| Balance Sheet Accounts |
2. Balance Sheet Accounts
Prepaid Expenses and Other Current Assets
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June 30, |
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March 31, |
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2022 |
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2022 |
Prepaid inventory |
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$ |
779,359 |
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$ |
956,743 |
Prepaid insurance |
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208,333 |
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77,553 |
Other prepaid expenses |
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68,460 |
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93,066 |
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$ |
1,056,152 |
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$ |
1,127,362 |
Equipment
Equipment consisted of the following at June 30, 2022 and March 31, 2022:
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June 30, 2022 |
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March 31, 2022 |
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Accumulated |
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Accumulated |
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Cost |
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Depreciation |
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Net |
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Cost |
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Depreciation |
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Net |
Computers and electronics |
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$ |
315,837 |
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$ |
306,462 |
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$ |
9,375 |
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$ |
315,837 |
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$ |
305,420 |
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$ |
10,417 |
Furniture and fixtures |
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36,795 |
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36,795 |
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— |
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36,795 |
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36,795 |
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— |
Demonstration equipment |
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168,981 |
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98,467 |
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70,514 |
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168,691 |
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87,874 |
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80,817 |
Manufacturing equipment |
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88,742 |
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88,742 |
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— |
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88,742 |
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88,742 |
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— |
Tools and parts |
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11,422 |
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11,422 |
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— |
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11,422 |
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11,422 |
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— |
Assets under capital lease |
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68,453 |
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68,453 |
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— |
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68,453 |
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68,453 |
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— |
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$ |
690,230 |
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$ |
610,341 |
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$ |
79,889 |
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$ |
689,940 |
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$ |
598,706 |
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$ |
91,234 |
Depreciation expense for the three months ended June 30, 2022 and June 30, 2021 was approximately $12,000 and $9,000, respectively.
Accrued Liabilities
Accrued liabilities consist of the following at June 30, 2022 and March 31, 2022:
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June 30, |
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March 31, |
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2022 |
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2022 |
Accrued personnel costs |
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$ |
174,361 |
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$ |
115,992 |
Accrued director fees |
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537,500 |
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480,672 |
Accrued commissions |
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— |
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22,924 |
Accrued professional fees |
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91,407 |
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81,100 |
Accrued warranty costs |
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8,987 |
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8,885 |
Accrued other |
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206,351 |
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163,457 |
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$ |
1,018,606 |
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$ |
873,030 |
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 $9,000 at June 30, 2022 and March 31, 2022.
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