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Note 11 - Leases | 9 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 11 — Leases The Company leases a space at a location under a non-cancellable operating lease with a remaining lease term of 1 year, which originally expired in fiscal year 2022 and was renewed for an additional year. On December 22, 2020, the Company acquired CPS which included the assumption of an operating lease for a 55,120 square foot light manufacturing facility located in Addison Illinois, expiring June 30, 2024. The Company leases several office locations with lease terms that are less than 12 months or are on month to month terms. Rent expense for these leases totaled less than $0.1 million for the three months ended December 31, 2023 and 2022, respectively. Rent expense was $0.7 million and $0.2 million for the nine months ended December 31, 2023 and 2022, respectively. Operating leases with lease terms of greater than 12 months are capitalized in operating lease right-of-use assets and operating lease liabilities in the accompanying condensed consolidated balance sheets. Rent expense for these operating leases totaled $0.2 million during each of the three months ended December 31, 2023 and 2022, respectively. Rent expense for these operating leases totaled $0.7 million and $0.2 million during the nine months ended December 31, 2023 and 2022, respectively. Operating lease costs for the nine months ended December 31, 2023 and 2022 consisted of the following (in thousands):
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Fixed rent cost |  | $ | 615 |  |  | $ | 373 |
Short term lease cost |  |  | 88 |  |  |  | 46 |
Total operating lease cost |  | $ | 703 |  |  | $ | 419 |
Supplemental balance sheet information related to leases was as follows (in thousands):
|  | December 31, |  |  | March 31, |
Operating leases |  | 2023 |  |  | 2023 |
Operating lease right-of-use assets |  | $ | 175 |  |  | $ | 423 |
Operating lease liability, current |  | $ | 181 |  |  | $ | 273 |
Operating lease liability, noncurrent |  |  | - |  |  |  | 161 |
Total operating lease liabilities |  | $ | 181 |  |  | $ | 434 |
The operating lease right-of-use assets are included in other assets and current operating lease liabilities are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands):
For Years Ending March 31, |  |  |  |
2024 (remaining three months) |  | $ | 65 |
2025 |  |  | 140 |
Total lease payments |  |  | 205 |
Less: imputed interest |  |  | (24 | )
Present value of operating lease liabilities |  | $ | 181 |
Significant judgments Discount rate – the Company’s lease is discounted using the Company’s incremental borrowing rate of 8.5% as the rate implicit in the lease is not readily determinable. Options – the lease term is the minimum noncancelable period of the lease. The Company does not include option periods unless the Company determined it is reasonably certain of exercising the option at inception or when a triggering event occurs. Lease and non-lease components – non-lease components were considered and determined not to be material.

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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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