Annual report pursuant to Section 13 and 15(d)

Balance Sheet Accounts

v3.22.1
Balance Sheet Accounts
12 Months Ended
Mar. 31, 2022
Balance Sheet Accounts  
Balance Sheet Accounts

4. Balance Sheet Accounts

Prepaid Expenses

March 31,

March 31,

    

2022

    

2021

Prepaid inventory

$

956,743

$

1,466,466

Prepaid insurance

77,553

52,573

Other prepaid expenses

93,066

161,518

$

1,127,362

$

1,680,557

Equipment

Equipment consisted of the following at March 31, 2022 and March 31, 2022:

March 31, 2022

March 31, 2021

Accumulated

Accumulated

    

Cost

    

 Depreciation

    

Net

    

Cost

    

 Depreciation

    

Net

Computers and electronics

$

315,837

$

305,420

$

10,417

$

303,337

$

303,337

$

Furniture and fixtures

 

36,795

 

36,795

36,795

36,795

Demonstration equipment

 

168,691

 

87,874

80,817

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

$

689,940

$

598,706

$

91,234

$

679,135

$

585,558

$

93,577

Depreciation expense for the year ended March 31, 2022 and 2021 was $40,000 and $58,000 respectively.

Accrued Liabilities

Accrued liabilities consist of the following at March 31, 2022 and March 31, 2021:

March 31,

March 31,

    

2022

    

2021

Accrued personnel costs

$

115,992

$

371,886

Accrued director fees

 

480,672

 

50,672

Accrued commissions

 

22,924

 

51,080

Accrued professional fees

 

81,100

 

127,211

Accrued warranty costs

 

8,885

 

45,936

Accrued other

 

163,457

 

113,241

$

873,030

$

760,026

Accrued warranty costs are included in accrued liabilities on the consolidated balance sheets and amounted to $9,000 at March 31, 2022 and $46,000 at March 31, 2021. The significant decrease in the accrued warranty costs relates to a reduction in the number of units sold due to the COVID-19 pandemic.