Note 5 - Leases

3 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

 NOTE 5 — LEASES

The Company has an operating lease for the Granite City, IL facility with an expiration date of August 31, 2028 and optional renewal provisions for up to 4 renewal terms of five years each. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at June 30, 2025 and remaining in place until adjustment in September 2025 is approximately $13,000 per month. The anticipated execution of renewal options for this lease is included in the right-of-use ("ROU") asset and lease liability calculation. The Company has an operating lease for administrative office space in The Woodlands, TX with an expiration date of February 28, 2029 and a renewal option for one additional 60 month term. The lease calls for monthly rental payments that adjust on an annual basis. The monthly rental payment in place at June 30, 2025 and remaining in place until adjustment in March 2026 is approximately $12,000 per month. The Company’s lease of its office space in Longview, Texas is the only other operating lease included in the Company's ROU assets and lease liabilities. This lease expires on April 30, 2027 and calls for monthly rental payments of approximately $5,000. The Company’s other operating leases for items such as IT equipment and storage space are either short-term in nature or immaterial. The Company does not have any finance leases in place.

The components of expense related to leases for the three months ended June 30, 2025 and 2024 are as follows (in thousands):

	Three Months Ended
	June 30,
	2025		2024
Operating lease expense		108		60
	$	108	$	60

The following table illustrates the balance sheet classification for ROU assets and lease liabilities as of June 30, 2025 and March 31, 2025 (in thousands):

	June 30, 2025		March 31, 2025		Balance Sheet Classification
Assets
Operating lease right-of-use asset	$	2,788	$	2,841	Operating lease right-of-use asset
Total right-of-use assets	$	2,788	$	2,841
Liabilities
Operating lease liability, current	$	164	$	160	Accrued expenses
Operating lease liability, non-current		2,713		2,752	Non-current lease liabilities
Total lease liabilities	$	2,877	$	2,912

As of June 30, 2025, the weighted-average remaining lease term was 19.3 years for operating leases. The weighted average discount rate was 7.5% for operating leases.

Maturities of lease liabilities as of June 30, 2025 were as follows (in thousands):

	Operating Leases
Fiscal 2026 (remainder of fiscal year)		273
Fiscal 2027		371
Fiscal 2028		325
Fiscal 2029		303
Fiscal 2030 and beyond		4,740
Total undiscounted lease payments	$	6,012
Less: imputed interest		(3,135	)
Present value of lease liability	$	2,877