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Note 12 - Leases

6 Months Ended

Sep. 30, 2025

Note 12 — Leases

The Company leases locations with lease terms that are less than 12 months or are on month to month terms. 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 $ 0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively. Rent expense for these operating leases totaled $0.2 million and $0.4 million for the six months ended September 30, 2025 and 2024, respectively.

Operating lease costs for the six months ended September 30, 2025 and 2024 consisted of the following (in thousands):

	*Six Months Ended*		*Six Months Ended*
	*September 30,*		*September 30,*
	*2025*		*2024*
Fixed rent cost	$	153	$	243
Short term lease cost		70		110
Total operating lease cost	$	223	$	353

Supplemental balance sheet information related to leases was as follows (in thousands):

	*September 30,*		*March 31,*
Operating leases	*2025*		*2025*
Operating lease right-of-use assets	$	80	$	97

Operating lease liability, current	$	10	$	-
Operating lease liability, noncurrent		76		99
Total operating lease liabilities	$	86	$	99

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.

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.