Annual report pursuant to Section 13 and 15(d)

Leases

v3.8.0.1
Leases
12 Months Ended
Mar. 31, 2018
Leases [Abstract]  
Leases

 

Note 6 - Leases:

The Company leases equipment and office space under various operating leases.  Lease expense applicable to operating leases was $581, $615 and $677 in fiscal 2018, fiscal 2017 and fiscal 2016, respectively.

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

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Machinery and equipment

 

$

364

 

 

$

364

 

Less accumulated amortization

 

 

192

 

 

 

119

 

 

 

$

172

 

 

$

245

 

 

Amortization of machinery and equipment under capital leases amounted to $73, $54 and $40 in fiscal 2018, fiscal 2017, and fiscal 2016, respectively, and is included in depreciation expense.

As of March 31, 2018, future minimum payments required under non-cancelable leases are:

 

 

 

Operating

Leases

 

 

Capital

Leases

 

2019

 

$

549

 

 

$

93

 

2020

 

 

424

 

 

 

36

 

2021

 

 

283

 

 

 

21

 

2022

 

 

8

 

 

 

 

2023

 

 

 

 

 

 

Total minimum lease payments

 

$

1,264

 

 

 

150

 

 

 

 

 

 

 

 

 

 

Less – amount representing interest

 

 

 

 

 

 

7

 

Present value of net minimum lease payments

 

 

 

 

 

$

143