Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 248

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 1A
Chunk 248
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 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 was driven primarily by a decrease in accounts payable and accrued expenses of $1.7 million and a decrease
in operating lease liabilities of $0.2 million which was offset by an increase in the line of credit of $0.4 million.

Equity

Total
equity as of March 31, 2024, was $5.5 million compared to $8.9 million as of March 31, 2024, which was a decrease of approximately $2.7
million. This decrease was driven primarily by a net loss of $3.0 million offset by stock based payments of approximately $0.3 million.

22

Operating
Results Analysis

Readers
are invited to take into consideration the consolidated operating results of Zircon Corporation for the fiscal years