Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Accounts

v3.21.2
Balance Sheet Accounts
6 Months Ended
Sep. 30, 2021
Balance Sheet Accounts  
Balance Sheet Accounts

3.    Balance Sheet Accounts

Prepaid Expenses and Other Current Assets

    

September 30, 

    

March 31, 

2021

2021

Prepaid inventory

$

1,325,495

$

1,466,466

Prepaid insurance

 

113,861

 

52,573

Other prepaid expenses

 

109,909

 

161,518

$

1,549,265

$

1,680,557

Equipment

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

September 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

 

65,731

 

57,570

 

170,386

 

76,809

 

93,577

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

$

574,480

$

57,570

$

679,135

$

585,558

$

93,577

Depreciation expense for the three months ended September 30, 2021 and September 30, 2020 was $11,000 and $16,000, respectively. Depreciation expense for the six months ended September 30, 2021 and September 30, 2020 was $20,000 and $34,000, respectively.

Accrued Expenses

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

    

September 30, 

    

March 31, 

2021

2021

Accrued personnel costs

$

345,747

$

371,886

Accrued director fees

 

265,672

 

50,672

Accrued commissions

 

 

51,080

Accrued professional fees

 

73,763

 

127,211

Accrued warranty costs

 

16,016

 

45,936

Accrued other

 

78,703

 

113,241

$

779,901

$

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 $16,000 at September 30, 2021 and $46,000 at March 31, 2021.