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Note E - Leases | 9 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES The Company’s lease of its office space in Longview, Texas is the only operating lease included in the Company's right-of-use ("ROU") asset and lease liability. The lease calls for monthly rent payments of $4,878 and expires on April 30, 2024. The Company’s other operating leases for items such as IT equipment and storage space are either short-term in nature or immaterial. In October 2019, the Company received a new heavy-duty forklift under a 5-year finance lease arrangement with a financed amount of $518,616 and a monthly payment of $9,074. The components of expense related to leases for the three and nine months ended December 31, 2021 and 2020 are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Finance lease – amortization of ROU asset |  | $ | 25,734 |  |  | $ | 25,243 |  |  | $ | 76,831 |  |  | $ | 75,364 |
Finance lease – interest on lease liability |  |  | 1,489 |  |  |  | 1,981 |  |  |  | 4,838 |  |  |  | 6,306 |
Operating lease expense |  |  | 14,634 |  |  |  | 14,634 |  |  |  | 43,902 |  |  |  | 41,652 |
|  | $ | 41,857 |  |  | $ | 41,858 |  |  | $ | 125,571 |  |  | $ | 123,322 |
The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of December 31, 2021 and March 31, 2021:
|  | December 31, 2021 |  |  | March 31, 2021 |  | Balance Sheet Classification
Assets |  |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 125,676 |  |  | $ | 4,850 |  | Other assets
Finance lease right-of-use asset |  |  | 462,431 |  |  |  | 481,880 |  | Property, plant & equipment
Total right-of-use assets |  | $ | 588,107 |  |  | $ | 486,730 |  |
Liabilities |  |  |  |  |  |  |  |  |
Operating lease liability, current |  | $ | 51,366 |  |  | $ | 4,850 |  | Accrued expenses
Finance lease liability, current |  |  | 104,185 |  |  |  | 102,689 |  | Current portion of finance lease
Operating lease liability, non-current |  |  | 74,310 |  |  |  | — |  | Other non-current liabilities
Finance lease liability, non-current |  |  | 187,231 |  |  |  | 265,557 |  | Other non-current liabilities
Total lease liabilities |  | $ | 417,092 |  |  | $ | 373,096 |  |
As of December 31, 2021, the weighted-average remaining lease term was 2.3 years for operating leases and 2.8 years for finance leases. The weighted average discount rate was 7% for operating leases and 1.9% for finance leases. Maturities of lease liabilities as of December 31, 2021 were as follows:
|  | Operating Leases |  |  | Finance Leases |
Fiscal 2022 (remainder of fiscal year) |  |  | 14,634 |  |  |  | 27,223 |
Fiscal 2023 |  |  | 58,536 |  |  |  | 108,892 |
Fiscal 2024 |  |  | 58,536 |  |  |  | 108,892 |
Fiscal 2025 |  |  | 4,878 |  |  |  | 54,446 |
Fiscal 2026 |  |  | — |  |  |  | — |
Total undiscounted lease payments |  | $ | 136,584 |  |  | $ | 299,453 |
Less: imputed interest |  |  | (10,908 | ) |  |  | (8,037 | )
Present value of lease liability |  | $ | 125,676 |  |  | $ | 291,416 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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