NOTE 10 – 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 | |
| | |
| |
| | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2024 | |
| Operating leases: | |
| | | |
| | |
| Operating lease right-of-use assets | |
$ | 84,000 | | |
$ | 286,000 | |
| Operating lease liabilities – current | |
| 58,000 | | |
| 198,000 | |
| Operating lease liabilities – non-current | |
| 27,000 | | |
| 87,000 | |
Other information related to leases is presented below:
| | |
Year ended March 31, 2025 | | |
Year ended
March 31, 2024 | |
| Lease cost | |
| | | |
| | |
| Operating lease cost | |
$ | 365,000 | | |
$ | 380,000 | |
| Other information: | |
| | | |
| | |
| Operating cash flows from operating leases | |
$ | (174,000 | ) | |
$ | (161,000 | ) |
| Weighted-average remaining lease term – operating leases (in months) | |
| 18.6 | | |
| 19.7 | |
| Weighted-average discount rate – operating leases | |
| 6% | | |
| 6% | |
As of March 31, 2025, the annual future minimum lease payments of the Company’s
operating lease liabilities were as follows:
| Schedule of minimum operating lease liabilities | |
| |
| For Years Ending March 31, | |
| |
| | |
| |
| 2026 | |
$ | 66,000 | |
| 2027 | |
| 15,000 | |
| 2028 | |
| 9,000 | |
| Total future minimum lease payments, undiscounted | |
| 90,000 | |
| Less: imputed interest | |
| (5,000 | ) |
| Total lease liability | |
$ | 85,000 | |
|