Note 9 - Leases

9 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 9. LEASES

We conduct our operations in a leased facility under a non-cancellable lease expiring March 31, 2026. 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: 

	Quarter Ended Dec. 31, 2021			Nine Months Ended Dec. 31, 2021
Operating lease cost	$	42,516		$	127,546
Variable lease cost		31,029			93,087
Total	$	73,545		$	220,633
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for leases	$	37,962		$	113,886
Remaining lease term	51 months
Discount rate		3.5	%

 The following table presents the maturities of lease liabilities as of December 31, 2021:

Year Ending March 31	Operating Leases
2022		38,817
2023		156,121
2024		159,592
2025		163,224
2026		165,947
Total lease payments		683,701
Imputed lease interest		(48,096	)
Total lease liabilities	$	635,605