Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheet

v3.24.3
Condensed Consolidated Balance Sheet
6 Months Ended
Sep. 30, 2024
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,  
    2024     2024  
Raw materials   $ 1,670,000     $ 1,802,000  
Finished goods     1,421,000       1,213,000  
Inventories, gross      3,091,000       3,015,000  
Less: allowance for obsolete and excess inventory     (254,000 )     (296,000 )
Total inventories, net   $ 2,837,000     $ 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:

             
    September 30,     March 31,  
    2024     2024  
Operating leases:                
Operating lease right-of-use assets   $ 162,000     $ 286,000  
Operating lease liabilities – current     116,000       198,000  
Operating lease liabilities – non-current     46,000       87,000  

 

Other information related to leases is presented below:

 

Six Months Ended September 30, 2024      
Operating lease cost   $ 186,000  
Other information:        
Operating cash flows from operating leases     (102,000 )
Weighted-average remaining lease term – operating leases (in months)     18.7  
Weighted-average discount rate – operating leases     6.00%  

 

As of September 30, 2024, the annual minimum lease payments of our operating lease liabilities were as follows:

       
For Years Ending March 31,      
2025 (excluding the six months ended September 30, 2024)   $ 87,000  
2026     67,000  
2027     14,000  
2028     9,000  
Total future minimum lease payments, undiscounted     177,000  
Less: imputed interest     (15,000 )
Present value of future minimum lease payments   $ 162,000