Note 9 - Leases

9 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Lessee Lease Disclosure [Text Block]

NOTE 9 — 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 to forty-two 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 the quarter ended December 31, 2025 to indicate that a reassessment or re-measurement of the Company’s existing leases was required.

As of December 31, 2025, the Company’s current operating lease liabilities and finance lease liabilities were $158,000 and $1,000, respectively and its non-current operating lease liabilities and finance lease liabilities were $201,000 and $4,000, 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 December 31, 2025 was $338,000 and $5,000, respectively.

As disclosed in "Note 6 - Related Party Transactions", the Company's Hong Kong office space is being leased from VACL, which is a company related to the Company's Chairman. As of  December 31, 2025, the current operating liability of this lease is approximately $108,000 and its non-current liability is $78,000. Its right-of-use asset value is approximately $186,000, as of  December 31, 2025.

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

	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Lease cost
Operating lease cost	$	45	$	45	$	139	$	145
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		46		46		129		141
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		—		—		—		313
Finance leases		—		—		—		6

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

Weighted average remaining lease term (in months)	As of December 31, 2025			As of December 31, 2024
Operating leases		27.4			38.4
Finance leases		41.2			53.2
Weighted average discount rate
Operating leases		10.38	%		10.39	%
Finance leases		10.50	%		10.50	%

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

(in thousands)	Operating Leases			Finance Leases
2026	$	47		$	1
2027		187			2
2028		118			2
2029		51			1
2030		—			—
Thereafter		—			—
Total lease payments	$	403		$	6
Less: Imputed interest		(44	)		(1	)
Total	$	359		$	5