Quarterly report pursuant to Section 13 or 15(d)

5. Condensed Consolidated Balance Sheets

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5. Condensed Consolidated Balance Sheets - USD ($)
 3 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Disclosure Text Block Supplement [Abstract]    
Condensed Consolidated Balance Sheets

Note 5. Condensed Consolidated Balance Sheets

 

Inventories, net

 

Inventories, net consist of the following:

  

    June 30,     March 31,  
    2020     2020  
Raw materials   $ 2,894,000     $ 1,128,000  
Finished goods     1,299,000       1,064,000  
    $ 4,193,000     $ 2,192,000  

 

The Company reserved $632,000 and $549,000 for obsolescence at June 30, 2020 and March 31, 2020, respectively.

 

Leases

 

The Company's operating leases are comprised primarily of facility leases. The Company did not have any finance leases as of June 30, 2020 and March 31, 2020. Balance sheet information related to our leases is presented below:

 

    June 30,     March 31,  
    2020     2020  
Operating leases:                
Operating lease right-of-use assets   $ 343,000     $ 963,000  
Operating lease liabilities – current     135,000       251,000  
Operating lease liabilities – non- current     220,000       746,000  

 

Other information related to leases is presented below:

 

Three Months Ended June 30, 2020      
Operating lease cost     49,000  
Other information:        
Operating cash flows from operating leases     46,000  
Weighted-average remaining lease term – operating leases (in months)     36.3  
Weighted-average discount rate – operating leases     6.00%  

 

As of June 30, 2020, the annual minimum lease payments of our operating lease liabilities were as follows:

 

For Years Ending March 31,      
2021 (excluding the three months ended June 30, 2020)   $  114,000  
2022     114,000  
2023     86,000  
2024     57,000  
Thereafter     –  
Total future minimum lease payments, undiscounted     370,000  
Less: imputed interest     (15,000 )
Present value of future minimum lease payments   $ 355,000  

 

  
Inventory reserved for obsolescence $ 632,000 $ 549,000