Leases

9 Months Ended

Dec. 31, 2020

NOTE 9 — LEASES

The Company leases office space in the U.S. and in Hong Kong as well as a copier in the U.S. These leases have remaining non-cancellable lease terms of three to five years. The Company has elected not to separate lease and non-lease components for all leased assets. The Company did not identify any events or conditions during the quarter ended December 31, 2020 to indicate that a reassessment or re-measurement of the Company’s existing leases was required. There were also no impairment indicators identified during the quarter ended December 31, 2020 that required an impairment test for the Company’s right-of-use assets or other long-lived assets in accordance with ASC 360-10.

As of December 31, 2020, the Company’s current operating and finance lease liabilities were $191,000 and $1,000, respectively and its non-current operating and finance lease liabilities were $105,000 and $3,000, respectively. The Company’s operating and finance lease right-of-use asset balances are presented in non-current assets. The net balance of the Company’s operating and finance lease right-of-use assets as of December 31, 2020 was $272,000 and $4,000, respectively.

The components of lease costs, which were included in operating expenses in the Company’s condensed consolidated statements of operations, were as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Lease cost
Operating lease cost	$	64	$	63	$	191	$	190
Finance lease cost		—		—		—		—
Amortization of right-of-use assets		—		—		—		—
Interest on lease liabilities		—		—		—		—
Variable lease costs		—		—		—		—
Total lease cost		64		63		191		190

The supplemental cash flow information related to leases are as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		67		66		200		197
Operating cash flows from finance leases		—		—		—		—
Financing cash flows from finance leases		—		—		—		1

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		—		—		—		650
Finance leases		—		—		—		5

Information relating to the lease term and discount rate are as follows:

Weighted average remaining lease term (in months)	As of December 31, 2020			As of December 31, 2019
Operating leases		19.0			28.6
Finance leases		41.2			53.2

Weighted average discount rate
Operating leases		7.50	%		7.50	%
Finance leases		7.50	%		7.50	%

As of December 31, 2020 the maturities of lease liabilities were as follows:

(in thousands)	Operating Leases			Finance Leases
2021	$	67		$	1
2022		162			1
2023		84			1
2024		—			1
2025		—			—
Thereafter		—			—
Total lease payments	$	313		$	4
Less: Imputed interest		(17	)		—
Total	$	296		$	4