Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 490

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 2
Chunk 490
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,135 

    Operating lease liability, net of current portion 
     373  
     545 
  
    Notes payable to Stauss Family Administrative Trust, net of current portion 
     676  
     667 
  
    Total liabilities 
     17,848  
     19,347 

    Commitments and Contingencies (Note 14) 

    Stockholders’ equity: 

    Common stock; at $0.0001 par value, 200,000,000 shares authorized, 10,306,426 and 10,016,936 shares issued and outstanding as of March 31, 2025 and March 31, 2024, respectively 
     1  
     1 
  
    Additional paid-in capital 
     8,532  
     — 
  
    Accumulated other comprehensive loss 
     (347) 
     (187)
  
    (Accumulated deficit) Retained earnings 
     (4,297) 
     6,762 
  
    Total equity attributable to ZRCN Inc. stockholders 
     3,889  
     6,576 
  
    Non-controlling interests in variable interest entities 
     1,641  
     1,692 
  
    Total stockholders’ equity 
     5,530  
     8,268 
  
    Total liabilities and stockholders’ equity 
    $23,378  
    $27,615 

    For the Years Ended March 31, 
  
    (in thousands) 
    2025  
    2024 
  
    Consolidated Statements of Operations Data: 

    Cash and cash equivalents 
    $1,407  
    $502 
  
    Working capital 
     3,460  
     13,429 
  
    Total assets 
     23,378  
     27,615 
  
    Long-term obligations 
     9,462  
     9,238 
  
    Total stockholders’ equity 
     5,530  
     8,268 

21

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following management discussion and analysis of the financial position and results of operations (“MD&A”) should be read
in conjunction with the audited consolidated financial statements and related notes to the financial