Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.2
Leases
3 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases
Leases
The Company has entered into various non-cancelable operating lease agreements for certain offices. These leases currently have lease periods expiring between fiscal years 2024 and 2025. The lease agreements may include one or more options to renew. Renewals were not assumed in the Company's determination of the lease term unless the renewals were deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs, weighted-average lease term, and discount rate are detailed below.
Schedule, by fiscal year, of maturities of lease liabilities as of:
 
 
June 30, 2019
 
 
(Unaudited)
Remainder of fiscal year 2020
 
$
505

Fiscal year 2021
 
688

Fiscal year 2022
 
706

Fiscal year 2023
 
723

Fiscal year 2024
 
520

Thereafter
 
203

Total undiscounted cash flows
 
3,345

(Less imputed interest)
 
(518
)
Present value of lease liabilities
 
$
2,827



Associated with this financial liability, the Company has recorded a right-of-use asset of $2,168, which is calculated using the present value of lease liabilities less any lease incentives received from our landlords and any deferred rent liability balance as of the date of implementation. The discount rate used to calculate the imputed interest above is 6.75% and the