Leases

12 Months Ended

Mar. 31, 2023

Leases

Leases

NOTE 10 – Leases

The Company’s operating leases are comprised primarily of facility leases. Balance sheet information related to the Company’s leases is presented below: 

	March 31,		March 31,
	2023		2022
Operating leases:
Operating lease right-of-use assets	$	418,000	$	559,000
Operating lease liabilities – current		256,000		250,000
Operating lease liabilities – non-current		162,000		309,000

Other information related to leases is presented below:

	Year ended March 31, 2023			Year ended March 31, 2022
Lease cost
Operating lease cost	$	385,000		$	367,000
As of March 31, 2023
Other information:
Operating cash flows from operating leases	$	(173,000	)	$	(222,000	)
Weighted-average remaining lease term – operating leases (in months)		19.4			27.3
Weighted-average discount rate – operating leases		6%			6%

As of March 31, 2023, the annual future minimum lease payments of the Company’s operating lease liabilities were as follows: 

For Years Ending March 31,
2024	$	296,000
2025		154,000
2026		15,000
Thereafter		–
Total future minimum lease payments, undiscounted		465,000
Less: imputed interest		(47,000	)
Total lease liability	$	418,000