Commitments and Contingencies

12 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 6 — COMMITMENTS AND CONTINGENCIES:

The Company’s ERP software provider is subscription based with annual commitments as follows (in thousands).

Fiscal Years	Amount
2021	$	27
2022		—
2023		—
2024		—
Thereafter		—
Total	$	27

Rent expense resulting from leases with non-affiliated companies aggregated $97,000 and $107,000, respectively, for fiscal 2020 and 2019.

Letters of Credit:

The Company utilizes the services of one of its banks to issue secured letters of credit on behalf of the Company, as needed, on a 100% cash collateralized basis. At March 31, 2020 and March 31, 2019, the Company had no letters of credit outstanding.

Capital Expenditure and Other Commitments:

As of March 31, 2020, there were no capital expenditure or other commitments other than the normal purchase orders used to secure product.

Employee Benefit Plan:

The Company currently sponsors a defined contribution 401(k) retirement plan which is subject to the provisions of the Employee Retirement Income Security Act. The Company matches a percentage of the participants’ contributions up to a specified amount. These contributions to the plan for fiscal 2020 and 2019 were $23,000 and $25,000, respectively, and were charged against earnings for the periods presented.