8. LEASES

6 Months Ended

Sep. 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 11 months to 55 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
	September 30, 2022		March 31, 2022
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	984	$	889
Lease liabilities-current	$	543	$	537
Lease liabilities-non-current		381		361
Total operating lease liabilities	$	924	$	898

The following table provides the details of lease costs:

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Operating lease cost	$	149	$	102	$	299	$	227
Short-term lease cost		8		82		16		113
	$	157	$	184	$	315	$	340

The following table provides other information related to leases:

	Six Months Ended September 30,
	2022		2021
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	298	$	232
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	376	$	—
Weighted-average remaining lease term (years):
Operating leases		2.57		1.81
Weighted-average discount rate:
Operating leases		4.35%		4.43%

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

	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2023 (Remaining six months)	$	285
2024		424
2025		84
2026		86
2027		89
Thereafter		8
Total undiscounted future cash flows		976
Less: Imputed interest		(52)
Present value of undiscounted future cash flows	$	924
Presentation on statement of financial position
Current	$	543
Non-current	$	381