Company: ZRCN
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006748
Chunk: 27

Company: ZRCN Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 27
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 for the three and nine months ended December 31, 2023 amounted to less than
$0.1 million in each respective period.

The
Company had leased a vehicle that expired in July 2024 and required monthly lease payments of less than $0.1 million for a period of
three years. In July of 2024 the Company leased a new vehicle under the same terms, that 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 three and nine months ended December
31, 2024 amounted to less than $0.1 million in each respective period and the three and nine months ended December 31, 2023 amounted
to less than $0.1 million in each respective period.

As
of December 31, 2024, the Company had an operating lease right-of-use asset of $0.6 million.

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

    December 31, 2024  
    December 31, 2023 
  
    (In thousands) 
    (Unaudited) 
  
    Components of lease cost: 

    Operating lease expense 
    $173  
    $157 
  
    Short-term lease cost 
     —  

    Total lease cost 
    $173  
    $157 

The
following table provides the weighted average lease term and weighted average discount rate as of December 31, 2024 and 2023, respectively:

 Schedule
of Weighted Average Remaining Lease Terms and Discount Rate 

    December 31, 2024  
    December 31, 2023 

    (Unaudited) 
  
    Weighted average remaining lease term (in years) 
     3.39  
     3.91 
  
    Weighted average discount rate 
     7.00% 
     7.00%

Future
minimum lease payment under non-cancellable lease as of December 31, 2024 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, 

    Remainder of fiscal