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Condensed Consolidated Balance Sheet
 9 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Condensed Consolidated Balance Sheet

 

Note 4. Condensed Consolidated Balance Sheet

 

Inventories, net

 

Inventories, net consist of the following:

        
   December 31,   March 31, 
   2023   2023 
Raw materials  $1,507,000   $1,764,000 
Finished goods   1,448,000    1,094,000 
Inventories, net  $2,955,000   $2,858,000 

 

Leases

 

The Company's operating leases are comprised primarily of facility leases. The Company did not have any finance leases as of December 31, 2023 and March 31, 2023. Balance sheet information related to our leases is presented below:

        
   December 31,   March 31, 
   2023   2023 
Operating leases:        
Operating lease right-of-use assets  $341,000   $418,000 
Operating lease liabilities – current   181,000    256,000 
Operating lease liabilities – non- current   160,000    162,000 

 

Other information related to leases is presented below:

 

Nine Months Ended December 31, 2023    
Operating lease cost  $328,000 
Other information:     
Operating cash flows from operating leases   (99,000)
Weighted-average remaining lease term – operating leases (in months)   21.5 
Weighted-average discount rate – operating leases   6.00% 

 

As of December 31, 2023, the annual minimum lease payments of our operating lease liabilities were as follows:

    
For Years Ending March 31,    
2024 (excluding the nine months ended December 31, 2023)  $38,000 
2025   134,000 
2026   175,000 
2027   34,000 
Total future minimum lease payments, undiscounted   381,000 
Less: imputed interest   (40,000)
Present value of future minimum lease payments  $341,000