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Note D - Leases | 3 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE D — LEASES The Company has an operating lease for the Granite City, IL facility with an expiration date of August 31, 2028 with optional renewal provisions for up to 4 renewal terms of five years each. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at June 30, 2024 and remaining in place until adjustment in September 2024 is approximately $13,000 per month. The anticipated execution of renewal options for this lease is included in the ROU asset and lease liability calculation. The Company has an operating lease for administrative office space in The Woodlands, TX with an expiration date of February 28, 2029 and a renewal option for one additional 60 month term. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at June 30, 2024 and remaining in place until adjustment in March 2025 is approximately $11,000 per month. 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. This lease was renewed in April 2024 for a 36 month term expiring on April 30, 2027 with monthly rental payments of approximately $5,000. 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 equipment 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, 2024 and 2023 are as follows (in thousands):
|  | Three Months Ended |
|  | June 30, |
|  | 2024 |  |  | 2023 |
Finance lease – amortization of ROU asset |  | $ | 27 |  |  | $ | 26 |
Finance lease – interest on lease liability |  |  | — |  |  |  | 1 |
Operating lease expense |  |  | 60 |  |  |  | 34 |
|  | $ | 87 |  |  | $ | 61 |
The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2024 and March 31, 2024 (in thousands):
|  | June 30, 2024 |  |  | March 31, 2024 |  | Balance Sheet Classification
Assets |  |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 2,998 |  |  | $ | 2,841 |  | Operating lease right-of-use asset
Finance lease right-of-use asset |  |  | 398 |  |  |  | 404 |  | Property, plant & equipment
Total right-of-use assets |  | $ | 3,396 |  |  | $ | 3,245 |  |
Liabilities |  |  |  |  |  |  |  |  |
Operating lease liability, current |  | $ | 149 |  |  | $ | 101 |  | Accrued expenses
Finance lease liability, current |  |  | 27 |  |  |  | 54 |  | Current portion of finance lease
Operating lease liability, non-current |  |  | 2,863 |  |  |  | 2,782 |  | Non-current lease liabilities
Total lease liabilities |  | $ | 3,039 |  |  | $ | 2,937 |  |
As of June 30, 2024, the weighted-average remaining lease term was 19.5 years for operating leases and 0.2 years for finance leases. The weighted average discount rate was 7.5% for operating leases and 1.9% for finance leases. Maturities of lease liabilities as of June 30, 2024 were as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
Fiscal 2025 (remainder of fiscal year) |  |  | 267 |  |  |  | 27 |
Fiscal 2026 |  |  | 363 |  |  |  | — |
Fiscal 2027 |  |  | 371 |  |  |  | — |
Fiscal 2028 |  |  | 324 |  |  |  | — |
Fiscal 2029 and beyond |  |  | 5,043 |  |  |  | — |
Total undiscounted lease payments |  | $ | 6,368 |  |  | $ | 27 |
Less: imputed interest |  |  | (3,356 | ) |  |  | — |
Present value of lease liability |  | $ | 3,012 |  |  | $ | 27 |

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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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