Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Accounts

v3.21.2
Balance Sheet Accounts
3 Months Ended
Jun. 30, 2021
Balance Sheet Accounts  
Balance Sheet Accounts

3.    Balance Sheet Accounts

Prepaid Expenses and Other Current Assets

    

June 30, 

    

March 31, 

2021

2021

Prepaid inventory

$

1,495,968

$

1,501,542

Prepaid insurance

 

178,612

 

52,573

Other prepaid expenses

 

105,354

 

126,442

$

1,779,934

$

1,680,557

Equipment

Equipment consisted of the following at June 30, 2021 and March 31, 2021:

June 30, 2021

March 31, 2021

Accumulated

Accumulated

    

Cost

    

Depreciation

    

Net

    

Cost

    

Depreciation

    

Net

Computers and electronics

$

303,337

$

303,337

$

$

303,337

$

303,337

$

Furniture and fixtures

 

36,795

 

36,795

 

 

36,795

 

36,795

 

Demonstration equipment

 

123,301

 

55,456

 

67,845

 

170,386

 

76,809

 

93,557

Manufacturing equipment

 

88,742

 

88,742

 

 

88,742

 

88,742

 

Tools and parts

 

11,422

 

11,422

 

 

11,422

 

11,422

 

Assets under capital lease

 

68,453

 

68,453

 

 

68,453

 

68,453

 

$

632,050

$

564,205

$

67,845

$

679,135

$

585,558

$

93,577

Depreciation expense for the three months ended June 30, 2021 and 2020 was $9,000 and $18,000, respectively.

Accrued Expenses

Accrued expenses consist of the following at June 30, 2021 and March 31, 2021:

    

June 30, 

    

March 31, 

2021

2021

Accrued personnel costs

$

301,591

$

371,886

Accrued director fees

 

158,172

 

50,672

Accrued commissions

 

54,117

 

51,080

Accrued professional fees

 

65,000

 

127,211

Accrued warranty costs

 

29,187

 

45,936

Accrued other

 

170,334

 

113,241

$

778,401

$

760,026

The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty costs are included in accrued liabilities on the condensed consolidated interim balance sheets and amounted to $29,000 at June 30, 2021 and $46,000 at March 31, 2021.