Leases

12 Months Ended

Mar. 31, 2022

NOTE 14 — 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 ten to twenty-nine months. 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 fiscal 2022 to indicate that a reassessment or re-measurement of the Company’s existing leases was required. There were also no impairment indicators identified during fiscal 2022 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 March 31, 2022, the Company’s current operating and finance lease liabilities were $211,000 and $1,000, respectively, and its non-current operating and finance lease liabilities were approximately $201,000 and $2,000, 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 March 31, 2022 were approximately $403,000 and $2,000, respectively.

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

	Twelve Months Ended March 31,
	2022		2021
	(in thousands)
Lease cost
Operating lease cost	$	255	$	255
Finance lease cost		—		—
Amortization of right-of-use assets		—		—
Interest on lease liabilities		—		—
Variable lease costs		—		—
Total lease cost		255		255

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		257		266
Operating cash flows from finance leases		—		—
Financing cash flows from finance leases		—		—

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		403		—
Finance leases		—		—

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

Weighted average remaining lease term (in months)	As of March 31, 2022			As of March 31, 2021
Operating leases		24.8			17.4
Finance leases		26.2			38.2

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

As of March 31, 2022 the maturities of lease liabilities were as follows:
(in thousands)	Operating Leases			Finance Leases

2023	$	233		$	1
2024		149			1
2025		62			1
2026		—			—
Thereafter		—			—
Total lease payments	$	444		$	3
Less: Imputed interest		(32	)		—
Total	$	412		$	3