Right-of-Use Assets and Lease Liabilities

3 Months Ended

Jun. 30, 2022

Lessee Disclosure [Abstract]

Right-of-Use Assets and Lease Liabilities

Right-of-Use Assets and Lease Liabilities

We have various operating leases for our offices, office equipment and vehicles in the United States. These leases expire at various times through 2029. Certain lease agreements contain renewal options from 1 year to 5 years, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate.

As a result of the restructuring activities and the sale of Agriculture and Weather Analytics business, the Company vacated the Grand Forks lease facility and has subleased the space to DTN, which expired on July 31, 2021.

The table below presents lease-related assets and liabilities recorded on the unaudited condensed balance sheet as follows:

	Classification	June 30, 2022
		(In thousands)
Assets
Operating lease right-of-use-assets - continuing operations	Right-of-use assets	$	10,950
Operating lease right-of-use-assets - discontinued operation	Noncurrent assets of discontinued operations	—
Total operating lease right-of-use-assets		$	10,950
Liabilities
Operating lease liabilities (short-term) - continuing operations	Accrued liabilities	$	1,860
Operating lease liabilities (short-term) - discontinued operation	Current liabilities of discontinued operations	100
		1,960
Operating lease liabilities (long-term) - continuing operations	Lease liabilities	10,268
Operating lease liabilities (long-term) - discontinued operation	Noncurrent liabilities of discontinued operations	146
		10,414
Total lease liabilities		$	12,374

Lease Costs

We recorded approximately $0.7 million and $0.7 million of lease costs in on our unaudited condensed statements of operations for the three months ended June 30, 2022 and June 30, 2021, respectively. The Company currently has no variable lease costs. The Company recorded a de minimis amount of sublease income for both the three months ended June 30, 2022 and June 30, 2021, which was included in income (loss) from discontinued operations on the unaudited condensed statement of operations.

Supplemental Information

The table below presents supplemental information related to operating leases during the three months ended June 30, 2022 (in thousands, except weighted average information):

Cash paid for amounts included in the measurement of operating lease liabilities	$	363
Weighted average remaining lease term (in years)	4.78
Weighted average discount rate	4.8		%

Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2022 were as follows:

Fiscal Year Ending March 31,	Operating Leases
(In thousands)
2023	$	1,780
2024	2,843
2025	2,630
2026	2,341
2027	2,391
Thereafter	2,098
Total lease payments	14,083
Less imputed interest	(1,709)
Present value of future lease payments	12,374
Less current obligations under leases	(1,960)
Long-term lease obligations	$	10,414