| Condensed Consolidated Balance Sheet |
| Note 5. |
Condensed Consolidated Balance Sheet |
Inventories, net
Inventories, net consist of the following:
| Schedule of Inventories |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
|
March 31, |
|
| |
|
2021 |
|
|
2021 |
|
| Raw materials |
|
$ |
1,627,000 |
|
|
$ |
1,670,000 |
|
| Finished goods |
|
|
1,252,000 |
|
|
|
860,000 |
|
| Inventories, net |
|
$ |
2,879,000 |
|
|
$ |
2,530,000 |
|
The Company reserved $238,000 and $223,000 for obsolescence at December
31, 2021 and March 31, 2021, respectively.
Leases
The Company's operating leases are comprised
primarily of operating facility leases. The Company did not have any finance leases as of December 31, 2021, and March 31, 2021. Balance
sheet information related to our leases is presented below:
| Lease information |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
|
March 31, |
|
| |
|
2021 |
|
|
2021 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
623,000 |
|
|
$ |
769,000 |
|
| Operating lease liabilities – current |
|
$ |
261,000 |
|
|
$ |
240,000 |
|
| Operating lease liabilities – non- current |
|
$ |
362,000 |
|
|
$ |
529,000 |
|
Other information related to operating leases is presented below:
| Nine Months Ended December 31, 2021 |
|
|
|
| Operating lease cost |
|
$ |
274,000 |
|
| Other information: |
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
148,000 |
|
| Weighted-average remaining lease term – operating leases (in months) |
|
|
29.50 |
|
| Weighted-average discount rate – operating leases |
|
|
6.00% |
|
As of December 31, 2021, the annual minimum lease payments of our
operating lease liabilities were as follows:
| Schedule of minimum operating lease liabilities |
|
|
|
|
| For Years Ending March 31, |
|
|
|
| 2022 (excluding the nine months ended December 31, 2021) |
|
$ |
83,000 |
|
| 2023 |
|
|
292,000 |
|
| 2024 |
|
|
207,000 |
|
| 2025 |
|
|
103,000 |
|
| 2026 |
|
|
14,000 |
|
| Thereafter |
|
|
– |
|
| Total future minimum lease payments, undiscounted |
|
|
699,000 |
|
| Less: imputed interest |
|
|
(76,000 |
) |
| Present value of future minimum lease payments |
|
$ |
623,000 |
|
|