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Note E - Leases | 3 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE E — LEASES 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 disclosed in Note B. The current lease expires August 31, 2023 and the Company is in the process of renewing the lease. The lease calls for quarterly rental payments of approximately $19,000. The Company recognized an initial right-of-use ("ROU") asset and lease liability of approximately $1.2 million during the June 30, 2022 quarter related to this lease. The anticipated renewal 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 approximately $5,000 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 acquired a new heavy-duty forklift under a 5-year finance lease arrangement with a financed amount of approximately $0.5 million and a monthly payment of approximately $9,000. The components of expense related to leases for the three months ended June 30, 2023 and 2022 are as follows (in thousands):
|  | Three Months Ended |
|  | June 30, |
|  | 2023 |  |  | 2022 |
Finance lease – amortization of ROU asset |  | $ | 26 |  |  | $ | 26 |
Finance lease – interest on lease liability |  |  | 1 |  |  |  | 1 |
Operating lease expense |  |  | 34 |  |  |  | 27 |
|  | $ | 61 |  |  | $ | 54 |
The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2023 and March 31, 2023 (in thousands):
|  | June 30, 2023 |  |  | March 31, 2023 |  | Balance Sheet Classification
Assets |  |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 1,244 |  |  | $ | 1,270 |  | Operating lease right-of-use asset
Finance lease right-of-use asset |  |  | 424 |  |  |  | 430 |  | Property, plant & equipment
Total right-of-use assets |  | $ | 1,668 |  |  | $ | 1,700 |  |
Liabilities |  |  |  |  |  |  |  |  |
Operating lease liability, current |  | $ | 94 |  |  | $ | 101 |  | Accrued expenses
Finance lease liability, current |  |  | 107 |  |  |  | 107 |  | Current portion of finance lease
Operating lease liability, non-current |  |  | 1,151 |  |  |  | 1,168 |  | Other non-current liabilities
Finance lease liability, non-current |  |  | 27 |  |  |  | 54 |  | Other non-current liabilities
Total lease liabilities |  | $ | 1,379 |  |  | $ | 1,430 |  |
As of June 30, 2023, the weighted-average remaining lease term was 19.4 years for operating leases and 1.3 years for finance leases. The weighted average discount rate was 2.6% for operating leases and 1.9% for finance leases. Maturities of lease liabilities as of June 30, 2023 were as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
Fiscal 2024 (remainder of fiscal year) |  |  | 100 |  |  |  | 82 |
Fiscal 2025 |  |  | 80 |  |  |  | 54 |
Fiscal 2026 |  |  | 75 |  |  |  | — |
Fiscal 2027 |  |  | 75 |  |  |  | — |
Fiscal 2028 and beyond |  |  | 1,237 |  |  |  | — |
Total undiscounted lease payments |  | $ | 1,567 |  |  | $ | 136 |
Less: imputed interest |  |  | (322 | ) |  |  | (2 | )
Present value of lease liability |  | $ | 1,245 |  |  | $ | 134 |

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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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