Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheet

v3.25.2
Condensed Consolidated Balance Sheet
3 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Condensed Consolidated Balance Sheet

 

Note 4. Condensed Consolidated Balance Sheet

 

Inventories, net

 

Inventories, net consist of the following: 

           
    June 30,     March 31,  
    2025     2025  
Raw materials   $ 1,755,000     $ 1,395,000  
Finished goods     2,351,000       1,818,000  
Inventories, gross     4,106,000       3,213,000  
Less: allowance for obsolete and excess inventory     (304,000 )     (298,000 )
Total inventories, net   $ 3,802,000     $ 2,915,000  

 

Leases

 

The Company’s operating leases are comprised primarily of facility leases. Balance sheet information related to the Company’s leases is presented below:

           
    June 30,     March 31,  
    2025     2025  
Operating leases:            
Operating lease right-of-use assets   $ 536,000     $ 84,000  
Operating lease liabilities – current     96,000       58,000  
Operating lease liabilities – non-current     440,000       27,000  

 

Other information related to leases is presented below:

 

Three Months Ended June 30, 2025      
Operating lease cost   $ 87,000  
Other information:        
Operating cash flows from operating leases   $ (448,000 )
Weighted-average remaining lease term – operating leases (in months)     53.3  
Weighted-average discount rate – operating leases     10.7%  

 

As of June 30, 2025, the annual minimum lease payments of our operating lease liabilities were as follows:

     
For Years Ending March 31,      
2026 (excluding the three months ended June 30, 2025)   $ 126,000  
2027     139,000  
2028     146,000  
2029     149,000  
2030     164,000  
Thereafter     13,000  
Total future minimum lease payments, undiscounted     737,000  
Less: imputed interest     (201,000 )
Present value of future minimum lease payments   $ 536,000