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LEASES

9 Months Ended

Dec. 31, 2024

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 $6,694. Monthly base rent for the property is $83 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 as of:

​

​	​	​	​	​	​	​
​		December 31, 2024			March 31, 2024
Right of Use Asset		​	​	​	​
Right of use asset – operating lease	​	$	6,629	​	$	6,629
Right of use asset – finance leases	​	​	65	​	​	65
Accumulated amortization	​	​	(2,245)	​	​	(1,717)
Right of use assets net	​	$	4,449	​	$	4,977
Lease liability – operating lease	​	$	4,583	​	$	5,125
Lease liability – finance leases	​	​	12	​	​	19
Total lease liability	​	$	4,595	​	$	5,144

​

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

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​	​	​	​	​	​	​
Components of lease expense for the nine months ended:		December 31, 2024			December 31, 2023
Operating lease amortization	​	$	522	​	$	498
Finance lease amortization	​	$	6	​	$	13
Finance lease interest	​	$	—	​	$	1

​

​	​	​	​	​	​
Weighted average lease term and discount rate at:		December 31, 2024		December 31, 2023
Lease term (years) – operating lease		5.50	​	6.50	​
Lease term (years) – finance lease	​	1.25	​	2.25	​
Lease rate – operating lease	​	4.5	%	4.5	%
Lease rate – finance lease		3.2	%	3.2	%

​

​

​	​	​	​	​	​	​
Supplemental cash flow information related to leases for the nine months ended:		December 31, 2024			December 31, 2023
Cash used in operating activities	​	$	704	​	$	704
Cash used in financing activities	​	$	7	​	$	15

​

Maturities of lease liabilities on December 31, 2024 for the next five years and thereafter:

​

​	​	​	​
January 1, 2025 – December 31, 2025		$	948
January 1. 2026 – December 31, 2026	​		941
January 1, 2027 – December 31, 2027	​		939
January 1, 2028 – December 31, 2028	​		939
January 1, 2029 – December 31, 2029	​	​	939
Thereafter	​		391
Total lease payments	​	$	5,097
Less: imputed interest	​		502
Total	​	$	4,595

​

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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