Note 7 - Leases

12 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE

7.

LEASES

     We conduct our operations in a leased facility under a non-cancellable lease expiring

March 31, 2026.

On

March 

2,

2020

we executed a

fifth

amendment to the lease agreement between us and GRE – Bryant Lake, LLC covering our facility. Our lease would have expired

December 

31,

2020

without the

fifth

amendment, which extended the lease for an additional term of

63

 months. The

fifth

amendment is incorporated in this Report by reference to our Current Report on Form

8

-K/A filed

March 

3,

2020.

The

fifth

amendment will decrease our monthly base rent to

$14,241

in

2021

from

$14,811

in

2020

under the current lease, with subsequent

2%

 annual increases for

2022,

2023,

2024,

and

2025.

The

fifth

amendment also provides the

first

three

months of

2021

as net free. Our lease does

not

provide an implicit rate, so we used our incremental borrowing rate to determine the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. Variable lease costs consist primarily of common area maintenance and real estate taxes which are paid based on actual costs incurred by the lessor.
 
     Details of our operating lease are as follows:

	Year Ended March 31, 2020
Operating lease cost	$	154,565
Variable lease cost		96,798
Total	$	251,363
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for leases	$	174,528
Remaining lease term (years)		6
Discount rate		3.5	%

     The following table presents the maturities of lease liabilities as of

March 

31,

 

2020:

Year Ending March 31	Operating Leases
2021		128,537
2022		152,703
2023		156,121
2024		159,592
2025		163,224
2026		165,947
Total lease payments		926,124
Imputed lease interest		(92,390	)
Total lease liabilities	$	833,734