Note 8 - Leases

9 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

NOTE 8 – 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, 2022:

	For the fiscal year ended:	Amount
FY 2023	March 31, 2023	$	25,469
FY 2024	March 31, 2024		105,625
FY 2025	March 31, 2025		106,875
FY 2026	March 31, 2026		106,875
FY 2027	March 31, 2027		106,875
FY 2028	March 31, 2028		106,875
FY 2029	March 31, 2029 ends June 30, 2028		26,719
			585,312
Less: Amount attributable to imputed interest			(74,790	)
		$	510,523
Weighted average remaining lease term (in years)			3.0
Weighted average discount rate			5	%
Present Value of future payments		$	18,730

Rent and real estate tax expense for all facilities for the three and nine months ended December 31, 2022 was approximately was approximately $34,000 and $102,000, respectively.

Rent and real estate tax expense for all facilities for the three and nine months ended December 31, 2021 was approximately 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.