Leases

6 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

Note 5 LEASES:

Operating leases

Leases classified as operating leases are included in operating lease right-of use assets, operating lease liabilities and operating lease liabilities, non-current, in the Company’s condensed balance sheets.

Condensed balance sheet information related to our leases is presented below: 

		As of
	Condensed Balance Sheet Location	September 30, 2024		March 31, 2024
Operating leases:
Right-of-use assets	Operating lease right-of-use assets	$	2,148,877	$	2,324,753
Right-of-use liabilities, current	Operating lease liabilities, current	$	369,975	$	351,804
Right-of-use  liabilities, long-term	Operating lease liabilities, non-current	$	2,048,321	$	2,237,317

The lease expense for the three months ended September 30, 2024 and 2023 was $144,070 and $140,653, respectively, and for the six months ended September 30, 2024 and 2023 was $283,794 and $280,960, respectively, which was included in costs of product sold on the Company’s condensed statements of operations. In addition to the base rent, the Company pays insurance premiums and utility charges relating to the use of the premises. The Company considers its present facilities to be adequate for its present and anticipated future needs.

The basic minimum annual rental remaining on these leases was $2,852,016 as of September 30, 2024.

The weighted-average remaining lease term and the weighted average discount rate for operating leases were:

	As of
	September 30, 2024			March 31, 2024
Other information
Weighted-average discount rate – operating leases		6.00	%		6.00	%
Weighted-average remaining lease term – operating lease (in years)		5.3			5.8

The total remaining operating lease payments included in the measurement of lease liabilities on the Company’s condensed balance sheet as of September 30, 2024 was as follows: 

For the years ended March 31,	Operating Lease Payments
(Six months ending) March 31, 2025	$	251,292
2026		519,036
2027		547,460
2028		563,891
2029		408,429
Thereafter		561,908
Total gross operating lease payments		2,852,016
Less: imputed interest		(433,720	)
Total lease liabilities, reflecting present value of future minimum lease payments	$	2,418,296