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Leases
 12 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES

NOTE 3 – LEASES

 

W. Bernardo Drive, San Diego, CA

 

The 39-month lease term expired on June 30, 2023, and, subsequent to expiration, the landlord refunded the Company’s security deposit.

 

Thornmint Road, San Diego, CA

 

The 48-month lease term commenced February 1, 2023, and the lease provides for an initial base monthly rent of $36,000 with annual rent increases of approximately 4%. In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and other certain operating costs. A discount rate of 8%, which approximated the Company’s incremental borrowing rate, was used to measure the lease asset and liability. The Company obtained a right-of-use asset of approximately $1,560,000 in exchange for its obligations under the operating lease.

 

Future minimum payments under the facility operating lease, as of March 31, 2024, are listed in the table below (in thousands).

 

Fiscal year ending March 31,    
2025   452 
2026   470 
2027   405 
Total future lease payments   1,327 
Less: Imputed interest   (137)
Present value of lease liabilities  $1,190 

 

Cash paid for amounts included in the measurement of lease liabilities was approximately $476,000 and $230,000 for the years ended March 31, 2024 and 2023, respectively. Rent expense was approximately $449,000 and $237,000 for the years ended March 31, 2024 and 2023, respectively.