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Note E - Leases | 3 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES During the three months ended June 30, 2022, the Company was assigned an operating lease associated with the real property and leasehold improvements for the Granite City, IL facility acquired from Plateplus pursuant to the Transaction. The current lease expires August 31, 2023 but contains a 20 year extension option in favor of the Company which the Company expects to exercise. The lease calls for quarterly rental payments of $18,832. The Company recognized an initial right-of-use ("ROU") asset and lease liability of $1,237,097 during the June 30, 2022 quarter related to this lease. The anticipated 20 year extension of this lease is included in the ROU asset and lease liability calculation. The Company’s lease of its office space in Longview, Texas is the only other operating lease included in the Company's ROU assets and lease liabilities. 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 months ended June 30, 2022 and 2021 are as follows:
|  | Three Months Ended |
|  | June 30, |
|  | 2022 |  |  | 2021 |
Finance lease – amortization of ROU asset |  | $ | 25,983 |  |  | $ | 25,487 |
Finance lease – interest on lease liability |  |  | 1,240 |  |  |  | 1,736 |
Operating lease expense |  |  | 27,188 |  |  |  | 14,634 |
|  | $ | 54,411 |  |  | $ | 41,857 |
The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2022 and March 31, 2022:
|  | June 30, 2022 |  |  | March 31, 2022 |  | Balance Sheet Classification
Assets |  |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 1,330,241 |  |  | $ | 113,168 |  | Operating lease right-of-use asset
Finance lease right-of-use asset |  |  | 449,465 |  |  |  | 455,948 |  | Property, plant & equipment
Total right-of-use assets |  | $ | 1,779,706 |  |  | $ | 569,116 |  |
Liabilities |  |  |  |  |  |  |  |  |
Operating lease liability, current |  | $ | 98,289 |  |  | $ | 52,270 |  | Accrued expenses
Finance lease liability, current |  |  | 105,195 |  |  |  | 104,689 |  | Current portion of finance lease
Operating lease liability, non-current |  |  | 1,244,409 |  |  |  | 60,898 |  | Other non-current liabilities
Finance lease liability, non-current |  |  | 134,380 |  |  |  | 160,869 |  | Other non-current liabilities
Total lease liabilities |  | $ | 1,582,273 |  |  | $ | 378,726 |  |
As of June 30, 2022, the weighted-average remaining lease term was 19.7 years for operating leases and 2.3 years for finance leases. The weighted average discount rate was 2.8% for operating leases and 1.9% for finance leases. Maturities of lease liabilities as of June 30, 2022 were as follows:
|  | Operating Leases |  |  | Finance Leases |
Fiscal 2023 (remainder of fiscal year) |  |  | 100,397 |  |  |  | 81,669 |
Fiscal 2024 |  |  | 133,863 |  |  |  | 108,892 |
Fiscal 2025 |  |  | 80,205 |  |  |  | 54,446 |
Fiscal 2026 |  |  | 75,327 |  |  |  | — |
Fiscal 2027 and beyond |  |  | 1,311,941 |  |  |  | — |
Total undiscounted lease payments |  | $ | 1,701,733 |  |  | $ | 245,007 |
Less: imputed interest |  |  | (359,035 | ) |  |  | (5,432 | )
Present value of lease liability |  | $ | 1,342,698 |  |  | $ | 239,575 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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