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Leases | 12 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Note 8 - Leases: The Company leases certain manufacturing facilities, office space, machinery and office equipment. An arrangement is considered to contain a lease if it conveys the right to use and control an identified asset for a period of time in exchange for consideration. If it is determined that an arrangement contains a lease, then a classification of a lease as operating or finance is determined by evaluating the five criteria outlined in the lease accounting guidance at inception. Leases generally have remaining terms of one year to five years, whereas leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The depreciable life of leased assets related to finance leases is limited by the expected term of the lease, unless there is a transfer of title or purchase option that the Company believes is reasonably certain of exercise. Certain leases include options to renew or terminate. Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease. The term of the lease includes renewal periods only if the Company is reasonably certain that it will exercise the renewal option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the cost of moving to another location, the cost of disrupting operations, whether the purpose or location of the leased asset is unique and the contractual terms associated with extending the lease. The Company’s lease agreements do not contain any residual value guarantees or any material restrictive covenants and the Company does not sublease to any third parties. As of March 31, 2024, the Company did not have any material leases that have been signed but not commenced. Right-of-use ("ROU") lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments in exchange for that right of use. Finance lease ROU assets and operating lease ROU assets are included in the line items Property, plant and equipment, net and Operating lease assets, respectively, in the Consolidated Balance Sheets. The current portion and non-current portion of finance and operating lease liabilities are all presented separately in the Consolidated Balance Sheets. The Company previously entered into operating leases with Ascent Properties Group, LLC ("Ascent"), a limited liability company of which our Chief Executive Officer holds a majority interest, for an office and manufacturing building in Arvada, CO as well as machinery and equipment. During fiscal 2023, the Company entered into an additional lease with Ascent for another manufacturing building in Arvada, CO. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $952, $843 and $707 i n fiscal 2024, 2023 and 2022, respectively. Future minimum lease payments under these leases as of March 31, 2024 are $5,785. The discount rate implicit within the Company's leases is generally not readily determinable, and therefore, the Company uses an incremental borrowing rate in determining the present value of lease payments based on rates available at commencement. The weighted average remaining lease term and discount rate for finance and operating leases are as follows:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Finance Leases |  |  |  |  |  |
Weighted-average remaining lease term in years |  |  | 3.83 |  |  |  | 4.45 |
Weighted-average discount rate |  |  | 7.75 | % |  |  | 7.98 | %
Operating Leases |  |  |  |  |  |
Weighted-average remaining lease term in years |  |  | 5.93 |  |  |  | 7.00 |
Weighted-average discount rate |  |  | 3.30 | % |  |  | 3.25 | %
The components of lease expense are as follows:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 13 |  |  | $ | 24 |
Interest on lease liabilities |  |  | 8 |  |  |  | 4 |
Operating lease cost |  |  | 1,478 |  |  |  | 1,394 |
Short-term lease cost |  |  | 27 |  |  |  | 17 |
Total lease cost |  | $ | 1,526 |  |  | $ | 1,439 |
Operating lease costs during fiscal 2024, fiscal 2023 and fiscal 2022 were included within Cost of sales and Selling, general and administrative expenses. As of March 31, 2024, future minimum payments required under non-cancelable leases are:
|  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 1,468 |  |  | $ | 26 |
2026 |  |  | 1,324 |  |  |  | 26 |
2027 |  |  | 1,353 |  |  |  | 26 |
2028 |  |  | 1,390 |  |  |  | 21 |
2029 and thereafter |  |  | 2,940 |  |  |  | — |
Total lease payments |  |  | 8,475 |  |  |  | 99 |
Less – amount representing interest |  |  | 789 |  |  |  | 14 |
Present value of net minimum lease payments |  | $ | 7,686 |  |  | $ | 85 |
ROU assets obtained in exchange for new operating lease liabilities were $149 and $1,169 in fiscal 2024 and fiscal 2023, respectively.

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