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LEASES | 3 Months Ended
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Jun. 30, 2024
Leases |
LEASES | NOTE 10 – LEASES We lease office, manufacturing, and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify as operating leases. None of our leases are financing leases. The Scottsdale lease has been extended through 2029 and does not include a renewal option. We terminated our lease agreement in Marietta, GA during the year ended March 31, 2024 and decreased our right of use asset and operating lease liabilities on our condensed consolidated balance sheet by $38,185. Consolidated lease expense for the three months ended June 30, 2024 was $167,357 including $161,916 of operating lease expense and $5,441 of other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. Consolidated lease expense for the three months ended June 30, 2023 was $167,609 including $160,758 of operating lease expense and $6,851 of other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. The weighted average remaining lease term and weighted average discount rate for operating leases were 3.7 years and 10.0%, respectively. Future minimum lease payments under non-cancellable leases as of June 30, 2024, are as follows:
Years Ended March 31, |  |  |
2025(1) |  | $ | 491,352 |
2026 |  |  | 650,195 |
2027 |  |  | 564,681 |
2028 |  |  | 360,055 |
2029 |  |  | 242,595 |
Total Lease Payments |  |  | 2,308,878 |
Less: Amount Representing Interest |  |  | (393,251 | )
Present Value of Lease Liabilities |  | $ | 1,915,627 |
(1) This amount represents future lease payments for the remaining nine months of fiscal year 2025. It does not include any lease payments for the three months ended June 30, 2024.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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