Annual report pursuant to Section 13 and 15(d)

7. Prepaid Expenses and Other Current Assets

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7. Prepaid Expenses and Other Current Assets
 12 Months Ended
Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets

NOTE 7 – Prepaid Expenses and Other Current Assets

 

Prepaid expenses and other current assets consist of the following:

 

    March 31,  
    2018     2017  
Prepaid insurance   $ 440,000     $ 587,000  
Prepaid rebates     270,000       –  
Tax prepaid to Mexican tax authorities     215,000       –  
Other prepaid expenses and other current assets     622,000       29,000  
    $ 1,547,000     $ 616,000  

 

The long-term portion of the prepayment to the Mexican tax authorities amounted to $399,000 and is recorded in other assets in the accompanying March 31, 2018 balance sheet.