Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheet

v3.23.3
Condensed Consolidated Balance Sheet
6 Months Ended
Sep. 30, 2023
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:

           
    September 30,     March 31,  
    2023     2023  
Raw materials   $ 1,493,000     $ 1,764,000  
Finished goods     1,020,000       1,094,000  
 Inventories, net   $ 2,513,000     $ 2,858,000  

 

Leases

 

The Company's operating leases are comprised primarily of facility leases. The Company did not have any finance leases as of September 30, 2023 and March 31, 2023. Balance sheet information related to our leases is presented below:

           
    September 30,     March 31,  
    2023     2023  
Operating leases:                
Operating lease right-of-use assets   $ 350,000     $ 418,000  
Operating lease liabilities – current     216,000       256,000  
Operating lease liabilities – non- current     134,000       162,000  

 

Other information related to leases is presented below:

 

Six Months Ended September 30, 2023      
Operating lease cost   $ 216,000  
Other information:        
Operating cash flows from operating leases     (79,000 )
Weighted-average remaining lease term – operating leases (in months)     19.3  
Weighted-average discount rate – operating leases     6.00%  

 

As of September 30, 2023, the annual minimum lease payments of our operating lease liabilities were as follows:

     
For Years Ending March 31,      
2024 (excluding the six months ended September 30, 2023)   $ 81,000  
2025     144,000  
2026     157,000  
2027     9,000  
Total future minimum lease payments, undiscounted     391,000  
Less: imputed interest     (41,000 )
Present value of future minimum lease payments   $ 350,000