Right-of-Use Assets and Lease Liabilities

3 Months Ended

Jun. 30, 2023

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.

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


	Classification	June 30, 2023		March 31, 2023
		(In thousands)		(In thousands)
Assets
Operating lease right-of-use-assets	Right-of-use assets	$	7,955	$	8,345
Total operating lease right-of-use-assets		$	7,955	$	8,345

Liabilities
Operating lease liabilities (short-term)	Accrued liabilities	$	2,253	$	2,339
Operating lease liabilities (long-term)	Lease liabilities	7,122		7,641
Total lease liabilities		$	9,375	$	9,980

Lease Costs

We recorded approximately $0.6 million of lease costs in our unaudited condensed statements of operations for the three months ended June 30, 2023 as compared to approximately $0.7 million for the three months ended June 30, 2022. The Company currently has no variable lease costs. The Company recorded a de minimis amount of sublease income for the three months ended June 30, 2023 and June 30, 2022, which was included in 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, 2023 (in thousands, except weighted average information):


Cash paid for amounts included in the measurement of operating lease liabilities	$	673
Weighted average remaining lease term (in years)	3.9
Weighted average discount rate	4.7		%

Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2023 were as follows:


Fiscal Year Ending March 31,	Operating Leases
(In thousands)
2024	$	1,972
2025	2,459
2025	2,178
2027	2,207
2028	1,315
Thereafter	204
Total lease payments	10,335
Less imputed interest	(960)
Present value of future lease payments	9,375
Less current obligations under leases	(2,253)
Long-term lease obligations	$	7,122