Annual report pursuant to Section 13 and 15(d)

Leases

v3.7.0.1
Leases
12 Months Ended
Mar. 31, 2017
Leases [Abstract]  
Leases

 

Note 6 - Leases:

The Company leases equipment and office space under various operating leases.  Lease expense applicable to operating leases was $615, $677, and $596 in fiscal 2017, fiscal 2016, and fiscal 2015, respectively.

Property, plant and equipment include the following amounts for leases which have been capitalized:

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

Machinery and equipment

 

$

364

 

 

$

280

 

Less accumulated amortization

 

 

119

 

 

 

75

 

 

 

$

245

 

 

$

205

 

 

Amortization of machinery and equipment under capital leases amounted to $54, $40 and $54 in fiscal 2017, fiscal 2016, and fiscal 2015, respectively, and is included in depreciation expense.

As of March 31, 2017, future minimum payments required under non-cancelable leases are:

 

 

 

Operating

Leases

 

 

Capital

Leases

 

2018

 

$

489

 

 

$

115

 

2019

 

 

410

 

 

 

93

 

2020

 

 

398

 

 

 

36

 

2021

 

 

270

 

 

 

21

 

2022

 

 

11

 

 

 

 

Total minimum lease payments

 

$

1,578

 

 

$

265

 

 

 

 

 

 

 

 

 

 

Less – amount representing interest

 

 

 

 

 

 

15

 

Present value of net minimum lease payments

 

 

 

 

 

$

250