Note 9 - Leases

9 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

NOTE 9 – LEASES

We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on  June 30, 2028. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of  December 31, 2021: 

For the Period Ending December 31,
2022	$	101,875
2023		103,958
2024		106,875
2025		106,875
2026		106,875
Thereafter		169,219
		695,677
Less: Amount attributable to imputed interest		(110,834	)
Net liability at December 31, 2021	$	584,843
Weighted average remaining lease term (in years)		7.0
Weighted average discount rate		5.00	%

Rent and real estate tax expense for all facilities for the three and nine months ended   December 31, 2021 was approximately $34,000 and $103,000, respectively. Rent and real estate tax expense for all facilities for the three and nine months ended  December 31, 2020 was approximately $34,000 and $103,000, respectively, These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations.