LEASES

3 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LEASES

The Company determines whether a contract contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate.

The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2021:

	Classification on Balance Sheet	December 31, 2021
Assets
Operating lease assets	Right-of-use assets	$	17,830
Total lease assets		$	17,830
Liabilities
Operating lease liability	Operating lease obligations	$	17,573
Total lease liability		$	17,573

Lease obligations at December 31, 2021, consisted of the following:

Twelve months ending March 31,
2022	$	2,373
2023	8,551
2024	4,437
2025	2,906
2026	1,973
Thereafter	550
Total payments	20,790
Less: amounts representing interest	(3,217)
Lease liability, net	$	17,573
Weighted average remaining lease term (in months)	26
Weighted average discount rate	12		%

Lease commitments for short term operating leases as of December 31, 2021, are approximately $606. The Company’s rent expense for office space was $386 and $1,123 for the three and nine months ended December 31, 2021, and $656 and $827 for the three and nine months ended December 31, 2020, respectively.