Annual report pursuant to Section 13 and 15(d)

12. Leases

v3.21.2
12. Leases
12 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

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