Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Accounts

v3.20.4
Balance Sheet Accounts
9 Months Ended
Dec. 31, 2020
Balance Sheet Accounts  
Balance Sheet Accounts

3.     Balance Sheet Accounts

Prepaid Expenses

 

 

 

 

 

 

 

 

 

    

December 31,

    

March 31,

 

 

2020

 

2020

Prepaid inventory

 

$

1,499,042

 

$

1,450,024

Prepaid insurance

 

 

116,825

 

 

57,226

Other prepaid expenses

 

 

42,610

 

 

125,305

 

 

$

1,658,477

 

$

1,632,555

 

Equipment

Equipment consisted of the following at December 31, 2020 and March 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

March 31, 2020

 

 

Accumulated

 

Accumulated

 

    

Cost

    

Depreciation

    

Net

    

Cost

    

Depreciation

    

Net

Computers and electronics

 

$

303,337

 

$

276,928

 

$

26,409

 

$

303,337

 

$

264,520

 

$

38,817

Furniture and fixtures

 

 

36,795

 

 

32,046

 

 

4,749

 

 

36,795

 

 

30,953

 

 

5,842

Demonstration equipment

 

 

135,543

 

 

68,809

 

 

66,734

 

 

135,543

 

 

37,662

 

 

97,881

Manufacturing equipment

 

 

88,742

 

 

86,977

 

 

1,765

 

 

88,742

 

 

86,688

 

 

2,054

Tools and parts

 

 

11,422

 

 

8,161

 

 

3,261

 

 

11,422

 

 

7,627

 

 

3,795

Assets under capital lease

 

 

68,453

 

 

66,151

 

 

2,302

 

 

68,453

 

 

62,698

 

 

5,755

 

 

$

644,292

 

$

539,072

 

$

105,220

 

$

644,292

 

$

490,148

 

$

154,144

 

Depreciation expense for the three months ended December 31, 2020 and 2019 was $15,000 and $28,000, respectively.  Depreciation expense for the nine months ended December 31, 2020 and 2019 was $49,000 and $79,000, respectively.

Accrued Expenses

Accrued expenses consist of the following at December 31, 2020 and March 31, 2020:

 

 

 

 

 

 

 

 

 

    

December 31,

    

March 31,

 

 

2020

 

2020

Accrued personnel costs

 

$

951,556

 

$

591,380

Accrued director fees

 

 

647,629

 

 

325,129

Accrued commissions

 

 

5,800

 

 

30,523

Accrued professional fees

 

 

175,000

 

 

253,831

Accrued warranty costs

 

 

45,936

 

 

162,449

Accrued other

 

 

241,874

 

 

284,344

 

 

$

2,067,795

 

$

1,647,656

 

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 $46,000 at December 31, 2020 and $162,000 at March 31, 2020. The significant decrease in the accrued warranty costs relates to a reduction in the number of units sold due to the COVID-19 pandemic.  

 

The significant increase in accrued personnel costs relates to the deferral of certain salary and bonus payments that are owed to senior management.  The significant increase in accrued director fees relates to the deferral of certain payments owed to the Company’s independent board of directors.