Annual report pursuant to Section 13 and 15(d)

Commitments, Contingencies, Guarantees and Indemnifications (Tables)

v3.20.2
Commitments, Contingencies, Guarantees and Indemnifications (Tables)
12 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of finance lease obligations
    March 31,  
    2020     2019  
             
Office equipment   $ 14,700     $ 14,700  
                 
Accumulated depreciation     (9,400 )     (6,500 )
                 
Net book value   $ 5,300     $ 8,200  
Schedule of amortization expense for assets recorded under finance leases

Fiscal Years Ending March 31,

     
2021   $ 3,300  
2022     3,000  
Future minimum lease payments     6,300  
         
    Less imputed interest included in minimum lease payments     (700 )
         
Present value of minimum lease payments     5,600  
         
    Less current portion     (3,300 )
         
Financing lease obligation - non-current portion   $ 2,300  
Summary of presentation of operating lease
    As of March 31, 2020  
Assets      
Right of use asset – operating lease   $ 3,579,600  
         
Liabilities        
Current operating lease obligation   $ 313,400  
Non-current operating lease obligation     3,715,600  
Total operating lease liability   $ 4,029,000  
Summary of expected lease expense
    For the Fiscal Year Ended  
    March 31, 2020  
Operating lease cost   $ 692,300  
Schedule of future minimum payments under operating leases

Fiscal Years Ending March 31,

     
2021   $ 645,800  
2022     668,400  
2023     726,000  
2024     766,000  
2025     789,000  
Thereafter     1,931,400  
Total lease expense     5,526,600  
Less imputed interest     (1,497,600 )
Present value of operating lease liabilities   $ 4,029,000  
Other lease disclosure
    As of March 31, 2020  
Assumed remaining lease term in years     7.33  
Assumed discount rate     8.54%  
Supplemental disclosure of cash flow information
    For the Fiscal Year Ended  
    March 31, 2020  

Cash paid for amounts included in the

   measurement of lease liabilities

  $ 753,900