Annual report pursuant to Section 13 and 15(d)

Commitments, Contingencies, Guarantees and Indemnifications (Tables)

v3.21.2
Commitments, Contingencies, Guarantees and Indemnifications (Tables)
12 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of finance lease obligations
    March 31,     March 31,  
    2021     2020  
             
Office equipment subject to financing lease   $ 14,700     $ 14,700  
Accumulated depreciation     (12,400 )     (9,400 )
                 
Net book value of office equipment subject to                
   financing lease   $ 2,300     $ 5,300  
                 
Schedule of amortization expense for assets recorded under finance leases

Fiscal Year Ending March 31,

     
2022   $ 3,200  
         
Future minimum lease payments     3,200  
         
    Less imputed interest included in minimum lease payments     (200 )
         
Present value of minimum lease payments     3,000  
         
    Less current portion     (3,000 )
         
Financing lease obligation - non-current portion   $ -  
         
Summary of presentation of operating lease
    As of March 31, 2021     As of March 31, 2020  
Assets            
Right of use asset – operating lease   $ 3,219,600     $ 3,579,600  
                 
Liabilities                
Current operating lease obligation   $ 364,800     $ 313,400  
Non-current operating lease obligation     3,350,800       3,715,600  
Total operating lease liability   $ 3,715,600     $ 4,029,000  
Summary of expected lease expense
    For the Fiscal Year Ended     For the Fiscal Year Ended  
    March 31, 2021     March 31, 2020  
Operating lease cost   $ 838,200     $ 822,300  
Schedule of future minimum payments under operating leases
Fiscal Years Ending March 31,      
2022   $ 668,400  
2023     726,000  
2024     766,000  
2025     789,000  
2026     812,700  
Thereafter     1,118,700  
Total lease expense     4,880,800  
Less imputed interest     (1,165,200 )
Present value of operating lease liabilities   $ 3,715,600  
Other lease disclosure
    As of March 31, 2021  
Assumed remaining lease term in years   6.33  
Assumed discount rate   8.54%  
Supplemental disclosure of cash flow information
    For the Fiscal Year Ended     For the Fiscal Year Ended  
    March 31, 2021     March 31, 2020  
Cash paid for amounts included in the measurement of lease liabilities   $ 791,600     $ 753,900