Leases

9 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 10. Leases

The Company has a lease for office space in New Jersey, which expires in February 2023.  

Total Company rent expense, including short term rentals, was approximately $14,000 and $155,000 for the three and nine months ended December 31, 2020 and $79,000 and $235,000 for the three and nine months ended December 31, 2019.  

Operating lease right-of-use (“ROU”) assets and liabilities on the condensed consolidated balance sheet represents the present value of the remaining lease payments over the remaining lease terms. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. Payments for additional monthly fees to cover the Company's share of certain facility expenses are not included in operating lease right-of-use assets and liabilities. The Company uses its incremental borrowing rate of 11.0% to calculate the present value of its lease payments, as the implicit rates in the leases are not readily determinable.

As of December 31, 2020, the future minimum lease payments under non-cancellable operating lease agreements for which the Company has recognized operating lease right-of-use assets and lease liabilities were as follows:

	December 31, 2020
Fiscal year 2021	$	9,974
Fiscal year 2022		43,164
Fiscal year 2023		43,164
Total remaining lease payments		96,302
Less: present value adjustment		(10,627	)
Total operating lease liabilities		85,675
Less: current portion		(33,868	)
Operating lease liabilities, net of current portion	$	51,807