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LEASES

9 Months Ended

Dec. 31, 2023

LEASES

LEASES

NOTE 13 – LEASES

On August 25, 2021, Stadco became party to an amended building and property operating lease and recorded a right of use asset and liability of $6.6 million. Monthly base rent for the property is $82,998 per month. The term of the lease will expire on June 30, 2030, and the lessee has no right of renewal beyond the expiration date. The lease contains customary default provisions allowing the landlord to terminate the lease if the lessee fails to remedy a breach of its obligations under the lease within the period specified in the lease, or upon certain events of bankruptcy or seizure or attachment of the lessee’s assets or interest in the lease. The lease also contains other customary provisions for real property leases of this type.

The following table lists our right-of-use assets and liabilities on our condensed consolidated balance sheets at:

​

​	​	​	​	​	​	​
​		December 31, 2023			March 31, 2023
Finance lease:		​	​	​	​
Right of use asset – operating lease	​	$	6,629,396	​	$	6,629,396
Right of use asset – finance leases	​	​	65,016	​	​	65,016
Amortization	​	​	(1,544,514)	​	​	(1,033,474)
Right of use asset, net	​	$	5,149,898	​	$	5,660,938
Lease liability – operating lease	​	$	5,301,394	​	$	5,819,365
Lease liability – finance leases	​	​	21,459	​	​	36,336
Total lease liability	​	$	5,322,853	​	$	5,855,701

​

Other supplemental information regarding our leases is contained in the following tables:

​

​	​	​	​	​	​	​
Components of lease expense for the nine months ended:		December 31, 2023			December 31, 2022
Operating lease amortization	​	$	498,108	​	$	480,817
Finance lease amortization	​	$	12,932	​	$	16,334
Finance lease interest	​	$	681	​	$	1,171

​

​	​	​	​	​	​
Weighted average lease term and discount rate at:		December 31, 2023		December 31, 2022
Lease term (years) – operating lease		6.50	​	7.58	​
Lease term (years) – finance lease	​	2.25	​	1.00	​
Lease rate – operating lease	​	4.5	%	4.5	%
Lease rate – finance lease		3.2	%	4.5	%

​

​

​	​	​	​	​	​	​
Supplemental cash flow information related to leases for the nine months ended:		December 31, 2023			December 31, 2022
Cash used in operating activities	​	$	704,101	​	$	612,411
Cash used in financing activities	​	$	14,877	​	$	31,058

​

Maturities of lease liabilities at December 31, 2023 for the next five years and thereafter:

​

​	​	​	​
2024		$	948,701
2025	​		948,701
2026	​		941,276
2027	​		938,802
2028	​	​	938,802
Thereafter	​		1,407,542
Total lease payments	​	$	6,123,824
Less: imputed interest	​		800,971
Total	​	$	5,322,853

​

X

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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- References

No definition available.

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