Note 14 - Leases

12 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Lessee Lease Disclosure [Text Block]

NOTE 14 — LEASES

The Company leases office space in the U.S. and in Hong Kong as well as a copier in the U.S. These leases have remaining non-cancellable lease terms of twenty-nine to fifty-one months. The Company has elected not to separate lease and non-lease components for all leased assets. The Company did not identify any events or conditions during fiscal 2025 to indicate that a reassessment or re-measurement of the Company’s existing leases was required. There were also no impairment indicators identified during fiscal 2025 that required an impairment test for the Company’s right-of-use assets or other long-lived assets in accordance with ASC 360-10, "Impairment and Disposal of Long-Lived Assets”.

As of March 31, 2025, the Company’s current operating and finance lease liabilities were approximately $136,000 and $1,200, respectively, and its non-current operating and finance lease liabilities were approximately $321,000 and $5,100, respectively. The Company’s operating and finance lease right-of-use asset balances are presented in non-current assets. The net balance of the Company’s operating and finance lease right-of-use assets as of March 31, 2025 were approximately $443,000 and $5,700, respectively.

As disclosed in "Note 3 - Related Party Transactions", the Company's office space in Hong Kong is being leased from VACL, which is a company related to the Company’s Chairman of the Board. As of March 31, 2025, the current operating liability of this lease is approximately $100,000 and its non-current liability is approximately $160,000. Its right-of-use asset value is approximately $260,000, as of March 31, 2025.

 As of March 31, 2025, the Company's office space in the United States has a current operating liability of approximately $36,000 and its non-current liability is approximately $162,000. The right-of-use asset value of this operating lease is approximately $183,000, March 31, 2025.

The components of lease costs, which were included in operating expenses in the Company’s condensed consolidated statements of operations, were as follows:

	Year Ended March 31,
	2025		2024
	(in thousands)
Lease cost
Operating lease cost	$	191	$	196
The supplemental cash flow information related to leases are as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		187		167
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		313		248
Finance leases		6		—

Information relating to the lease term and discount rate are as follows:

Weighted average remaining lease term (in months)	As of March 31, 2025			As of March 31, 2024
Operating leases		35.6			45.8
Finance leases		50.2			2.2
Weighted average discount rate
Operating leases		10.39	%		9.76	%
Finance leases		10.50	%		7.50	%

As of  March 31, 2025 the maturities of lease liabilities were as follows:

(in thousands)	Operating Leases			Finance Leases
2026	$	175		$	2
2027		187			2
2028		118			2
2029		52			2
2030		—			—
Thereafter		—			—
Total lease payments	$	532		$	8
Less: Imputed interest		(75	)		(2	)
Total	$	457		$	6