Leases

9 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

8. Leases

The Company's subsidiaries have entered into three long-term operating leases for office premises in London, United Kingdom, Lysaker, Norway and North Vancouver, Canada. These lease assets are categorized as right of use assets under ASU No. 2016-02.

Long-term premises lease	Lease commencement	Lease expiry	Term (years)		Discount rate*
London, United Kingdom	April 1, 2019	December 25, 2023		4.75		4.50	%
Lysaker, Norway	October 1, 2019	September 30, 2024		5.00		4.50	%
North Vancouver, Canada	December 1, 2019	August 31, 2022		2.75		4.50	%

* The Company determined the discount rate with reference to mortgages of similar tenure and terms.

Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company's operating lease does not provide an implicit rate, the discount rate used to determine the present value of the lease payments is the collateralized incremental borrowing rate based on the remaining lease term. The operating lease asset excludes lease incentives. The operating leases do not contain an option to extend or terminate the lease term at the Company's discretion, therefore no probable renewal has been added to the expiry date when determining lease term. Operating lease expense is recognized on a straight-line basis over the lease term.

Lease cost – for the nine months ended December 31, 2019:
Operating lease expense *	$	302,131

* Including right of use amortization and imputed interest

The Company has entered into premises lease agreements with minimum annual lease payments expected over the next five years of the lease as follows:

Fiscal Year	$
2020 (remainder of year)		132,204
2021		528,814
2022		528,814
2023		505,581
2024		278,755
2025		34,262
Total future minimum lease payments		2,008,430
Imputed interest		(172,164	)
Operating lease obligations		1,836,266