Note 6 - Leases

12 Months Ended

Mar. 31, 2026

Note 6 — Leases

The Company's operating leases with lease terms of greater than 12 months are capitalized in operating lease right-of-use assets and operating lease liabilities in the accompanying consolidated balance sheets. Rent expense for these operating leases totaled $0.1 million and $0.1 million for the years ended March 31, 2026 and 2025, respectively.

Operating lease cost for the years ended March 31, 2026 and 2025 consist of the following (in thousands):

	*Year Ended*		*Year Ended*
	*March 31,*		*March 31,*
	*2026*		*2025*
Fixed rent cost	$	36	$	-
Short term lease cost		80		68
Total operating lease cost	$	116	$	68

Supplemental balance sheet information related to leases was as follows (in thousands):

	*March 31,*		*March 31,*
Operating leases	*2026*		*2025*
Operating lease right-of-use assets	$	166	$	-

Operating lease liability, current	$	70	$	-
Operating lease liability, noncurrent		97		-
Total operating lease liabilities	$	167	$	-

Significant judgments

Discount rate – the Company’s lease is discounted using the Company’s incremental borrowing rate of 3.43% as the rate implicit in the lease is not readily determinable.

Options – the lease term is the minimum noncancelable period of the lease. The Company does not include option periods unless the Company determined it is reasonably certain of exercising the option at inception or when a triggering event occurs.

Lease and non-lease components – non-lease components were considered and determined not to be material.

Future maturities of our operating lease is as follows (in thousands):

For Years Ending March 31,
2027	$	103
2028		69
Total lease payments		172
Less: imputed interest		(5	)
Present value of operating lease liabilities	$	167