Subsequent Events

3 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

On July 18, 2022, the Company announced the closure of eleven branches, which represented approximately 23% of its network, as of June 30, 2022. Consolidation of workforce associated with these activities impacted approximately 44 employees and represented 17% of Company workforce, as of June 30, 2022.

These consolidation activities were part of the senior management contemplated initiatives for the Fiscal Year 2023. The expected total charges are between $0.9 million and $1.0 million of cash expenditures and under $0.1 million of non-cash impairment charges associated with lease obligations. Specifically, the Company estimated approximately $42,000 for employee related costs and approximately $898,000 for lease obligations. The Company expects the majority of these charges will be recorded in the second quarter of Fiscal Year 2023. The estimates of charges could change as the Company plans evolve and become finalized.