| Balance Sheet Accounts |
3. Balance Sheet Accounts
Prepaid Expenses and Other Current Assets
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December 31, |
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March 31, |
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2022 |
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2022 |
Prepaid inventory |
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$ |
709,503 |
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$ |
956,743 |
Prepaid insurance |
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141,389 |
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77,553 |
Other prepaid expenses |
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58,439 |
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93,066 |
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$ |
909,331 |
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$ |
1,127,362 |
Equipment
Equipment consisted of the following at December 31, 2022 and March 31, 2022:
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December 31, 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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$ |
308,545 |
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$ |
7,292 |
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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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204,447 |
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122,461 |
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81,986 |
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168,691 |
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87,874 |
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80,817 |
Equipment |
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130,563 |
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90,833 |
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39,730 |
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88,742 |
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88,742 |
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— |
Leasehold Improvements |
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79,448 |
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2,207 |
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77,241 |
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— |
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— |
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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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$ |
846,965 |
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$ |
640,716 |
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$ |
206,249 |
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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 December 31, 2022 and December 31, 2021 was $19,000 and $11,000, respectively. Depreciation expense for the nine months ended December 31, 2022 and December 31, 2021 was $43,000 and $31,000, respectively.
Accrued Liabilities
Accrued liabilities consist of the following at December 31, 2022 and March 31, 2022:
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December 31, |
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March 31, |
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2022 |
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2022 |
Accrued personnel costs |
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$ |
208,564 |
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$ |
115,992 |
Accrued director fees |
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823,334 |
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480,672 |
Accrued commissions |
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14,278 |
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22,924 |
Accrued professional fees |
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98,433 |
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81,100 |
Accrued warranty costs |
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24,554 |
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8,885 |
Accrued other |
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123,892 |
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163,457 |
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$ |
1,293,055 |
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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 $25,000 at December 31, 2022 and $9,000 at March 31, 2022.
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