PROPERTY AND EQUIPMENT

3 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

A summary of property and equipment is as follows:

	USEFUL	June 30,		March 31,
	LIFE	2023		2023
Computer and office equipment	5-7 years	$	497,000	$	497,000
Furniture and fixtures	7 years		111,000		111,000
Warehouse equipment	7 years		251,000		251,000
Molds and tooling	3-5 years		2,202,000		2,160,000
			3,061,000		3,019,000
Less: Accumulated depreciation			2,569,000		2,386,000
		$	492,000	$	633,000

Depreciation expense for the three months ended June 30, 2023 and 2022 was approximately $183,000 and $58,000, respectively. During the first quarter ended June 30, 2023, we decided not to renew our lease on our California warehouse facility and have opted to transfer our logistics operations to a third-party logistics company and all assets located at this facility will be sold or otherwise disposed of by the end of August 2023. As a result of these operational decisions, we recognized accelerated depreciation expense on certain assets to be sold in the amount of approximately $122,000 to reflect their adjusted fair market value as of June 30, 2023. This acceleration accounted for the majority of the increase in depreciation expense in the three months ended June 30, 2023.