Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 651

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 5
Chunk 651
---
 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 ended March 31,
2025 and 2024.

    For
                                            the Twelve Months Ended
                                                                                March
                                            31,