Condensed Consolidated Balance Sheet |
Note 4. |
Condensed Consolidated Balance Sheet |
Inventories, net
Inventories, net consist of the following:
Schedule of inventories, net |
|
|
|
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2024 |
|
Raw materials |
|
$ |
1,695,000 |
|
|
$ |
1,802,000 |
|
Finished goods |
|
|
1,225,000 |
|
|
|
1,213,000 |
|
Inventories, gross |
|
|
2,920,000 |
|
|
|
3,015,000 |
|
Less: allowance for obsolete and excess inventory |
|
|
(262,000 |
) |
|
|
(296,000 |
) |
Total inventories, net |
|
$ |
2,658,000 |
|
|
$ |
2,719,000 |
|
Leases
The Company’s operating leases are comprised
primarily of facility leases. Balance sheet information related to the Company’s leases is presented below:
Schedule of lease information |
|
|
|
|
|
|
|
|
June 30, |
|
|
March 31, |
|
|
|
2024 |
|
|
2024 |
|
Operating leases: |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
$ |
216,000 |
|
|
$ |
286,000 |
|
Operating lease liabilities – current |
|
|
155,000 |
|
|
|
198,000 |
|
Operating lease liabilities – non-current |
|
|
61,000 |
|
|
|
87,000 |
|
Other information related to leases is presented below:
Three Months Ended June 30, 2024 |
|
|
|
Operating lease cost |
|
$ |
93,000 |
|
Other information: |
|
|
|
|
Operating cash flows from operating leases |
|
|
(55,000 |
) |
Weighted-average remaining lease term – operating leases (in months) |
|
|
19.0 |
|
Weighted-average discount rate – operating leases |
|
|
6.00% |
|
As of June 30, 2024, the annual minimum lease payments of our operating
lease liabilities were as follows:
Schedule of minimum lease payments of operating lease liabilities |
|
|
|
For Years Ending March 31, |
|
|
|
|
2025 (excluding the three months ended June 30, 2024) |
|
$ |
150,000 |
|
2026 |
|
|
67,000 |
|
2027 |
|
|
14,000 |
|
2028 |
|
|
9,000 |
|
Total future minimum lease payments, undiscounted |
|
|
240,000 |
|
Less: imputed interest |
|
|
(24,000 |
) |
Present value of future minimum lease payments |
|
$ |
216,000 |
|
|