|
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 information |
|
|
|
|
|
|
| |
|
March 31, |
|
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
286,000 |
|
|
$ |
418,000 |
|
| Operating lease liabilities – current |
|
|
198,000 |
|
|
|
256,000 |
|
| Operating lease liabilities – non-current |
|
|
87,000 |
|
|
|
162,000 |
|
Other information related to leases is presented below:
| |
|
Year ended March 31, 2024
|
|
|
Year ended
March 31, 2023 |
|
| Lease cost |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
380,000 |
|
|
$ |
385,000 |
|
| Other information: |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
(161,000 |
) |
|
$ |
(173,000 |
) |
| Weighted-average remaining lease term – operating leases (in months) |
|
|
19.7 |
|
|
|
19.4 |
|
| Weighted-average discount rate – operating leases |
|
|
6% |
|
|
|
6% |
|
As of March 31, 2024, 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, |
|
|
|
| |
|
|
|
| 2025 |
|
$ |
227,000 |
|
| 2026 |
|
|
68,000 |
|
| 2027 |
|
|
15,000 |
|
| Thereafter |
|
|
9,000 |
|
| Total future minimum lease payments, undiscounted |
|
|
319,000 |
|
| Less: imputed interest |
|
|
(34,000 |
) |
| Total lease liability |
|
$ |
285,000 |
|
|