8. LEASES

3 Months Ended

Jun. 30, 2022

LEASES

NOTE 8 - LEASES

NOTE 8—LEASES

The Company has operating leases for corporate offices, research and development facilities, certain equipment and software. The Company’s leases have remaining lease terms of 14 months to 58 months, some of which include options to extend for up to 5 years.

Supplemental balance sheet information related to leases was as follows:

	As of		As of
	June 30, 2022		March 31, 2022
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	1,129	$	889
Lease liabilities-current	$	580	$	537
Lease liabilities-non-current		503		361
Total operating lease liabilities	$	1,083	$	898

The following table provides the details of lease costs:

	Three Months Ended June 30,
	2022		2021
	(In thousands)
Operating lease cost	$	151	$	125
Short-term lease cost		8		31
	$	159	$	156

The following table provides other information related to leases:

	Three Months Ended June 30,
	2022		2021
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	151	$	127
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	376	$	—
Weighted-average remaining lease term (years):
Operating leases		2.68		1.97
Weighted-average discount rate:
Operating leases		4.34%		4.56%

The following table provides the maturities of the Company’s operating lease liabilities as of June 30, 2022:

	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2023 (Remaining nine months)	$	443
2024		436
2025		84
2026		86
2027		89
Thereafter		8
Total undiscounted future cash flows		1,146
Less: Imputed interest		(63)
Present value of undiscounted future cash flows	$	1,083
Presentation on statement of financial position
Current	$	580
Non-current	$	503