Company: ECIA
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001079973-25-001326
Chunk: 20

Company: ENCISION INC
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 8
Chunk 20
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172,666 at June 30, 2025 compared to $1,036,850 at March 31, 2025. Current liabilities
were $1,277,873 at June 30, 2025, compared to $1,575,915 at March 31, 2025. We have a noncancelable lease agreement for our facilities
at 6797 Winchester Circle, Boulder, Colorado. The lease expires October 31, 2028.

Operating lease ROU assets and operating lease liabilities
are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets
also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives
received. We use our incremental borrowing rate based on the information available at the commencement date to determine the lease liabilities,
as our leases do not provide an implicit rate. Lease expense is recognized on a straight-line basis over the lease term.

14 

As of June 30, 2025, the following table shows our
contractual obligations for the period presented:

    Payment due by period 
  
    Contractual obligations 
    Totals  
    Less than 1 year  
    1-3 years  
    3-5 years  
    More than 5 years 
  
    Line of credit 
    $320,440  
    $320,440  
    $—  
    $—  
    $— 
  
    Operating lease obligations 
    $1,310,066  
     248,469  
     431,265  
     630,332  
     — 
  
    EIDL loan 
    $149,495  
     5,275  
     10,550  
     10,550  
     123,120 
  
    U.S. Bank loan 
    $10,733  
     10,733  
     —  
     —  
     — 
  
    U.S. Bank loan 
    $49,571  
     23,794  
     25,777  
     —  
     — 
  
    Total 
    $1,840,305  
    $608,711  
    $467,592  
    $640,882  
    $123,120 

Our fiscal year