Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 621

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 3
Chunk 621
---
 expires in June 2027 with required monthly lease
payments of less than $0.1 million for a period of three years. The total lease expense for the years ended March 31, 2025 and 2024 amounted
to less than $0.1 million in each respective period.

The
components of lease expense, which include short-term and variable lease expense and are included in selling, general and administrative
expense, are as follows:

 Schedule of Components of Lease Expense

    (In
    thousands) 
    March
    31, 2025  
    March
    31, 2024 
  
    Operating
    lease expense 
    $287  
    $248 
  
    Total
    lease cost 
    $287  
    $248 

    F-24

ZRCN
                                            Inc.

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED MARCH 31, 2025 AND 2024

The
following table provides the weighted average lease term and weighted average discount rate as of March 31, 2025 and 2024, respectively:

 Schedule of Weighted Average Remaining Lease Terms and Discount Rate

    March
    31, 2025  
    March
    31, 2024 
  
    Weighted
    average remaining lease term (in years) 
     3.1  
     3.9 
  
    Weighted
    average discount rate 
     7.0% 
     7.0%

Future
minimum lease payment under non-cancellable lease as of March 31, 2025 are as follows:

 Schedule of Future Minimum Lease Payment Under Non-cancellable Lease

    Maturities
    of lease liabilities (In thousands) 
    Operating
    Leases 
  
    Year
    ending March 31, 

    2026 
    $248 
  
    2027 
     239 
  
    2028 
     174 
  
    2029 
     — 
  
    2030
    and thereafter 
     — 
  
    Total
    Minimum Lease Payments 
     661 
  
    Less
    effects of discounting 
     (75)
  
    Present
    value of future minimum lease liabilities 
     586 
  
    Less
    current portion of operating lease liability 
     (213