|
NOTE 12 – Leases
The Company's operating leases are comprised primarily
of facility leases. Finance leases are comprised primarily of vehicle leases. Balance sheet information related to our leases is presented
below:
| |
|
March 31, |
|
|
March 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
769,000 |
|
|
$ |
671,000 |
|
| Operating lease liabilities – current |
|
|
240,000 |
|
|
|
200,000 |
|
| Operating lease liabilities – non-current |
|
|
529,000 |
|
|
|
471,000 |
|
| Finance leases: |
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
– |
|
|
|
– |
|
| Current portion of financing leases |
|
|
– |
|
|
|
– |
|
Other information related to leases is presented below:
| |
|
Year ended
March 31, 2021
|
|
| Lease cost |
|
|
|
|
| Operating lease cost |
|
$ |
435,000 |
|
| |
|
|
|
|
| As of March 31, 2021 |
|
|
|
|
| Other information: |
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
(215,000 |
) |
| Weighted-average remaining lease term – operating leases (in months) |
|
|
37.7 |
|
| Weighted-average discount rate – operating leases |
|
|
6.00% |
|
As of March 31, 2021, the annual minimum lease payments of our operating
lease liabilities were as follows:
| For Years Ending March 31, |
|
|
|
| |
|
|
|
| 2022 |
|
$ |
296,000 |
|
| 2023 |
|
|
261,000 |
|
| 2024 |
|
|
194,000 |
|
| 2025 |
|
|
110,000 |
|
| Thereafter |
|
|
6,000 |
|
| Total future minimum lease payments, undiscounted |
|
|
867,000 |
|
| Less: imputed interest |
|
|
(98,000 |
) |
| Present value of future minimum lease payments |
|
$ |
769,000 |
|
|