| Balance Sheet Accounts |
5. Balance Sheet Accounts
Prepaid Expenses
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March 31, |
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March 31, |
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2023 |
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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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68,094 |
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77,553 |
Other prepaid expenses |
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85,006 |
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93,066 |
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$ |
862,603 |
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$ |
1,127,362 |
Equipment
Equipment consisted of the following at March 31, 2023 and March 31, 2022:
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March 31, 2023 |
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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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$ |
309,587 |
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$ |
6,250 |
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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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135,279 |
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69,168 |
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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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93,342 |
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37,221 |
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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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4,414 |
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75,034 |
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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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$ |
659,292 |
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$ |
187,673 |
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$ |
689,940 |
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$ |
598,706 |
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$ |
91,234 |
Depreciation expense for the year ended March 31, 2023 and 2022 was $61,000 and $40,000 respectively.
Accrued Liabilities
Accrued liabilities consist of the following at March 31, 2023 and March 31, 2022:
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March 31, |
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March 31, |
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2023 |
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2022 |
Accrued personnel costs |
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$ |
164,825 |
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$ |
115,992 |
Accrued director fees |
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930,834 |
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480,672 |
Accrued commissions |
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15,088 |
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22,924 |
Accrued professional fees |
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104,603 |
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81,100 |
Accrued warranty costs |
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27,094 |
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8,885 |
Accrued other |
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144,706 |
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163,457 |
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$ |
1,387,150 |
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$ |
873,030 |
Accrued warranty costs are included in accrued liabilities on the consolidated balance sheets and amounted to $27,000 at March 31, 2023 and $9,000 at March 31, 2022.
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