|
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, |
|
| |
|
2026 |
|
|
2025 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
602,000 |
|
|
$ |
84,000 |
|
| Operating lease liabilities – current |
|
|
151,000 |
|
|
|
58,000 |
|
| Operating lease liabilities – non-current |
|
|
469,000 |
|
|
|
27,000 |
|
Other information related to leases is presented below:
| |
|
Year ended March 31, 2026
|
|
|
Year ended
March 31, 2025 |
|
| Lease cost |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
388,000 |
|
|
$ |
365,000 |
|
| Other information: |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
(515,000 |
) |
|
$ |
(174,000 |
) |
| Weighted-average remaining lease term – operating leases (in months) |
|
|
43.5 |
|
|
|
18.6 |
|
| Weighted-average discount rate – operating leases |
|
|
10.7% |
|
|
|
6% |
|
As of March 31, 2026, 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, |
|
|
|
| 2027 |
|
$ |
210,000 |
|
| 2028 |
|
|
207,000 |
|
| 2029 |
|
|
169,000 |
|
| 2030 |
|
|
161,000 |
|
| 2031 |
|
|
13,000 |
|
| Total future minimum lease payments, undiscounted |
|
|
760,000 |
|
| Less: imputed interest |
|
|
(140,000 |
) |
| Total lease liability |
|
$ |
620,000 |
|
|