	$	—
Finance lease cost		—		—		—		—
Amortization of right-of-use assets		—		—		—		—
Interest on lease liabilities		—		—		—		—
Variable lease costs		—		—		—		—
Total lease cost		63		—		190		—

The supplemental cash flow information related to leases are as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		66		—		197		—
Operating cash flows from finance leases		—		—		—		—
Financing cash flows from finance leases		—		—		1		—

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		—		—		650		—
Finance leases		—		—		5		—

Information relating to the lease term and discount rate are as follows:

Weighted average remaining lease term (in months)	As of December 31, 2019			As of December 31, 2018
Operating leases		28.6			—
Finance leases		53.2			—

Weighted average discount rate
Operating leases		7.50	%		—
Finance leases		7.50	%		—

As of December 31, 2019 the maturities of lease liabilities were as follows:
(in thousands)	Operating Leases			Finance Leases

2019 (excluding the 3 months ended March 31, 2019)	$	67		$	-
2020		266			1
2021		162			1
2022		84			1
2023		—			1
Thereafter		—			1
Total lease payments	$	579		$	5
Less: Imputed interest		(47	)		—
Total	$	532		$	5