Note 7 - Leases

12 Months Ended

Mar. 31, 2022

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. 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
	2022			2021
Operating lease cost	$	170,062		$	158,439
Variable lease cost		120,606			109,449
Total	$	290,668		$	267,888
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for leases	$	174,313		$	133,299
Remaining lease term (years)		4			5
Discount rate		3.5	%		3.5	%

The following table presents the maturities of lease liabilities as of March 31, 2022:

Year Ending March 31	Operating Leases
2023		156,121
2024		159,592
2025		163,224
2026		165,947
Total lease payments		644,884
Imputed lease interest		(42,745	)
Total lease liabilities	$	602,139