Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 142

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 1
Chunk 142
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 California since 1977, leveraging its proprietary
sensor-based technology across a mix of global markets, including commercial and residential buildings, government infrastructure and
building information modeling. Zircon is focused on creating new, technical solutions for global applications in the areas of
home and workplace safety, project efficiency, and structural data analysis.

Zircon
benefits from a multi-generational customer base of professional contractors and do-it-yourselfers who rely on Zircon’s
innovative and easy-to-use products to get the job done.

RESULTS
OF OPERATIONS

The
Company’s selected financial information for fiscal 2025 and fiscal 2024 is as follows. All the data are presented in United States
dollars.

Financial
Position Analysis

The
information presented as of March 31, 2025 represents the information for ZRCN Inc. The information presented as of March 31, 2024 represents
the information of Zircon Corporation.

    In thousands 
    March
    31, 2025  
    March
    31, 2024 
  
    Assets 
    $23,378  
    $27,615 
  
    Liabilities 
    $17,848  
    $19,347 
  
    Equity 
    $5,530  
    $8,268 

Assets

Total
assets as of March 31, 2025, were $23.4 million compared to $27.6 million as of March 31, 2024, which was a decrease of approximately
$4.2 million. This decrease was driven primarily by an increase in cash of $0.9 million, an increase in deferred financing costs of $0.2
million offset by a decrease in accounts receivable of approximately $2.5 million, a decrease in inventory of approximately $1.6 million,
a decrease in deferred tax assets of $0.5 million, a decrease in property, plant and equipment of $0.2 million, a decrease in operating
right-of-use assets of $0.2 million, a decrease in federal tax deposits of $0.2 million, and a decrease in net intangible assets of $0.1
million.

Liabilities

Total
liabilities as of March 31, 2025, were $17.9 million compared to $19.3 million as of March 31, 2024, which was a decrease of approximately
$1.5 million. This decrease