Condensed Consolidated Balance Sheet

9 Months Ended

Dec. 31, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Condensed Consolidated Balance Sheet

Note 5. Condensed Consolidated Balance Sheet

Inventories, net

Inventories, net consist of the following: 

	December 31,		March 31,
	2021		2021
Raw materials	$	1,627,000	$	1,670,000
Finished goods		1,252,000		860,000
Inventories, net	$	2,879,000	$	2,530,000

The Company reserved $238,000 and $223,000 for obsolescence at December 31, 2021 and March 31, 2021, respectively.

Leases

The Company's operating leases are comprised primarily of operating facility leases. The Company did not have any finance leases as of December 31, 2021, and March 31, 2021. Balance sheet information related to our leases is presented below: 

	December 31,		March 31,
	2021		2021
Operating leases:
Operating lease right-of-use assets	$	623,000	$	769,000
Operating lease liabilities – current	$	261,000	$	240,000
Operating lease liabilities – non- current	$	362,000	$	529,000

Other information related to operating leases is presented below:

Nine Months Ended December 31, 2021
Operating lease cost	$	274,000
Other information:
Operating cash flows from operating leases	$	148,000
Weighted-average remaining lease term – operating leases (in months)		29.50
Weighted-average discount rate – operating leases		6.00%

As of December 31, 2021, the annual minimum lease payments of our operating lease liabilities were as follows: 

For Years Ending March 31,
2022 (excluding the nine months ended December 31, 2021)	$	83,000
2023		292,000
2024		207,000
2025		103,000
2026		14,000
Thereafter		–
Total future minimum lease payments, undiscounted		699,000
Less: imputed interest		(76,000	)
Present value of future minimum lease payments	$	623,000