|
NOTE 10 – Leases
The Company’s operating leases are comprised
primarily of facility leases. Balance sheet information related to the Company’s leases is presented below:
| Schedule of lease cost information |
|
|
|
|
|
|
|
|
| |
|
March 31, |
|
|
March 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
418,000 |
|
|
$ |
559,000 |
|
| Operating lease liabilities – current |
|
|
256,000 |
|
|
|
250,000 |
|
| Operating lease liabilities – non-current |
|
|
162,000 |
|
|
|
309,000 |
|
Other information related to leases is presented below:
| |
|
Year ended March 31, 2023
|
|
|
Year ended
March 31, 2022 |
|
| Lease cost |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
385,000 |
|
|
$ |
367,000 |
|
| |
|
|
|
|
|
|
|
|
| As of March 31, 2023 |
|
|
|
|
|
|
|
|
| Other information: |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
(173,000 |
) |
|
$ |
(222,000 |
) |
| Weighted-average remaining lease term – operating leases (in months) |
|
|
19.4 |
|
|
|
27.3 |
|
| Weighted-average discount rate – operating leases |
|
|
6% |
|
|
|
6% |
|
As of March 31, 2023, the annual future minimum lease payments of
the Company’s operating lease liabilities were as follows:
| Schedule of minimum operating lease liabilities |
|
|
|
|
| For Years Ending March 31, |
|
|
|
| |
|
|
|
| 2024 |
|
$ |
296,000 |
|
| 2025 |
|
|
154,000 |
|
| 2026 |
|
|
15,000 |
|
| Thereafter |
|
|
– |
|
| Total future minimum lease payments, undiscounted |
|
|
465,000 |
|
| Less: imputed interest |
|
|
(47,000 |
) |
| Total lease liability |
|
$ |
418,000 |
|
|