Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.3.a.u2
Commitments and Contingencies (Tables)
9 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Summary of presentation of operating lease
   

 As of 

December 31, 2019

Assets    
Right of use asset – operating lease   $ 3,665,600  
         
Liabilities        
Current operating lease obligation   $ 301,400  
Non-current operating lease obligation     3,798,400  
Total operating lease liability   $ 4,099,800  
Summary of operating lease costs
   

 

For the Three Months Ended

 

 

For the Nine Months Ended

   

December 31, 2019

 

December 31, 2019

Operating lease cost   $ 203,100     $ 615,000  
Summary of expected lease expense
Fiscal Years Ending March 31,    
  2020 (remaining three months)     $ 157,800  
  2021       645,800  
  2022       668,400  
  2023       726,000  
  2024       766,000  
  Thereafter       2,720,400  
  Total lease expense       5,684,400  
  Less imputed interest       (1,584,600 )
  Present value of operating lease liabilities     $ 4,099,800  
Summary of future minimum lease payments
Fiscal Years Ending March 31,    
  2020     $ 623,900  
  2021       645,800  
  2022       668,400  
  2023       225,300  
  2024       —    
  Thereafter       —    
        $ 2,163,400  
Other lease disclosure
   

 

As of December 31, 2019

Assumed remaining lease term in years     7.58  
Assumed discount rate     8.54 %
Supplemental disclosure of cash flow information
    For the Nine Months Ended
    December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities   $ 561,900