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Leases
 3 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES

NOTE 3 – LEASES

  

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 certain other 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 June 30, 2024, are listed in the table below (in thousands).

 

Annual Fiscal Years    
2025  $340 
2026   470 
2027   405 
Total future lease payments  $1,215 
Less:  Imputed interest   (115)
Present value of lease liability  $1,100 

 

Cash paid for amounts included in the measurement of lease liabilities was approximately $112,000 and $149,000 for the three months ended June 30, 2024 and 2023, respectively. Rent expense was approximately $112,000 for each of the three month periods ended June 30, 2024 and 2023, respectively.